LONDON (Alliance News) - Oil and gas company Upland Resources Ltd on Monday said it has issued 500,000 new shares to Highland Geology Ltd, a company owned by its Geological Advisor John Nicholson.
Upland said the shares were being issued by way of a success fee, under an existing contract and as a result of the execution of the Petroleum Exploration & Development Licence 299 over Block SK46c in October.
Block SK46c includes the Hardstoft oil field and the Hardstoft East prospect, located in the East Midlands region of the UK.
"Nicholson helped us remap and reinterpret data over Hardstoft Field in PEDL 299 using state of the art techniques. This led to the recognition of the potential for major volumes of unproduced hydrocarbons in the unlicensed part of Hardstoft Field and our application for a PEDL over that area," said Upland Chief Executive Stephen Staley.
"We are grateful for Nicholson's early trust in the company and belief in the Hardstoft structure, as demonstrated by his agreeing to take part payment in Upland shares even before the company was listed," Staley added.
Shares in Upland were up 5.7% at 1.48 pence on Monday morning.