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Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, today provides an update on the Wick exploration well (11/24b-4).
Unfortunately, following receipt of the final drilling results for the Wick exploration well 11/24b-4, the Company can confirm it has not been successful. We have therefore completed drilling operations and will proceed to plug and abandon the well.
The 11/24b-4 exploration well was drilled to a total depth of 1000m. The objective of the well, the Beatrice Sandstone, was encountered at a depth of 933.5m but was found to be water bearing. Provisional petrophysical analyses indicate that the Beatrice Sandstone has a gross thickness of 22.8m with 19.8m of net sandstone of 17.2% average porosity.
Upland’s CEO Dr Steve Staley said:
“This is obviously not the result we had hoped for in the Wick exploration well. However, as announced on 24th December 2018, Upland has had its award of the Saouaf Permit, onshore Tunisia, approved. We have identified multiple conventional leads and prospects on the Saouaf Permit which is estimated in the recently released independent Competent Person’s report to have potential for nearly 2 TCF of recoverable gas. Upland also continues to make good progress in Sarawak and we will now focus our efforts on these areas. We believe both opportunities provide investors with the potential for transformative value growth and we look forward to updating the market in due course.”
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
|Upland Resources Limited||www.uplandres.com|
|Steve Staley, CEO||Tel: 07704 974784
|Optiva Securities Limited|
|Jeremy King (Corporate Finance)||Tel: 020 3137 1904
|Christian Dennis (Corporate Broker)||Tel: 020 3137 1903
|Ben Brewerton/Molly Stewart||Tel: +44 (0) 20 3727 1708
|Sasha Sethi||Tel: +44 (0)7891 677441
|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.|