Upland Resources Limited Wick Rig Contract (2538C)
September 28 2018 - 2:02AM
UK Regulatory
TIDMUPL
RNS Number : 2538C
Upland Resources Limited
28 September 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
28 September 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Rig Contract
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to note that Corallian Energy Limited ("Corallian Energy"),
as operator of UK Seaward Production Licence P2235 (UKCS Block
11/24b), has now signed a contract with UK based drilling
contractor Ensco U.K. Ltd for the provision of the Ensco-72 jack-up
rig to drill the Wick well.
The rig site survey has been completed and Corallian Energy
expects drilling of the Wick well to take place in Q4, following
receipt of the outstanding necessary regulatory approvals and
consents.
Steve Staley, CEO of Upland Resources Limited, said:
"We are pleased to announce the signing of the contract with
Ensco which represents another important step towards drilling the
potentially transformative Wick well. We look forward to the
receipt in due course of the necessary regulatory approvals to
enable the well to spud in Q4 of this year.
"We are also looking forward to working closely with Ensco when
drilling commences and will continue to update the market on
further developments."
Background to Upland's interest in the Wick prospect
In November 2017, the Company's wholly-owned subsidiary, Upland
Resources (UK Onshore) Limited ("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 farm
in agreement between Corallian Energy and Upland UK was then
completed on 24(th) May 2018.
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 targets
reservoir sequences within the Wick structure.
Ensco U.K. Limited
Ensco U.K. Ltd, a subsidiary of Ensco plc, is a global provider
of offshore drilling services to the petroleum industry. The Ensco
Group's extensive fleet of 63 offshore units is the world's largest
and includes drillships, dynamically-positioned semisubmersibles,
moored semisubmersibles and jack-up rigs.
Ensco plc is quoted on the New York Stock Exchange and is
headquartered in London, with offices around the world.
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 Tel: 07891 677 441
s.staley@uplandres.com
=======================================
Optiva Securities Limited www.optivasecurities.com
=======================================
Jeremy King (Corporate Finance) Tel: 020 3137 1904
jeremy.king@optivasecurities.com
=======================================
Christian Dennis (Corporate Broker) Tel: 020 3411 1882
christian.dennis@optivasecurities.com
=======================================
FlowComms Ltd www.flowcomms.com
=======================================
Sasha Sethi (Investor Relations) Tel: 07891 677 441
sasha@flowcomms.com
=======================================
FTI Consulting
=======================================
Ben Brewerton / Molly Stewart Tel: +44 (0) 20 3727 1708
molly.stewart@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 Conoco
and 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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