Upland Resources Limited UK Offshore Licence Update (1240J)
08 April 2020 - 4:00PM
UK Regulatory
TIDMUPL
RNS Number : 1240J
Upland Resources Limited
08 April 2020
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.
08 April 2020
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
UK Offshore Licence Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets,
announces that, with partners, its wholly-owned subsidiary Upland
Resources (UK Onshore) Limited ("Upland UK") has relinquished
Licence P2470 in the Inner Moray Firth ("IMF"), part of the UK
Continental Shelf.
Licence P2470 included blocks 11/23, 11/24c and 11/25b,
surrounding the Wick Prospect in the IMF, on which Upland UK
participated in the dry Wick Well (11/24b-4) at the beginning of
2019. These blocks were applied for before the results of 11/24b-4
were known and, although they contain the small Knockinnon oil
discovery and several small prospects, they have been downgraded by
the Wick well result. The modest work commitment on this licence
consisted of a small volume of 3D seismic reprocessing, which has
now been completed. The results of such work were not encouraging,
and the Licence was relinquished with effect from 31 March
2020.
Chris Pitman, CEO of Upland Resources Limited, said:
"The original application was made prior to the drilling of the
Wick Prospect and following a post-drill review of the well, the
remaining potential of the P2470 licence has been downgraded. The
relinquishment of P2470 is in line with our strategy of focussing
solely on opportunities that will provide meaningful returns to our
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
Christopher Pitman, Tel: 07891 677441
CEO
chris.pitman@uplandres.com
Optiva Securities Limited www.optivasecurities.com
Jeremy King Tel: 020 3137 1904
(Corporate Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: 020 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton Tel: +44 (0)203 727 1065
ben.brewerton@fticonsulting.com
Christopher Laing Tel: +44 (0)20 3727 1355
ch ristopher.laing @fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: 07891 677441
sasha@flowcomms.com
Notes
Upland Resources Limited is an upstream oil and gas company
whose highly experienced management team has a track record of
creating major value for both privately and publicly owned
entrepreneurial oil companies (Surestream Petroleum and Zarara
Energy) and international service companies (Petroleum Geo-Services
and Schlumberger).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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