23rd May 2018 16:31
LONDON (Alliance News) - Upland Resources Ltd said Wednesday it received revised cost estimates from Corallian Energy Ltd, the operator of the Wick well.
The oil and gas exploration company said the revised estimate, on a dry hole basis, increased to GBP5.2 million from GBP4.2 million as a result of the increased cost of fuel for the rig and tugs, and the requirement for a more comprehensive seabed survey.
Upland owns a 40% stake in licence P2235 which contains the Wick well.
On the same day, Baron Oil PLC received the same announcement from Corallian.
Baron ha a 15% licence interest in the Wick well and a 5% in the Colter well.
The revised estimate for Colter, on a dry hole basis, increased to GBP7.2 million from GBP6.4 million due to the same reasons for the increase in the Wick well's costs.
Upland shares were trading down 0.1% at 3.60 pence, while Baron Oil shares were down 4.9% at 0.49p.
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