Upland Resources Limited Wressle Planning Decision (9710J)
03 Julio 2017 - 9:43AM
UK Regulatory
TIDMUPL
RNS Number : 9710J
Upland Resources Limited
03 July 2017
03 July 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Planning Decision
Upland Resources Limited, the oil and gas company actively
building a portfolio of attractive upstream assets, notes the North
Lincolnshire County Council Planning Committee's decision to once
again refuse planning consent for the development of the Wressle
Oil Field. The decision was taken despite recommendation for
approval from the Planning Officer and regardless of additional
information supplied by the Operator, Egdon Resources
("Egdon").
Upland's wholly-owned subsidiary, Upland Resources (UK Onshore)
Limited ("Upland UK"), entered into a conditional agreement dated
24 November 2016 for the farm-in by Upland UK (by way of assignment
from Europa Oil & Gas Limited) to a 10% interest in each of
PEDLs 180 and 182, including the Wressle Field development (the
"Wressle Farm-in Agreement"). Completion of the Wressle Farm-in
Agreement is conditional on receipt of certain planning and other
approvals which may be waived at Upland's discretion.
Steve Staley, Upland Resources CEO, said:
"We are disappointed by today's decision, which goes against the
positive recommendation submitted by the Council's own Planning
Officer and the extensive information submitted by the Operator,
Egdon Resources. We understand that Egdon will proceed with its
appeal against the Council's original decision (dated 11 January
2017).
"Though this is a setback, we believe in the potential of this
site. Completion of the Wressle Farm-in Agreement - through which
Upland Resources has a conditional agreement for a 10% interest in
each of PEDLs 180 and 182 - remains conditional on receipt of
planning and other approvals. We will review our position in regard
to the Farm-in Agreement in the context of today's planning
decision.
"Upland has been progressing a number of opportunities, both in
the UK and overseas, and is pleased to report that good progress
has been made. I look forward to updating shareholders in the near
future."
Contact details:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO s.staley@uplandres.com
Optiva Securities Limited www.optivasecurities.com
Jeremy King (Corporate Tel: +44 (0)20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0)20 3411 1882
Broker) 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 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. Upland is taking advantage of the
current market conditions to acquire quality upstream assets on
attractive terms.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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