Upland Resources Limited Variation of Wressle Farm-in Agreement (8764R)
27 September 2017 - 12:30AM
UK Regulatory
TIDMUPL
RNS Number : 8764R
Upland Resources Limited
26 September 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.
26 September 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Variation of Wressle Farm-in Agreement
Publication of 2(nd) Supplementary Prospectus
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to announce that its wholly-owned subsidiary, Upland
Resources (UK Onshore) Limited ("Upland UK"), has agreed a further
variation of the 'long stop' date for satisfaction of the
conditions to completion of the conditional agreement dated 24(th)
November 2016 (as varied on 21(st) February 2017) 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 decisions by North Lincolnshire Council's
Planning Committee ("North Lincolnshire Council") announced on
11(th) January 2017 and 3(rd) July 2017, to refuse planning consent
for the Wressle development and a 12 month extension for retention
of the well site at the Wressle development and the agreement
between Upland UK and Europa Oil & Gas to move the original
'long stop' date from the 31(st) March 2017 to the 30(th) September
2017 (as announced by Upland on 21st February 2017). Egdon
Resources U.K. Limited ("Egdon"), as operator of PEDLs 180 and 182,
has since announced its plans to bring forward appeals against the
decisions by the North Lincolnshire Council in Egdon's 'Operational
Update' announcement issued on 14(th) August 2017. The appeals
hearing is now expected to begin on 7(th) November 2017, to sit for
six days and with a decision expected within six weeks of the end
of the appeals hearing.
Variation of Wressle Farm-in Agreement
Upland UK and Europa Oil & Gas have agreed (by a further
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 30th September 2017 to 28(th)
February 2018. One of the outstanding conditions to completion is
the award of relevant planning permissions to the Wressle
development. If these conditions are not satisfied before that
date, Upland UK is under no obligation to complete the farm-ins or
make payment for the 10% interests in PEDLs 180 and 182. In the
event of rejection of any of the planning appeals, Upland UK may
terminate the Wressle Farm-in Agreement at any time following the
result of the appeals being known, without having to wait until
28(th) February 2018. Its GBP160,000 deposit will then be returned
to Upland UK and Upland UK will have no further payment obligations
under the Wressle Farm-in Agreement.
In addition, the 'long stop' date of 1(st) September 2018 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 further extended to 1(st)
February 2019.
2(nd) Supplementary Prospectus
In connection with the variation of the Wressle Farm-in
Agreement, the Company has today published a 2(nd) Supplementary
Prospectus (to the original Prospectus dated 28(th) November 2016
and Supplementary Prospectus dated 21(st) February 2017). A copy of
the 2(nd) 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 2(nd) Supplementary Prospectus has also been submitted to
the National Storage Mechanism and will be available shortly at
http://www.morningstar.co.uk/uk/NSM.
Steve Staley, Upland Resources Limited CEO, said:
"We believe that Wressle is an excellent asset and that a stake
in it will produce substantial revenue for Upland in the near
future.
This revised deal with Europa Oil & Gas allows us time to
see the results of the planning appeals that are only a few weeks
away. The format of the appeals is very different to the planning
decisions made by North Lincolnshire Council - the appeals take
prior written dispositions which are subject to proper scrutiny and
cross examination and they are held within a well-constrained
framework and timeframe. Hence this is a process in which the
Planning Inspectorate will now consider and act on the facts -
efficiently and objectively. Given the strong case of the Wressle
co-licensees, we believe these appeals stand a very good chance of
success, especially as North Lincolnshire Council's own planning
officers recommended approval. If, however, they are not successful
Upland will have not paid for the stakes in PEDLs 180 and 182.
Over the past months, the Company has been very active in
assessing a number of additional opportunities. I am pleased to say
that good progress has been made and look forward to updating
shareholders."
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO Tel: +44 (0)7891 677 441
s.staley@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Tel: +44 (0)20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0)20 3411 1882
Broker) christian.dennis@optivasecurities.com
FTI Consulting
Edward Westropp Tel: +44 (0)203 727 1521
edward.westropp@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: 07891 677441
sasha@flowcomms.com
Notes
Upland is an upstream oil & gas company whose highly
experienced management team 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. Upland is taking advantage of the low
oil price to acquire quality upstream assets on attractive
terms.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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