Spud of the Wick Well

RNS Number : 4902L

Upland Resources Limited

27 December 2018

 

27 December 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Spud of the Wick Well

Upland Resources Limited (LSE: UPL) is pleased to note the announcement made on the 25^th December 2018 by Corallian Energy Limited, as Exploration Operator for Licence P2235, that drilling of the Wick exploration well (11/24b-4) commenced at 00:45 hrs on 25^th December 2018. The Ensco-72 drilling rig will be on location for approximately 3 weeks.

Upland's CEO Dr Steve Staley said:

"This is Upland's first participation in a well. We are very pleased to be involved in it, coming as it does only 7 months after completing the farm in deal, and with a very good risk:reward balance. Whilst we do not lose sight of the fact that this is an exploration well, with all the geological uncertainties that entails, we believe the Wick prospect is a worthy target that, with drilling success, should produce an economically robust project in a wide range of oil prices and development scenarios."

Background to Upland's interest in the Wick prospect

In November 2017, the Company's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK"), entered into a conditional agreement with Corallian Energy to farm in to a 40% interest in Licence P2235, containing the Wick prospect. The farm in agreement between Corallian Energy and Upland UK was then completed on 24^th May 2018. 

The Company estimates that the Wick structure, which lies principally in the licensed area of Licence P2235, could hold in-place P50 resources of around 250 MMbbl. The Wick well targets reservoir sequences within the Wick structure. 

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

For further information, please contact:

Upland Resources Limited	www.uplandres.com
Steve Staley, CEO	Tel: [phone]   [e-mail]
Optiva Securities Limited
Jeremy King (Corporate Finance)	Tel: [phone] [e-mail]
Christian Dennis (Corporate Broker)	Tel: [phone] [e-mail]
FTI Consulting
Ben Brewerton/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 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 Conoco, Shell etc.

 

END

 

 

MSCUNOARWKAUUUA