02:00 Thu 01 Oct 2020
Upland Resources Ltd - Upland and JV partners extend exclusivity period
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UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Upland and JV partners extend exclusivity period for the work sharing agreement - Licence P2478, Inner
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
Under the terms of the agreement Upland and JV partners agreed to cease marketing a joint farmout to industry until
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 |
Tel: +60 198 861 919 |
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Optiva Securities - Broker |
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Tel: _+44 (0)20 3137 1904 |
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Tel: +44 (0)20 3411 1903 |
FTI Consulting - Financial PR |
Tel: +44 (0)203 727 1065 |
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Tel: +44 (0)20 3727 1355 |
Flowcomms - IR Contact |
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Tel: +44 (0)7891 677441 |
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