Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Satisfaction of Condition of Farm-in to P2235

27 Feb 2018 07:00

RNS Number : 9880F
Upland Resources Limited
27 February 2018
ย 

27 February 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

SATISFACTION OF CONDITION OF FARM-IN TO P2235

AND APPOINTMENT OF WICK WELL OPERATOR

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has formally notified Corallian Energy Limited ("Corallian") that its wholly-owned subsidiary Upland Resources (UK Onshore) Limited ("Upland UK") has sufficient funds to satisfy its obligations under the farm-in agreement dated 29 November 2017 entered into by Upland UK with Corallian for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the "P2235 Farm-in Agreement") and that the board of Upland has approved the farm-in by Upland UK. Such notification satisfies one of the conditions to completion of the P2235 Farm-in Agreement, but completion remains conditional on, inter alia, the approval by the UK Oil & Gas Authority of Upland UK as a farminee to the P2235 Licence and the P2235 Licence continuing in full force and effect.

In addition, Corallian has informed Upland UK that the UK Oil & Gas Authority has agreed to the appointment of Fraser Well Management Limited as the well operator for the Wick well, due to spud in Q3 this year.

Steve Staley, Upland Resources CEO, said:

"The appointment of Fraser Well Management is another important step towards realising our goal of spudding the Wick well in Q3 this year. Good progress is being made, the environmental survey work over the surrounding area being completed earlier this month. This near term drilling opportunity opens Upland up to potentially transformative value growth and I look forward to updating shareholders on further progress when appropriate."

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

Contact details:

Upland Resources Limited

www.uplandres.com

Steve Staley, CEO

s.staley@uplandres.com

Optiva Securities Limited

www.optivasecurities.com

Jeremy King(Corporate Finance)

Tel: 020 3137 1904jeremy.king@optivasecurities.com

Christian Dennis(Corporate Broker)

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

FTI Consulting

Edward Westropp

Tel:ย +44 (0)203 727 1521edward.westropp@fticonsulting.com

Molly Stewart

Tel: +44 (0)20 3727 1708

Molly.stewart@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 company news service from the London Stock Exchange
ย 
END
ย 
ย 
MSCLQLLLVLFLBBQ

Related Shares

Back to RNS

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

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

Quickpicks are a member only feature

Login to your account

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