document: Upland Resources Limited announced on 30th November 2017 that it has agreed to farm-in to licence P2235 (block 11/24b) taking a 40% interest from Corallian Energy Limited. The acreage contains the Wick prospect which could hold P50 resources of 250 MMbbl. Environmental permitting is already in process to drill an exploration well on Wick which will likely need a Jack-up rig for the operations. Dry hole costs for the well are in the region of GBP 4.2 million. Upland will likely pay 53.33% of the first GBP 4.2 million of costs related to the environmental survey and the well. The deal completed on 24 May 2018.  Wick is located in the Inner Moray Firth approximately 2 km from the Scottish coastline. The acreage has an extensive 3D seismic survey over it. Also, in the acreage is the Lybster discovery from 1996. The field was brought onstream in 2012 via wells which were drilled from onshore to offshore. Wick is thought to have the same petroleum system as Lybster consisting of a Lower to Middle Jurassic Beatrice Formation reservoir.  Following completion of the deal interest in P2235 is held by Corallian Energy Limited (60% + operator) and Upland Resources (UK Onshore) Limited (40%).
summary: Upland Resources announced that it has agreed to farm-in to licence P2235 (block 11/24b) taking a 40% interest from Corallian Energy (->40% op, Baron Oil 15%, Corfe 5%).