TIDMUPL

RNS Number : 1330U

Upland Resources Limited

13 January 2017

13 January 2017

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

OGA approval for increased stake in PEDL 299 (Hardstoft)

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note that the UK Oil and Gas Authority ("OGA") has formally approved the increase in participating interest of Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK") in INEOS Upstream Limited ("INEOS")-operated PEDL 299, which contains the Hardstoft oil field and Hardstoft East prospect. As a result, Upland UK's participating interest will increase from 16.67% to 25%.

The following table shows the participating interests for Upland UK and partners:-

 
 Partner                Interests 
                        following 
                       assignments 
                      & OGA approval 
------------------  ---------------- 
 Upland UK                 25% 
------------------  ---------------- 
 Europa Oil & Gas 
  Ltd                      25% 
------------------  ---------------- 
 INEOS (Operator)          50% 
------------------  ----------------

Note that the above table represents the interests in the conventional prospectivity of PEDL 299 in the Dinantian Limestone, the stratum that hosts the Hardstoft accumulation. INEOS has 100% of the interest in the unconventional prospectivity.

Upland CEO, Steve Staley, commented:

"I am very pleased that the OGA has approved Upland UK's increased stake in PEDL 299. This is another positive step towards realisation of the potential of this very attractive asset".

Contact details:-

 
 Upland Resources Limited                                             www.uplandres.com 
============================  ========================================================= 
 Steve Staley, CEO                                                   Tel: 07891 677 441 
                                                                 s.staley@uplandres.com 
============================  ========================================================= 
 Optiva Securities Limited                                     www.optivasecurities.com 
============================  ========================================================= 
 Jeremy King (Corporate                                              Tel: 020 3137 1904 
  Finance)                                             jeremy.king@optivasecurities.com 
============================  ========================================================= 
 Christian Dennis (Corporate   Tel: 020 3411 1882 christian.dennis@optivasecurities.com 
  Broker) 
============================  ========================================================= 
 FlowComms Ltd                                                        www.flowcomms.com 
============================  ========================================================= 
 Sasha Sethi (Investor                                               Tel: 07891 677 441 
  Relations)                                                        sasha@flowcomms.com 
============================  =========================================================

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 Petronas, Conoco, Shell etc.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 13, 2017 05:05 ET (10:05 GMT)

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