Upland Resources Limited Satisfaction of Condition of Farm-in to P2235 (9880F)
27 Febrero 2018 - 1:02AM
UK Regulatory
TIDMUPL
RNS Number : 9880F
Upland Resources Limited
27 February 2018
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 www.uplandres.com
Limited
Steve Staley, CEO s.staley@uplandres.com
Optiva Securities www.optivasecurities.com
Limited
Jeremy King Tel: 020 3137 1904
(Corporate Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: 020 3411 1882
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting
Edward Westropp Tel: +44 (0)203 727 1521
edward.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
END
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