OGA approval for increased stake in PEDL 299

RNS Number : 1330U

Upland Resources Limited

13 January 2017

 

13 January 2017

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

OGA approval for increased stake in PEDL 299 (Hardstoft)

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note that the UK Oil and Gas Authority ("OGA") has formally approved the increase in participating interest of Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK") in INEOS Upstream Limited ("INEOS")-operated PEDL 299, which contains the Hardstoft oil field and Hardstoft East prospect. As a result, Upland UK's participating interest will increase from 16.67% to 25%.

The following table shows the participating interests for Upland UK and partners:-

Partner	Interests following assignments & OGA approval
Upland UK	25%
Europa Oil & Gas Ltd	25%
INEOS (Operator)	50%

Note that the above table represents the interests in the conventional prospectivity of PEDL 299 in the Dinantian Limestone, the stratum that hosts the Hardstoft accumulation.  INEOS has 100% of the interest in the unconventional prospectivity.

Upland CEO, Steve Staley, commented:

"I am very pleased that the OGA has approved Upland UK's increased stake in PEDL 299. This is another positive step towards realisation of the potential of this very attractive asset".

Contact details:-

Upland Resources Limited	www.uplandres.com
Steve Staley, CEO	Tel: [phone]  [e-mail]
Optiva Securities Limited	www.optivasecurities.com
Jeremy King (Corporate Finance)	Tel: [phone] [e-mail]
Christian Dennis (Corporate Broker)	Tel: [phone] [e-mail]
FlowComms Ltd	www.flowcomms.com
Sasha Sethi (Investor Relations)	Tel: [phone] [e-mail]

Notes

Upland is an upstream oil & gas company whose highly experienced management has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc.

 

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