Upland Resources Limited Spud of the Wick Well (4902L)

TIDMUPL

RNS Number : 4902L

Upland Resources Limited

27 December 2018

27 December 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Spud of the Wick Well

Upland Resources Limited (LSE: UPL) is pleased to note the announcement made on the 25(th) December 2018 by Corallian Energy Limited, as Exploration Operator for Licence P2235, that drilling of the Wick exploration well (11/24b-4) commenced at 00:45 hrs on 25(th) December 2018. The Ensco-72 drilling rig will be on location for approximately 3 weeks.

Upland's CEO Dr Steve Staley said:

"This is Upland's first participation in a well. We are very pleased to be involved in it, coming as it does only 7 months after completing the farm in deal, and with a very good risk:reward balance. Whilst we do not lose sight of the fact that this is an exploration well, with all the geological uncertainties that entails, we believe the Wick prospect is a worthy target that, with drilling success, should produce an economically robust project in a wide range of oil prices and development scenarios."

Background to Upland's interest in the Wick prospect

In November 2017, the Company's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("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 farm in agreement between Corallian Energy and Upland UK was then completed on 24(th) May 2018.

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 targets reservoir sequences within the Wick structure.

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: [phone] 
                                                                           [e-mail] 
 Optiva Securities Limited 
 Jeremy King (Corporate Finance)                                         Tel: [phone] 
                                                                 [e-mail] 
 Christian Dennis (Corporate       Tel: [phone] [e-mail] 
  Broker) 
 FTI Consulting 
 Ben Brewerton/Molly Stewart                                             Tel: [phone] 
                                                                  [e-mail] 
 Flowcomms Ltd 
 Sasha Sethi                                                                    Tel: [phone] 
                                                                              [e-mail] 
 

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 Conoco, Shell etc.

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 [e-mail] or visit www.rns.com.

END

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December 27, 2018 02:01 ET (07:01 GMT)