Upland Resources Limited Restoration of Trading (3895P)
20 Junio 2022 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 3895P
Upland Resources Limited
20 June 2022
20 June 2022
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Restoration of Trading
Upland Resources Limited (LSE: UPL), is pleased to announce the
lifting of the temporary suspension and the restoration of trading
in its ordinary shares on the Main Market of the London Stock
Exchange.
Additionally, the Company wishes to advise of the following:
1. Inner Moray Firth licence P2478 ("IMF P2478") hosting the
Dunrobin and Golspie prospects:
Upland has a 32% interest in this licence and the Company deems
this licence to be of key strategic importance going forward.
Dunrobin has been evaluated to be one of the few remaining sizeable
undrilled targets in the UK North Sea with estimated gross mean
prospective resources of circa 100 MMbbl (a non-SPE PRMS compliant
estimate). The nearby Beatrice field c.20km north of Dunrobin
produced over 140 MMbbl from the same petroleum system.
Further 3D seismic reprocessing is currently ongoing on IMF 2478
and following consultation with the operating partner Reabold
Resources (RBD.L) and partner Baron Oil (BOIL.L), Upland intends to
update shareholders further in relation to this licence in the near
future.
The technical work presently being carried out work for on IMF
2478 is intended to mature the Dunrobin prospect ahead of a
potential drilling decision and or engagement with potential
drilling partners (as to be further determined by the
partners).
Well costs are expected to be modest as the prospect lies in
shallow water of less than 100 metres and the total drilling depth
of the well is prognosed to be approximately 660 metres.
2. Tunisian Saouaf Licence
The Company has also determined that progression of farm-out
efforts for its highly prospective Tunisian licence to be a
priority and intends to continue discussions with interested
parties, as well as opening discussions with new potential
partners; as such the Company will update accordingly.
3. Asian Opportunities
The Company continues in its efforts to secure attractive
licences in mature onshore and offshore basins with proven
petroleum systems. In particular the Company is pursuing an
attractive exploration block in Sarawak.
4. Management changes and Board restructuring
The Company is in process of restructuring the management team
and is presently in consultation with some high calibre candidates.
Further updates will be provided in due course.
**ENDS**
For further information, please contact:
Upland Resources Limited www.uplandres.com
Bolhassan Di, Chairman, Tel: +60 198 861 919
Interim CEO
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities www.optivasecurities.com
- Broker
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
Flowcomms - IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com
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END
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