24th May 2018 11:38
LONDON (Alliance News) - Upland Resources Ltd said Thursday it finalised the agreement between its subsidiary Upland Resources UK Ltd and Corallian Energy Ltd for the Wick-Farm in.
On completion of the Wick Farm-in agreement, Upland UK paid GBP268,791 to Corallian Energy for a 40% working interest in a production licence in the Moray Firth, UK North Sea, containing the Wick well.
On Wednesday, Upland said its received a revised cost estimate for the Wick Well, 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 shares were trading 2.5% higher at 3.54 pence.
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