OIL and fuel unbiased Upland Resources has raised £three million because it targets a prospect off Scotland in a improvement which displays confidence amongst City buyers within the exploration potential of the North Sea.
Upland stated the fundraising will depart the agency with a robust stability sheet forward of a busy interval which is predicted to incorporate drilling the Wick nicely within the Moray Firth within the third quarter and exercise abroad.
Chief govt Stephen Staley famous Upland raised the funding via a share inserting which was oversubscribed and received assist from new and current buyers. The results of the workouts appeared to supply a vote of confidence in Wick, which lies in shallow water round a mile from the shore.
“2018 can be a really thrilling time for Upland with the spudding of the excessive affect Wick nicely,” stated Mr Staley. He added:“I additionally count on continued good progress on new alternatives in Sarawak and North Africa.”
London-listed Upland reckons Wick may include 250 million barrels.
The inserting gives proof buyers are ready to assist exploration exercise within the North Sea. Many cooled on the sector amid the downturn triggered by the hunch within the crude value from summer season 2014.
In May Upland stated the Wick nicely was anticipated to value £5.2m. It acquired a 40 per cent curiosity within the licence involved from privately-owned Corallian Energy in November, noting then that the acreage contained different potential targets.
Upland accomplished the inserting at 2.5p per share.
It had a market capitalisation of round £11.5m earlier than the inserting.
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