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Upland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, provides an update in relation to its conditional farm-in agreement for 10% of the Wressle Development project and advises that the Planning Inspectorate has issued its decision in respect of the Wressle Planning Inquiry. The decision made by the Inspector is to reject the appeals by Egdon Resources plc (“the Operator”) against the two planning refusals by North Lincolnshire County Council’s Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182.
However, the Planning Inspectorate has advised that it did uphold the Operator’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until the 28 April 2018.
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").
As detailed in the Company's previous update on the Wressle farm-in agreement (26 September 2017) Upland Resources and Europa Oil and Gas have agreed to extend the 'long-stop' date for satisfaction of the conditions to completion of the agreement to 28th February 2018. One of the outstanding conditions to completion is the award of relevant planning permissions to the Wressle development. If these conditions are not satisfied before that date, Upland UK is under no obligation to complete the farm-ins or make payment for the 10% interests in PEDLs 180 and 182. In the event of rejection of any of the planning appeals, Upland UK may terminate the Wressle Farm-in
Agreement at any time following the result of the appeals being known, without having to wait until 28th February 2018. Its £160,000 deposit will then be returned to Upland UK and Upland UK will have no further payment obligations under the Wressle Farm-in Agreement.
Upland will now review the situation and provide a further update 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.