Upland Resources Limited Variation of Wressle Farm-in Agreement (4625X)
22 February 2017 - 1:23AM
UK Regulatory
TIDMUPL
RNS Number : 4625X
Upland Resources Limited
21 February 2017
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.
21 February 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Variation of Wressle Farm-in Agreement
Publication of Supplementary Prospectus
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets,
announces that its wholly-owned subsidiary, Upland Resources (UK
Onshore) Limited ("Upland UK"), has agreed a variation of the 'long
stop' date for satisfaction of the conditions to completion of the
conditional agreement dated 24 November 2016 for the farm-ins by
Upland UK (by way of assignment from Europa Oil & Gas Limited
("Europa Oil & Gas")) to a 10% interest in each of UK onshore
petroleum exploration and development licences ("PEDLs") 180 and
182 (the "Wressle Farm-in Agreement").
This follows the decision by North Lincolnshire Council's
Planning Committee on 11 January 2017 to refuse planning consent
for the development of the Wressle development and (as announced by
the Company on 7 February 2017) and the announcement by Egdon
Resources U.K. Limited, as operator of PEDLs 180 and 182, of its
plans to bring forward an appeal against the decision of North
Lincolnshire Council in respect of the refusal of such planning
consent and to file a new planning application as quickly as
possible.
Variation of Wressle Farm-in Agreement
Upland UK and Europa Oil & Gas have agreed (by a variation
letter signed earlier today) to extend the 'long stop' date for
satisfaction of the conditions to completion of the Wressle Farm-in
Agreement from 31 March 2017 to 30 September 2017. If the
conditions are not satisfied before that date, Upland UK is under
no obligation to complete the farm-ins or make payment for the
interests in the PEDLs.
In addition, the 'long stop' date of 1 September 2017 before
which, under the Wressle Farm-in Agreement, Europa Oil & Gas
had agreed that it will not (subject to certain limited exceptions)
dispose of or otherwise transfer any of (or any interest in) the
23,076,923 new shares of no par value in the Company (the "Initial
Consideration Shares") due to be issued to it on completion of the
Wressle Farm-in Agreement, has been extended to 1 September
2018.
Supplementary Prospectus
In connection with the variation of the Wressle Farm-in
Agreement, the Company has today published a Supplementary
Prospectus. A copy of the Supplementary Prospectus will shortly be
available on the Company's website at http://www.uplandres.com and
hard copies will also be available at the offices of the Company's
financial adviser and broker, Optiva Securities Limited, 2 Mill
Street, Mayfair, London W1S 2AT..
The Supplementary Prospectus has also been submitted to the
FCA's Document Storage Mechanism and will be available shortly at
http://www.morningstar.co.uk/uk/NSM.
Steve Staley, Upland Resources CEO, said:
"We are pleased to confirm that we have agreed an extension to
the conclusion of our farm-in agreement with Europa, following
Egdon's announcement with regards to North Lincolnshire Council's
decision to refuse planning permission on the Wressle development.
The 'long stop' dates for the Wressle Farm-in Agreement have been
extended to 30 September 2017 and 1 September 2018 respectively. We
are encouraged with regards to the achievability of the appeal
process and believe that the issues with the planning permission
will be resolved as quickly as possible; these extensions will
safeguard our interest in the development and ensure there is a
fair opportunity to satisfy conditions."
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Contact details:-
Upland Resources Limited www.uplandres.com
============================ =========================================================
Steve Staley, CEO 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)
============================ =========================================================
FTI Consulting
============================ =========================================================
Edward Westropp Tel: +44 (0)203 727 1521
edward.westropp@fticonsulting.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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