Business
Termination of Wressle Farm-in Agreement
Termination of Wressle Farm-in Agreement.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \nRNS Number : 2013C Upland Resources Limited 18 January 2018 \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\n \n18 January 2018\nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\nTermination of Wressle Farm-in Agreement\nUpland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, announces the termination of its conditional farm-in agreement for 10% of the Wressle Development project. This follows the Planning Inspectorate's recent decision (as announced by the Company on 5 January 2018) to reject the appeals by Egdon Resources U.K. Limited (\"Egdon\"), as operator, against two of the three planning refusals by North Lincolnshire County Council's Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL 180 and PEDL 182.\nUpland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited (\"Upland UK\"), entered into a conditional agreement dated 24 November 2016 for the farm-in by Upland UK (by way of assignment from Europa Oil & Gas Limited (\"Europa\")) to a 10% interest in each of PEDLs 180 and 182, including the Wressle Field development (the \"Wressle Farm-in Agreement\").\nAs detailed in the Company's update announcement on 26 September 2017 regarding the Wressle Farm-in Agreement, Upland UK and Europa had agreed to extend the 'long-stop' date for satisfaction of the conditions to completion of the Wressle Farm-in Agreement to 28 February 2018. One of the outstanding conditions to completion was the award of relevant planning permissions to the Wressle development, but that if this condition was not satisfied before that date, Upland UK would be under no obligation to complete the Wressle Farm-in Agreement or make payment for the 10% interests in PEDLs 180 and 182. Furthermore, in the event of rejection of any of the planning appeals, Upland UK ha...