RNS Number : 9710J
Upland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, notes the North Lincolnshire County Council Planning Committee’s decision to once again refuse planning consent for the development of the Wressle Oil Field. The decision was taken despite recommendation for approval from the Planning Officer and regardless of additional information supplied by the Operator, Egdon Resources (“Egdon“).
Upland’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) to a 10% interest in each of PEDLs 180 and 182, including the Wressle Field development (the “Wressle Farm-in Agreement“). Completion of the Wressle Farm-in Agreement is conditional on receipt of certain planning and other approvals which may be waived at Upland’s discretion.
Steve Staley, Upland Resources CEO, said:
“We are disappointed by today’s decision, which goes against the positive recommendation submitted by the Council’s own Planning Officer and the extensive information submitted by the Operator, Egdon Resources. We understand that Egdon will proceed with its appeal against the Council’s original decision (dated 11 January 2017).
“Though this is a setback, we believe in the potential of this site. Completion of the Wressle Farm-in Agreement – through which Upland Resources has a conditional agreement for a 10% interest in each of PEDLs 180 and 182 – remains conditional on receipt of planning and other approvals. We will review our position in regard to the Farm-in Agreement in the context of today’s planning decision.
“Upland has been progressing a number of opportunities, both in the UK and overseas, and is pleased to report that good progress has been made. I look forward to updating shareholders in the near future.”
|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
|Edward Westropp||Tel: +44 (0)2037271521
|Sasha Sethi||Tel: +44 (0)7891 677441
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 Petronas, Conoco, Shell etc. Upland is taking advantage of the current market conditions to acquire quality upstream assets on attractive terms.