Upland Resources Limited Wick Rig Letter of Intent (0295O)
15 Mayo 2018 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 0295O
Upland Resources Limited
15 May 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
15 May 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Rig Letter of Intent
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to note the announcement made earlier today by Corallian
Energy Limited ("Corallian Energy"), as operator of UK Seaward
Production Licence P2235 (UKCS Block 11/24b), that it has entered
into a letter of intent ("LOI") for the provision of a jack-up rig
to drill the Wick well.
Corallian Energy's announcement stated:
"Corallian Energy has entered into a letter of intent (LOI) with
UK based drilling contractor Ensco U.K. Ltd for the provision of a
jack-up drilling unit to drill its Colter and Wick wells. Within
the LOI the parties have agreed, subject to approvals and consents,
headline terms for a suitable unit to conduct drilling operations
in Q3/4 2018."
Background to Upland's interest in the Wick prospect
In November 2017, the Company's wholly-owned subsidiary, Upland
Resources (UK Onshore) Limited entered into a conditional agreement
with Corallian Energy to farm in to a 40% interest in Licence
P2235, containing the Wick prospect.
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, with
targets within the Wick structure, is scheduled to commence
drilling in the third quarter of 2018.
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 64 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.
Steve Staley, CEO of Upland Resources Limited, said:
"The signature of this LOI with Ensco represents another big
step towards commencing drilling the potentially transformative
Wick well in Q3 this year. We look forward to working with Ensco
and to updating the market on further developments as we enter the
critical pathway to drilling of this high impact well on the
UKCS."
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO Tel: +44 (0)7891 677 441
s.staley@uplandres.com
Optiva Securities Limited
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 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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