Upland Resources Limited (LSE: UPL) is pleased to announce that the Ensco 72 jack-up rig has now been mobilised from Hartlepool to drill the Wick exploration well in UKCS Block 11/24b under UK Seaward Production Licence P2235.
The Company will next make an announcement regarding the Wick well when the well has spudded.
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 24th 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.