Upland Resources Limited Revised Cost Estimate for Wick well (0603P)
May 23 2018 - 8:32AM
UK Regulatory
TIDMUPL
RNS Number : 0603P
Upland Resources Limited
23 May 2018
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.
23rd May 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Revised cost estimate for Wick well
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, has
received revised cost estimates for the Wick well from the
operator, Corallian Energy Limited ("Corallian").
The revised estimate for the Wick well, on a dry hole basis, has
increased from GBP4.2 million to GBP5.2 million as a result of the
increased cost of fuel for the rig and tugs, and the requirement
for a more comprehensive seabed survey.
Steve Staley, CEO of Upland Resources Limited, said:
"Though increases in cost estimates are seldom welcome, this
increase arises mainly from the diligence being shown by our
operator, Corallian, in carrying out a full and proper well site
survey and because of increasing fuel prices. The latter is an
inevitable consequence of the rising oil price."
"A well cost of GBP5.2 million represents a very effective use
of funds given the potential of the Wick prospect"
Background to Upland's interest in the Wick prospect
In November 2017, Upland UK entered into a conditional agreement
with Corallian Energy to farm in to a 40% interest in Licence
P2235, containing the Wick prospect.
The Company estimates that the Wick structure, which lies
principally in the licensed area of Licence P2235, could hold
in-place P50 resources of around 250 MMbbl. The Wick well, with
targets within the Wick structure, is scheduled to commence
drilling in the third quarter of 2018.
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 www.uplandres.com
Limited
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 Tel: +44 (0)20 3411 1882
(Corporate 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.
.
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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