RE: Hello All24 Dec 2017 16:49
From RNS.....North Sea Farm-in Agreement
Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that its wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK"), has signed a farm-in agreement with Corallian Energy Limited ("Corallian") for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the "P2235 Farm-in Agreement") containing the Wick Prospect.......Upland UK is likely to hold the largest interest in the P2235 Licence and be the only co-venturer that is part of a listed entity. The Company will pay 53.33% of the first £4.2 million of costs related to the environmental survey and the first Wick well; costs above that cap will be funded pro rata to interests in the Licence. The Wick well is currently estimated to have a total dry-hole cost of about £4.2 million.