TIDMUPL
RNS Number : 8381L
Upland Resources Limited
31 December 2018
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.
31 December 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Publication of 2(nd) Supplementary Prospectus (including a
Competent Person's Report)
in respect of Award of Saouaf Licence
Upland Resources Limited (LSE: UPL) announces the publication of
a 2(nd) supplementary prospectus approved by the United Kingdom
Listing Authority relating to the award of the Saouaf Licence,
onshore Tunisia as announced by the Company on 24 December 2018
(the "2(nd) Supplementary Prospectus"). The Supplementary
Prospectus contains further information relating to the award of
the Saouaf Licence, the Saouaf Licence itself and also an
independent Competent Person's Report ("CPR") in respect of the
area of the Saouaf Licence (the "Saouaf Licence Area") prepared by
Blackwatch Petroleum Services Limited ("Blackwatch").
Highlights of the CPR:
-- The CPR provides an independent technical hydrocarbon
resource assessment of the Saouaf Licence Area.
-- Effective petroleum systems are proven in the Saouaf Licence Area.
-- Blackwatch has identified thirteen structures with
already-drilled or potential hydrocarbon accumulations.
-- Blackwatch estimates that these could hold 1.961 TCF of mean,
unrisked, recoverable gas resource plus 42 MMbbl of mean, unrisked,
recoverable oil resource. These are considerably greater volumes
than Upland's initial estimates and total approximately 380 MMboe
(million barrels of oil equivalent) recoverable resource.
-- Of the estimated recoverable gas resource, some 227 BCF is
contained in the Dekrila (or DK) structure. The Dekrila-1 well was
drilled in 1955, discovered gas and flowed it to surface.
-- The 42 MMbbl oil resource lies in the SNJ Prospect. Oil from
the Bahloul Formation was seen on the shakers during drilling of
the SNJ-1 well, which has helped to de-risk this prospect. Several
candidate horizons remain untested.
-- The undrilled 'Bou Dabbous Flower' structure alone is
estimated to contain 813 BCF of recoverable gas.
-- Bou Dabbous also has the potential to host an oil play, as
surface oil seeps exist there. No volumes have been included for
this oil play in the CPR.
-- Blackwatch recognises the potential of the Saouaf Licence
Area and how further work and more data would de-risk the Saouaf
Licence Area:
o "We conclude that the Saouaf concession is an attractive area
for further exploration."
o "Further data acquisition and geological study would enable
considerable de-risking prior to further exploration drilling."
2(nd) Supplementary Prospectus
The 2(nd) Supplementary Prospectus is supplemental to, and
should be read in conjunction with, the original Prospectus of the
Company dated 18 June 2018 and the Supplementary Prospectus of the
Company dated 6 November 2018.
A copy of the 2(nd) Supplementary Prospectus is available on the
Company's website at http://www.uplandres.com and hard copies will
also be available at the offices of the Company's financial adviser
and broker, Optiva Securities Limited, 49 Berkeley Square, London
W1J 5AZ.
The Supplementary Prospectus has also been submitted to the
National Storage Mechanism and will be available shortly at
http://www.morningstar.co.uk/uk/NSM.
Upland's CEO, Dr Steve Staley, said:
"We are very pleased that the CPR has fully validated Upland's
view of the hydrocarbon potential of the Saouaf Licence Area.
Blackwatch has identified hydrocarbon potential that is
substantial, including a number of structures that could be viable
as stand-alone developments. Tunisia offers very attractive
wholesale gas prices, a market that needs more gas and, in the
Saouaf Licence Area, good access to nearby existing gas
infrastructure. Early stage technical work is already underway; we
look forward to updating the market on progress in due course."
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Contact details:
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/Molly Stewart Tel: +44 (0)203 727 1708
molly.stewart@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: +44 (0) 7891 677441
sasha@flowcomms.com
Notes
Upland Resources Limited 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 Petronas, Conoco, Shell etc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
PSPLLFIFFALLVIT
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