Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksUpland Resource Regulatory News (UPL)

Share Price Information for Upland Resource (UPL)

London Stock Exchange
Share Price: 1.375
Bid: 1.30
Ask: 1.45
Change: 0.00 (0.00%)
Spread: 0.15 (11.54%)
Open: 1.375
High: 1.375
Low: 1.35
Yest. Close: 1.375
UPL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Upland Resources Ltd - Completion of the Wick Farm-in Agreement

Thu, 24th May 2018 10:03

RNS Number : 1737P
Upland Resources Limited
24 May 2018
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

24 May 2018

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Completion of the Wick 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 completion of the agreement dated 29 November 2017 (as varied on 28 March 2018 and 27 April 2018) entered into between the Company's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK") and Corallian Energy Limited ("Corallian Energy") for the farm in by Upland UK to a 40% interest in UK Offshore Production Licence P2235 (UKCS Block 11/24b - containing the Wick prospect) (the "Wick Farm-in Agreement") has taken place today.

At the same time, Corallian Energy completed farmout agreements with AIM quoted, Baron Oil plc and privately-owned, Corfe Energy Limited in respect of Licence P2235 resulting in the following interests in Licence P2235:-

Licensee

Interest

Corallian Energy

40%

Upland UK

40%

Baron Oil plc

15%

Corfe Energy Limited

5%

On completion of the Wick Farm-in Agreement, Upland UK made a payment to Corallian Energy of £269,791.99 (plus VAT) in respect of agreed licence and well costs incurred in the period up to the date of such completion.

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, with targets within the Wick structure, is scheduled to commence drilling in the third quarter of 2018.

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: +44 (0)7891 677 441  

s.staley@uplandres.com

Optiva Securities Limited

Jeremy King (Corporate Finance)

Tel: +44 (0)20 3137 1904

jeremy.king@optivasecurities.com

 

Christian Dennis (Corporate Broker)

Tel: +44 (0)20 3411 1882

christian.dennis@optivasecurities.com

FTI Consulting

Edward Westropp

Tel: +44 (0)203 727 1521 

edward.westropp@fticonsulting.com

Flowcomms Ltd

Sasha Sethi

Tel: 07891 677441

sasha@flowcomms.com

 

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCAIMPTMBITMTP
Date   Source Headline
20th Nov 20193:32 pmRNSProposed Amendments to the Memorandum
15th Nov 20197:00 amRNSNotice of AGM
14th Nov 20193:45 pmRNSListing of Warrant Shares
8th Nov 20197:00 amRNSExercise of Warrants
1st Nov 20197:00 amRNSAnnual Report and Financial Statements 2019

Login to your account

Don't have an account? Click here to register.