Upland Resources Limited Completion of the Wick Farm-in Agreement (1737P)

TIDMUPL

RNS Number : 1737P

Upland Resources Limited

24 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.

24 May 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Completion of the Wick Farm-in Agreement

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that completion of the agreement dated 29 November 2017 (as varied on 28 March 2018 and 27 April 2018) entered into between the Company's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK") and Corallian Energy Limited ("Corallian Energy") for the farm in by Upland UK to a 40% interest in UK Offshore Production Licence P2235 (UKCS Block 11/24b - containing the Wick prospect) (the "Wick Farm-in Agreement") has taken place today.

At the same time, Corallian Energy completed farmout agreements with AIM quoted, Baron Oil plc and privately-owned, Corfe Energy Limited in respect of Licence P2235 resulting in the following interests in Licence P2235:-

 
 Licensee                Interest 
======================  ========= 
 Corallian Energy        40% 
======================  ========= 
 Upland UK               40% 
======================  ========= 
 Baron Oil plc           15% 
======================  ========= 
 Corfe Energy Limited    5% 
======================  ========= 
 

On completion of the Wick Farm-in Agreement, Upland UK made a payment to Corallian Energy of GBP269,791.99 (plus VAT) in respect of agreed licence and well costs incurred in the period up to the date of such completion.

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.

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         www.uplandres.com 
  Limited 
 Steve Staley, CEO        Tel: [phone] 
                           [e-mail] 
 Optiva Securities 
  Limited 
 Jeremy King (Corporate   Tel: [phone] 
  Finance)                 [e-mail] 
 Christian Dennis         Tel: [phone] 
  (Corporate Broker)       [e-mail] 
 FTI Consulting 
 Edward Westropp          Tel: [phone] 
                           [e-mail] 
 Flowcomms Ltd 
 Sasha Sethi              Tel: [phone] 
                           [e-mail] 
 

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.

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May 24, 2018 05:03 ET (09:03 GMT)