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Pin to quick picksUpland Resource Regulatory News (UPL)

Share Price Information for Upland Resource (UPL)

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OGA approval for increased stake in PEDL 299

Fri, 13th Jan 2017 10:05

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: 07891 677 441

s.staley@uplandres.com

Optiva Securities Limited

www.optivasecurities.com

Jeremy King (Corporate Finance)

Tel: 020 3137 1904

jeremy.king@optivasecurities.com

Christian Dennis (Corporate Broker)

Tel: 020 3411 1882 christian.dennis@optivasecurities.com

FlowComms Ltd

www.flowcomms.com

Sasha Sethi (Investor Relations)

Tel: 07891 677 441

sasha@flowcomms.com

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.

This information is provided by RNS
The company news service from the London Stock Exchange
END
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