Upland Resources Limited Upland and JV partners extend exclusivity period (6762A)
October 01 2020 - 1:00AM
UK Regulatory
TIDMUPL
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 www.uplandres.com
Bolhassan Di, CEO Tel: +60 198 861 919
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities www.optivasecurities.com
- Broker
Jeremy King Tel: _+44 (0)20 3137 1904
(Corporate Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting - Financial Tel: +44 (0)203 727 1065
PR ben.brewerton@fticonsulting.com
Ben Brewerton
Christopher Laing Tel: +44 (0)20 3727 1355
ch ristopher.laing @fticonsulting.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCWPUQWBUPUGQU
(END) Dow Jones Newswires
October 01, 2020 02:00 ET (06:00 GMT)
Upland Resources (LSE:UPL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Upland Resources (LSE:UPL)
Historical Stock Chart
From Apr 2023 to Apr 2024