Upland Resource Regulatory News (UPL)

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28 September 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Wick Rig Contract

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note that Corallian Energy Limited ("Corallian Energy"), as operator of UK Seaward Production Licence P2235 (UKCS Block 11/24b), has now signed a contract with UK based drilling contractor Ensco U.K. Ltd for the provision of the Ensco-72 jack-up rig to drill the Wick well.

The rig site survey has been completed and Corallian Energy expects drilling of the Wick well to take place in Q4, following receipt of the outstanding necessary regulatory approvals and consents.

Steve Staley, CEO of Upland Resources Limited, said:

"We are pleased to announce the signing of the contract with Ensco which represents another important step towards drilling the potentially transformative Wick well. We look forward to the receipt in due course of the necessary regulatory approvals to enable the well to spud in Q4 of this year.

"We are also looking forward to working closely with Ensco when drilling commences and will continue to update the market on further developments."

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 24th 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. 

Ensco U.K. Limited 

Ensco U.K. Ltd, a subsidiary of Ensco plc, is a global provider of offshore drilling services to the petroleum industry. The Ensco Group's extensive fleet of 63 offshore units is the world's largest and includes drillships, dynamically-positioned semisubmersibles, moored semisubmersibles and jack-up rigs. 

Ensco plc is quoted on the New York Stock Exchange and is headquartered in London, with offices around the world.

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

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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 and Shell etc.