Upland and JV partners extend exclusivity period

RNS Number : 6762A

Upland Resources Limited

01 October 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

01 October 2020

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Upland and JV partners extend exclusivity period for the work sharing agreement - Licence P2478, Inner Moray Firth

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, together with Joint Venture partners ("JV partners") Corallian and Baron Oil, signed in April 2020 a Work Sharing and Confidentiality Agreement with a large European E&P Company ("Interested Party") for licence P2478 in the Inner Moray Firth.

Under the terms of the agreement Upland and JV partners agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party would complete its own regional technical work and share its data and interpretations over the area with Corallian and JV Partners ("Exclusivity Period"). The Interested Party has requested a 4-month extension to the Exclusivity Period to 31st January 2021 to complete their evaluation which the P2478 Licensees have agreed to. Upland and JV partners may further extend the Exclusivity Period with the Interested Party by mutual agreement until the 30th April 2020 should such Party commit to negotiate farmin terms to earn an interest in the licence.

The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approximately 30km offshore with a water depth of approximately 75m. The Dunrobin structure covers an area of approximately 40km2 and the prospect Pmean prospective resources of 174 mmboe, with potential for 396 mmboe (P10) as assessed by Corallian.

 

Upland CEO Bolhassan Di commented:

"We are very pleased to announce along with our JV partners this extension to our Work Sharing and Confidentiality Agreement with a large international E&P Company. This 4-month extension is a good show of confidence in the Dunrobin prospect and it is encouraging that all parties have reached this agreement in order for further evaluations to take place."

-ENDS-

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

For further information, please contact:

Upland Resources Limited Bolhassan Di, CEO	www.uplandres.com Tel: [phone]
	[e-mail] [e-mail]
Optiva Securities - Broker	www.optivasecurities.com
Jeremy King (Corporate Finance)	Tel: _+44 (0)20 3137 1904 [e-mail]
Christian Dennis (Corporate Broker)	Tel: [phone]  [e-mail]

FTI Consulting - Financial PR Ben Brewerton	Tel: [phone] [e-mail]
Christopher Laing	Tel: [phone] [e-mail]
Flowcomms - IR Contact
Sasha Sethi	Tel: [phone] [e-mail]

 

END

 

 

MSCWPUQWBUPUGQU