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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Upland Resources Limited | LSE:UPL | London | Ordinary Share | JE00BJXN4P16 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -1.16% | 4.25 | 4.10 | 4.40 | 4.30 | 4.25 | 4.30 | 544,150 | 08:40:54 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -494k | -0.0007 | -60.71 | 29.19M |
TIDMUPL
RNS Number : 0603P
Upland Resources Limited
23 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.
23rd May 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Revised cost estimate for Wick well
Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, has received revised cost estimates for the Wick well from the operator, Corallian Energy Limited ("Corallian").
The revised estimate for the Wick well, on a dry hole basis, has increased from GBP4.2 million to GBP5.2 million as a result of the increased cost of fuel for the rig and tugs, and the requirement for a more comprehensive seabed survey.
Steve Staley, CEO of Upland Resources Limited, said:
"Though increases in cost estimates are seldom welcome, this increase arises mainly from the diligence being shown by our operator, Corallian, in carrying out a full and proper well site survey and because of increasing fuel prices. The latter is an inevitable consequence of the rising oil price."
"A well cost of GBP5.2 million represents a very effective use of funds given the potential of the Wick prospect"
Background to Upland's interest in the Wick prospect
In November 2017, Upland UK 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.
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: +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 Tel: +44 (0)20 3411 1882 (Corporate 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.
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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May 23, 2018 08:32 ET (12:32 GMT)
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