Upland announces +AKM-3million fundraiser to help pay for Wick prospect

+ADw-p+AD4-Upland Resources has announced plans to raise +AKM-3million to help pay for the costs of drilling a 250million barrel prospect in the Moray Firth.+ADw-/p+AD4
+ADw-p+AD4-The firm intends to raise the cash through placing of 120million shares at 2.5pence each.+ADw-/p+AD4
+ADw-p+AD4-Upland, along with Baron Oil and Gas, have struck deals with operator Corallian Energy for stakes in the Wick prospect.+ADw-/p+AD4
+ADw-p+AD4-The well is due to spud in quarter three of this year.+ADw-/p+AD4
+ADw-p+AD4-Last month Corallian said higher fuel costs have +ADw-a href+AD0AIg-https://www.energyvoice.com/oilandgas/north-sea/172738/higher-fuel-prices-put-wick-well-costs-up-by-1m/+ACIAPg-driven up the cost of drilling Wick by +AKM-1million.+ADw-/a+AD4APA-/p+AD4
+ADw-p+AD4-It is thought to have 250million barrels of oil in place, with Upland holding a 40+ACU stake in the prospect.+ADw-/p+AD4
+ADw-p+AD4-The +AKM-3million raised will also be used for new opportunities in North Africa.+ADw-/p+AD4
+ADw-p+AD4-Chief executive Stephen Staley said: +IBw-I am very pleased to announce this oversubscribed placing+ADs it leaves the business very well capitalised as we enter a busy period for the Company.+ADw-/p+AD4
+ADw-p+AD4gHA-2018 will be a very exciting time for Upland with the spudding of the high impact Wick well on the UKCS later this year. I also expect continued good progress on new opportunities in Sarawak and North Africa.+ADw-/p+AD4
+ADw-p+AD4gHA-I would like to thank new and existing shareholders for their support in backing the business and I look forward to updating the market as to our progress as we execute on our strategy of building a geographically diversified oil and gas business.+IB0APA-/p+AD4

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