Upland Resources Limited Tunisia - One year extension and new prospectivity (2132M)
January 20 2021 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 2132M
Upland Resources Limited
20 January 2021
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any contract or commitment whatsoever.
20 January 2021
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Tunisia update - One year extension and new prospectivity
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets in
proven, mature south-east Asian and north African basins is pleased
to report the following from its activities in the Tunisian Saouaf
licence area ('Saouaf Permit') where the Company is currently
engaged in a Joint Venture with the Tunisian National Oil Company
('ETAP'):
Highlights:
-- The Saouaf Prospecting Permit duration will be extended for
one year, expiring on 23 December 2022.
-- Detailed multidisciplinary interpretation of all vintage data
has been completed and presented to ETAP, revealing a rich array of
new plays and material prospectivity.
-- A 2021 work programme, including geochemical and geological
studies, the reprocessing of vintage seismic lines and the
acquisition of an additional 2D seismic survey, was submitted to
ETAP at the Operating Committee Meeting ('OCM') held on 12 January
2021.
The Company is pleased to report that it has been informed by
the Direction Générale des Hydrocarbures of the Ministry of
Industry, Energy and Mines that the Saouaf Prospecting Permit
duration will be extended for one year, expiring on 23 December
2022, following a request submitted by the Company in August 2020.
It is expected that further formal notification of this approval
will be conveyed within the Official Gazette of the Republic of
Tunisia.
As part of the ongoing de-risking work programme within the
Saouaf licence area, the Company's technical team have integrated
geology, geophysics and geochemistry to complete a sound geological
model of the subsurface of the Saouaf license area. Following
detailed analysis of all available vintage well and seismic data
using state-of-the-art geoseismic software and interpretation in a
multidisciplinary model, the prospectivity of the license area has
been assessed at all significant geological levels, namely at
Eocene, Cretaceous, Jurassic and Pre-Salt level.
This work has been presented to ETAP, to their satisfaction, at
the Technical Committee Meeting preceding the 12 January 2021 OCM.
Large, prospective traps have been mapped at Lower
Cretaceous-Jurassic level in the eastern part of the block, where
isolated carbonate platforms or build-ups are recognised on the
seismic data. With regards to the promising sub-salt play, new for
the Saouaf area but well proven in Algeria and Morocco, gravity
anomaly data and the existing seismic sections indicate the
presence of a prominent structural high within the license
area.
The 2021 work programme submitted to ETAP for approval includes
the reprocessing of specific vintage seismic lines, the acquisition
of a new 300 km 2D seismic survey and multidisciplinary geological
and geochemical studies, aiming at de-risking the identified leads
and prospects.
Upland CEO Bolhassan Di commented:
"The grant of a one-year extension to our Saouaf Prospecting
Permit in Tunisia will allow the Company to progress the work
programme in a flexible manner against a background of Covid
related travel restrictions and is presently our highest priority
as we continue to define and de-risk material prospectivity.
We are extremely pleased that our partner ETAP backs the
technical results reached so far as our work continues on
exploration and de-risking of the Saouaf Permit and we look forward
to the publication of results in the near term."
-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 19 886 1919
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
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