Upland Resource Regulatory News (UPL)

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13 November 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Wick Well Update

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 confirmed that the Offshore Petroleum Regulator for Environment and Decommissioning ("OPRED") section of the Department for Business, Energy & Industrial Strategy, has completed its review of the Environmental Statements, the representations received from consultees and the additional information provided by Corallian Energy for the proposed Wick Well.

Consequently, OPRED has confirmed that it has advised the Oil and Gas Authority ("OGA") of its in-principle agreement that the remaining consents for the Wick Well can be issued. Subject to receiving the final regulatory approvals and notifications required, Corallian Energy has confirmed that it then expects the consent process to be completed, allowing the drilling of the Wick Well to begin.

As previously announced, Corallian Energy has signed a contract for the provision of the Ensco-72 jack-up rig for a two well, back-to-back programme which will start with the Wick Well in December 2018. The Ensco-72 will then move on to the second well in Corallian Energy's programme once the Wick Well has been completed.

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. 

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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.