Business
North Sea Farm-in Agreement
North Sea Farm-in Agreement.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \nRNS Number : 9172X Upland Resources Limited 30 November 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\nThis 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.\n30 November 2017\nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\nNorth Sea Farm-in Agreement\nUpland Resources Limited (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 signed a farm-in agreement with Corallian Energy Limited (\"Corallian\") for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the \"P2235 Farm-in Agreement\") containing the Wick Prospect.\n \nHighlights\n \n· The large Wick Prospect lies in the Inner Moray Firth, only 2km from land and in shallow water.\n \n· Offers Upland a relatively low risk, low cost, potentially transformative near term drilling opportunity using a jack-up rig in late 2018. Corallian has already begun environmental permitting for the well.\n \n· Upland has carried out an extensive assessment of the technical risks, undertaken a full interpretation of the existing well and seismic data, and remapped the area.\n \n· The Company estimates the Wick Prospect could hold in-place P50 resources of around 250 MMbbl.\n \n· Upland continues to interpret the data and believes additional, attractive prospects are likely to be found in the permit area. \n \n· The Licence area benefits from an extensive 3D dataset, lies close to the large Beatrice Field, updip from the Lybster Discovery and in the same working petroleum system.\n \nUpland UK is likely to hold the largest interest in the P2235 Licence and be the only co-ve...