Upland Resources Limited Completion of Farm Out Agreement (5543O)
11 Octubre 2021 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 5543O
Upland Resources Limited
11 October 2021
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11 October 2021
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Completion of UK Licence P2478 Farm Out Agreement
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to announce the completion of its reduction in its interest
in United Kingdom Offshore Licence P2478 (the "Licence") in the
Inner Moray Firth, United Kingdom by 8% from 40% to 32%.
Further to the Company's announcement of 18 August 2021 the
holders of the Licence (Licence Holders) being Upland, Corallian
Energy Limited and Baron Oil plc ("Baron") have completed the
reassignment of Upland's 8% interests in the Licence to Baron
(Assignment). This follows the required formal consent given by the
United Kingdom Oil & Gas Authority.
Following the completion and with Corallian's interest also now
reduced the interests in the Licence now are as follows
P2478 Working Interests
Original Working Interests Revised Working Interests
Upland Resources 40% 32%
--------------------------- --------------------------
Corallian Energy Limited* 45% 36%
--------------------------- --------------------------
Baron Oil PLC 15% 32%
--------------------------- --------------------------
* Operator
Under the terms of the above agreement, Baron has agreed to pay
100% of the costs of the remaining Phase A work commitments under
the Licence up to a cap of GBP160,000. Work on the Phase A
technical work commitments is ongoing with the key component, 3D
seismic reprocessing, expected to be delivered during the first
half of 2022. This will provide the partners sufficient time to
mature the Dunrobin Prospect and to engage with potential drilling
partners in due course.
The Licence, was awarded to the JV in September 2019 as part of
the UK 31st Offshore Licensing Round and in Q1 2021, the Licence
Holders received the results of technical studies from a large
European E&P company under a work sharing agreement. These
studies enhanced the Licence Holders' understanding of the
petroleum geology and corroborated their view of Dunrobin as a
potentially attractive and substantial target.
As previously announced, Upland believes Dunrobin to be one of
the few remaining sizeable undrilled UK North Sea targets with
estimated gross mean prospective resources of the order of 100
MMbbl (a non-SPE PRMS compliant estimate). To demonstrate the true
potential of this prospect, the Beatrice field c.20km north of
Dunrobin produced over 140 MMbbl from the same petroleum
system.
Bolhassan Di, Chief Executive of Upland, commented:
"We are pleased to have completed this agreement that will allow
seismic reprocessing work to continue apace and I would like to
thank Baron for their cooperation in closing this agreement. Upland
remains a substantial partner in this highly prospective
field."
-ENDS-
This announcement contains inside information within the meaning
of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014, as amended (the "EU
Market Abuse Regulation") and (ii) the EU Market Abuse Regulation
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018.
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 1000
PR uplandresources@fticonsulting.com
Ben Brewerton
Christopher Laing
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
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END
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