Business
Half Yearly Report
Half Yearly Report.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \nRNS Number : 5760T Upland Resources Limited 30 March 2016 \n\nUpland Resources Limited\n(\"Upland\" or the \"Company\")\n \nInterim results for the six months ended 31st December 2015\n \n \nUpland (LSE:UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce the publication of its unaudited results for the six months ended 31st December 2015.\n \n \nHighlights:\n \n \n· Delivered on its end of 2015 target for a public Listing, securing a Listing on the Official List of the UK Listing Authority (\"UKLA\") in October 2015\n \n· Raised £1.3 million before expenses in IPO despite difficult market conditions\n \n· Successful in the 14th UK Onshore Oil and Gas Licensing Round bid for Petroleum Exploration and Development Licence (\"PEDL\") 299 in the East Midlands (\"Hardstoft\")\n \n· Pending official award of PEDL 299, ready to progress field development plans at Hardstoft\n \n· Carrying out rigorous due diligence on a number of potentially high impact, low-cost onshore opportunities in attractive jurisdictions\n \n· Cash at end of period £1.167m and no debt \n \n \nCEO of Upland, Dr. Stephen Staley commented:\n \n \n\"Within a few weeks of our London Stock Exchange Listing in October 2015 and after extensive technical work, in the 14th UK Onshore Oil and Gas Licensing Round Upland and its highly experienced consortium partners were awarded a wonderful first asset in PEDL 299. Within this licence, we are particularly familiar with and interested in the rejuvenation of the historically producing Hardstoft structure. Once the award is formally confirmed by the Oil & Gas Authority, and following the acquisition of seismic data, we plan to develop this old oilfield by directionally drilling one or more new conventional wells utilising modern technology. The Upland consortium was combined with Ineos Upstream, part of the multinational Ineos conglomerate and PEDL 299 is the only one of the 21 PEDLs recently announced as awarded to Ineos in which they have a partner.\n \nWith an 80% chance of success for the contingent resource and 64% for the...