UPL – OGA Consent to P2235 Licence Assignment. “Wick structure, which lies principally in the licensed area of Licence P2235, could hold in-place P50 resources of around 250 MMbbl”

16 May, 2018 – Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that the UK Oil and Gas Authority has given consent to the Company’s wholly-owned subsidiary, Upland Resources (UK Onshore) Limited (“Upland UK“), as a farminee to the P2235 Licence (UKCS Block 11/24b), containing the Wick prospect.
 
The Company is working closely with Corallian Energy Limited (“Corallian Energy“) and the other Licence partners towards completion of the Wick farm-in agreement and will update the market on progress in due course.
 
Steve Staley, CEO of Upland Resources Limited, said:
 
“The UK Oil & Gas Authority’s consent to our farm-in to a 40% interest in the P2235 Licence is another significant milestone as progress is made towards initiating drilling at the Wick prospect in Q3 2018. This, alongside the Letter of Intent agreed by Corallian Energy with Ensco, shows the efficient progress being made as the date of commencement of drilling gets closer.”
 
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.
 
Full announcement at http://uplandres.com