23 May, 2018 – 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 £4.2 million to £5.2 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 £5.2 million represents a very effective use of funds given the potential of the Wick prospect”
Full announcement at http://uplandres.com