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Upland Resources gets green light for Hardstoft acquisition

I am very pleased that the OGA has approved Upland UK's increased stake in PEDL 299,” said Steve Staley, Upland Resources chief executive.

Upland Resources Ltd (LON:UPL) shares gained on Friday as it told investors that UK regulator, Oil and Gas Authority (OGA), has approved the company’s deal to acquire a stake in the Hardstoft project.

The company previously agreed to take its interest in the conventional elements of PEDL 299, which is primarily the Hardstoft field, to 25% from 16.67%.

“I am very pleased that the OGA has approved Upland UK's increased stake in PEDL 299,” said Steve Staley, Upland Resources chief executive.

“This is another positive step towards realisation of the potential of this very attractive asset."

London listed peer Europa Oil & Gas Ltd (LON:EOG) and INEOS are also partners in the asset, with the former holding 25% and 50% respectively.

INEOS, meanwhile, retains 100% of PEDL 299’s unconventional and shale resources.

Upland Resources shares rose 2.5% to trade at 1.33p each.