Upland Resources Limited Increased Participating Interest in PEDL 299 (5702L)
October 04 2016 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 5702L
Upland Resources Limited
04 October 2016
04 October2016
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Increased Participating Interest in Petroleum Exploration and
Development Licence 299
Upland (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 increased its participating interest in
PEDL299 - the Petroleum Exploration and Development Licence
awaiting the announcement of final execution by the Department of
Energy & Climate Change ("DECC") following its award to Upland
UK and its bid partners, together with INEOS Upstream Limited
("INEOS"), in the 14(th) UK Onshore Oil and Gas Licensing
Round.
Following the recent acquisition by Europa Oil & Gas
(Holdings) plc ("Europa plc") of Shale Petroleum (UK) Limited
("Shale Petroleum"), Europa plc has agreed, subject to regulatory
approval, to assign Shale Petroleum's 16.665% interest in PEDL299 -
as to 8.33% to Upland UK and as to 8.335% to Europa plc's
wholly-owned subsidiary, Europa Oil & Gas Limited ("Europa Oil
& Gas"). This was as part of a pre-existing arrangement should
any member of the original bid group withdraw from the bid
consortium.
Subject to the approval of the Oil & Gas Authority ("OGA"),
Upland UK's participating interest in INEOS-operated PEDL299, which
contains the Hardstoft oil field and Hardstoft East prospect, will
increase from 16.67% to 25%.
The intended award of PEDL299 was originally announced by the
OGA and by the Company on 17 December 2015. Since this date, Upland
UK along with its other bid partners in the 14(th) UK Onshore
Licensing Round have been waiting for the announcement by the OGA
of the execution by DECC of PEDL299. The Company does, however,
hope to be in a position to update the market on this very
shortly.
The following table shows the participating interests for Upland
UK, Europa, Shale Petroleum and INEOS both prior to and following
the assignments of Shale Petroleum's interest:-
Partner Prior Interest Proposed
Interests*
-------------------- --------------- ------------
Upland UK 16.67% 25%
-------------------- --------------- ------------
Europa Oil & Gas &
Shale Petroleum 33.33% 25%
-------------------- --------------- ------------
INEOS (Operator) 50.00% 50%
-------------------- --------------- ------------
*Subject to approval by the Oil & Gas Authority
Note that the above table represents the interests in the
conventional prospectively of PEDL299. INEOS has 100% of the
interest in the unconventional prospectivity.
Upland CEO Steve Staley commented:
"Upland is delighted to be able to increase its stake in PEDL299
which is a low cost, low risk asset and in turn, following
execution of the licence award by DECC, to developing the Hardstoft
oil field and Hardstoft East prospect within it. The Upland Board
considers that this step to increase Upland UK's stake in a high
quality asset with a high percentage chance of success (80% for the
estimated 3.10 MMbbls contingent resources and 64% for the
estimated 3.65 MMbbl prospective resources) is an excellent way to
leverage the inherent value of the assets to maximise value for
shareholders.
The Company and its highly experienced partners are very keen to
move forward with the development at the Hardstoft oil field and
the Hardstoft East prospect; we look forward to the announcement by
the OGA of the execution by DECC of PEDL299 and to updating
shareholders on our development plans."
*Ends*
Upland Resources Limited www.uplandres.com
============================ =========================================================
Steve Staley, CEO Tel: 07891 677 441
s.staley@uplandres.com
============================ =========================================================
Optiva Securities Limited
============================ =========================================================
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. Upland is taking advantage of these,
its recent successful IPO (ticker UPL.L) & fundraising and 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
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