Upland Resources Limited UK Licence P2478 Inner Moray Firth -- Update (4470N)
February 01 2021 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 4470N
Upland Resources Limited
01 February 2021
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1 February 2021
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
UK Licence P2478 Inner Moray Firth - Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets,
provides an update on its licence P2478 in the Inner Moray Firth,
United Kingdom.
The exclusivity period for the work sharing agreement for
licence P2478, Inner Moray Firth with a large European E&P
Company ("Interested Party"), signed in April 2020 and extended in
October 2020 at the request of the Interested Party, was completed
on 31 January 2021. As agreed, the Interested Party's regional
technical studies including the area of the P2478 licence have been
presented to the Joint Venture partners Corallian Energy, Upland
and Baron Oil (the "JV"). The exclusivity period has therefore
ended, although the confidentiality period between the JV and
Interested Party continues.
This licence, which contains the large Dunrobin and smaller
Golspie prospects, was awarded to the JV in September 2019 as part
of the UK 31(st) Offshore Licensing Round. The licence's current
modest Phase A work commitment is for the JV to undertake
reprocessing of legacy 2D and 3D seismic data and perform other
studies in order to reduce risk and refine volumetric estimates
ahead of making a "drill or drop" decision before the end of Phase
A in July 2023.
Upland CEO Bolhassan Di commented:
"The technical studies by the Interested Party of this highly
prospective area has confirmed and enhanced the JV's geological
understanding of this prospect. We and our partners will
incorporate the results into the ongoing work including the seismic
reprocessing in order to further reduce the pre-drill risk on the
Dunrobin and Golspie prospects."
-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
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