Satisfaction of Condition of Farm-in to P2235

RNS Number : 9880F

Upland Resources Limited

27 February 2018

 

27 February 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

SATISFACTION OF CONDITION OF FARM-IN TO P2235

AND APPOINTMENT OF WICK WELL OPERATOR

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has formally notified Corallian Energy Limited ("Corallian") that its wholly-owned subsidiary Upland Resources (UK Onshore) Limited ("Upland UK") has sufficient funds to satisfy its obligations under the farm-in agreement dated 29 November 2017 entered into by Upland UK with Corallian for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the "P2235 Farm-in Agreement") and that the board of Upland has approved the farm-in by Upland UK.  Such notification satisfies one of the conditions to completion of the P2235 Farm-in Agreement, but completion remains conditional on, inter alia, the approval by the UK Oil & Gas Authority of Upland UK as a farminee to the P2235 Licence and the P2235 Licence continuing in full force and effect.

In addition, Corallian has informed Upland UK that the UK Oil & Gas Authority has agreed to the appointment of Fraser Well Management Limited as the well operator for the Wick well, due to spud in Q3 this year.

Steve Staley, Upland Resources CEO, said:

"The appointment of Fraser Well Management is another important step towards realising our goal of spudding the Wick well in Q3 this year. Good progress is being made, the environmental survey work over the surrounding area being completed earlier this month. This near term drilling opportunity opens Upland up to potentially transformative value growth and I look forward to updating shareholders on further progress when appropriate." 

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

Contact details:

Upland Resources Limited	www.uplandres.com
Steve Staley, CEO	[e-mail]
Optiva Securities Limited	www.optivasecurities.com
Jeremy King (Corporate Finance)	Tel: [phone] [e-mail]
Christian Dennis (Corporate Broker)	Tel: [phone]   [e-mail]
FTI Consulting
Edward Westropp	Tel: [phone] [e-mail]
Molly Stewart	Tel: [phone] [e-mail]
Flowcomms Ltd
Sasha Sethi	Tel: [phone] [e-mail]

Notes

Upland is an upstream oil & gas company whose highly experienced management team 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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