Upland Resources Limited Corporate Update (7142W)
23 Abril 2019 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 7142W
Upland Resources Limited
23 April 2019
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.
23 April 2019
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Corporate Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to provide an update on its current activities.
Tunisia
Upland's wholly-owned subsidiary Upland (Saouaf) Limited
("Upland Saouaf") is the Operator of the highly prospective 4,004
km(2) Saouaf Permit area (the "Saouaf Licence"), onshore Tunisia,
following recent approval from the Hydrocarbon Consultative
Committee (the "HCC") of the Government of Tunisia.
The Company is pleased to report that it has received several
unsolicited approaches for farm-ins to the Saouaf Licence and is
progressing these with interested oil companies. Upland sees this
early interest as a further validation of the potential of its new
asset.
As previously announced, the Saouaf Licence is estimated by the
independent Competent Person, Blackwatch Petroleum Services
Limited, to hold recoverable P(mean) resources of approximately 2
TCF of gas across thirteen prospects and leads. This includes the
existing Dekrila gas discovery, alone estimated to host a 227 BCF
recoverable resource and the Bou Dabbous Flower structure with an
estimated 813 BCF recoverable. A detailed breakdown of leads and
prospects is included below. As is required under the terms of the
Saouaf Licence, a US$1 million bank guarantee has been put in
place. This will be released as the work commitments under the
Saouaf Licence are fulfilled.
Saouaf Licence: Recoverable resource estimates for gas leads and
prospects inventory (excludes SNJ oil prospect)
BCF BCF BCF
Prospect/Lead Zone/Reservoir P90 Mean P10
----------------------- ----------------- ------ -------- --------
Test Zone
Dekrila Gas Discovery 8 9.1 48.5 92.6
Test Zone
7 17.3 74.4 135.8
Test Zone
5 & 6 14.3 58.9 109.8
Aptian Serdj 11.8 45.3 84.5
----------------------------------------- ------ -------- --------
Bou Dabbous Flower Late Cretaceous 83.4 311.2 562.0
Aptian Serdj 135.8 501.6 908.4
----------------------------------------- ------ -------- --------
Bou Dabbous Hanging
Wall Senonian 3.8 52.1 112.8
Aptian Serdj 6.0 84.6 185.3
----------------------------------------- ------ -------- --------
Bou Dabbous West Senonian 9.0 50.8 102.8
Aptian Serdj 8.9 58.9 121.1
----------------------------------------- ------ -------- --------
Enfida SW Lead Senonian 48.7 136.1 241.0
Aptian Serdj 9.0 44.5 87.8
----------------------------------------- ------ -------- --------
Enfida West Lead Senonian 3.0 56.8 126.1
Aptian Serdj 9.7 69.2 143.3
----------------------------------------- ------ -------- --------
EF Aptian Rollover Aptian Serdj 7.0 51.3 107.8
----------------------- ----------------- ------ -------- --------
FK12-08 Central Senonian 9.2 49.2 99.0
----------------------- ----------------- ------ -------- --------
FK12-08 Lead Aptian Serdj 4.8 87.6 204.6
----------------------- ----------------- ------ -------- --------
KN28 North Senonian 5.8 26.8 52.1
Aptian Serdj 9.5 37.6 71.4
----------------------------------------- ------ -------- --------
KN28 South Senonian 8.4 47.6 96.0
Aptian Serdj 10.1 44.9 86.2
----------------------------------------- ------ -------- --------
Siliana Graben Lead Senonian 5.6 23.2 45.1
----------------------- ----------------- ------ -------- --------
Total 430.2 1,961.1 3,775.5
(Source: Blackwatch Petroleum Services Limited, independent
Competent Persons Report)
The area also has considerable oil potential in addition to the
above. This includes the SNJ prospect with estimated P(mean)
recoverable resources of 42 MMbbl and where the SNJ-1 well had good
oil shows and remains largely untested.
In addition, Entreprise Tunisienne d'Activités Pétrolières
(ETAP), the Tunisian national oil company and our partner in the
Saouaf Licence, has asked Upland to look at farming-in to specific,
producing Tunisian oil fields where our expertise and access to
funds will be of mutual benefit. A number of additional producing
fields in Tunisia and elsewhere are also being assessed as
candidates for a potential farm-in which would provide Upland with
an ongoing revenue stream. These fields are mainly oil producers,
at various stages of field life and most of which could provide
Upland with net production rates in excess of 100 bbl/day.
Sarawak
Over the past weeks, Upland has had positive meetings with
Petroliam Nasional Berhad (Petronas), Petroleum Sarawak Berhad and
our partner, Brooke Dockyard and Engineering Works Corporation.
These have progressed matters further on a number of fronts in
Sarawak and more broadly in Malaysia where additional opportunities
have been identified.
UK
Upland's wholly-owned subsidiary, Upland Resources (UK Onshore)
Limited ("Upland Onshore"), lodged a bid in the UK 31(st) Offshore
Licensing Round, which closed on 7 November 2018. This was with
partners for a tranche of highly prospective acreage in the North
Sea and which comes with a low work commitment. The results of this
application are expected in this quarter. The Company will update
the market as results become available. Upland Onshore would hold a
40% stake, 'ground-floor' interest in any licence awarded.
Steve Staley, CEO of Upland Resources Limited, said:
"Our shareholders will know that we have not been vociferous in
the media over the past weeks - but we have been busy making good
progress on all fronts and I am pleased to be able to provide this
update now. We are encouraged by industry recognition of the
potential of the Saouaf Licence and that ETAP are happy to help us
find mutually beneficial investments. Good progress continues to be
made in Sarawak and we have used the knowledge we have gained in
our work on the UK's Inner Moray Firth to guide us to what we
believe is attractive North Sea acreage."
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
Steve Staley, CEO Tel: +44 (0)7891 677 441
s.staley@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Tel: +44 (0)20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0)20 3411 1882
Broker) christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton Tel: +44 (0)203 727 1065
ben.brewerton@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
Notes
Upland is an upstream oil & gas company whose highly
experienced management team has a track record of creating major
value for shareholders in junior oil & gas companies, including
Cove Energy plc. The Company has extensive technical and commercial
skills and contacts, management having held senior roles in Conoco,
Shell etc.
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END
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