Upland Resources Limited UK Offshore Licence Update (1240J)

TIDMUPL

RNS Number : 1240J

Upland Resources Limited

08 April 2020

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.

08 April 2020

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

UK Offshore Licence Update

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, announces that, with partners, its wholly-owned subsidiary Upland Resources (UK Onshore) Limited ("Upland UK") has relinquished Licence P2470 in the Inner Moray Firth ("IMF"), part of the UK Continental Shelf.

Licence P2470 included blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect in the IMF, on which Upland UK participated in the dry Wick Well (11/24b-4) at the beginning of 2019. These blocks were applied for before the results of 11/24b-4 were known and, although they contain the small Knockinnon oil discovery and several small prospects, they have been downgraded by the Wick well result. The modest work commitment on this licence consisted of a small volume of 3D seismic reprocessing, which has now been completed. The results of such work were not encouraging, and the Licence was relinquished with effect from 31 March 2020.

Chris Pitman, CEO of Upland Resources Limited, said:

"The original application was made prior to the drilling of the Wick Prospect and following a post-drill review of the well, the remaining potential of the P2470 licence has been downgraded. The relinquishment of P2470 is in line with our strategy of focussing solely on opportunities that will provide meaningful returns to our shareholders."

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 
  Christopher Pitman,                             Tel: [phone] 
  CEO 
                                         [e-mail] 
 Optiva Securities Limited                 www.optivasecurities.com 
 Jeremy King                                     Tel: [phone] 
  (Corporate Finance)              [e-mail] 
 Christian Dennis                                Tel: [phone] 
  (Corporate Broker)          [e-mail] 
  FTI Consulting 
 Ben Brewerton                             Tel: [phone] 
                                    [e-mail] 
 Christopher Laing                         Tel: [phone] 
                              ch ristopher.laing @fticonsulting.com 
 
   Flowcomms Ltd 
 Sasha Sethi                                      Tel: [phone] 
                                                [e-mail] 
 

Notes

Upland Resources Limited is an upstream oil and gas company whose highly experienced management team has a track record of creating major value for both privately and publicly owned entrepreneurial oil companies (Surestream Petroleum and Zarara Energy) and international service companies (Petroleum Geo-Services and Schlumberger).

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.

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April 08, 2020 02:00 ET (06:00 GMT)