TIDMUPL
RNS Number : 0819P
Upland Resources Limited
15 February 2021
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.
15 February 2021
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Technical Quantification of First Tunisian Prospect
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets in
proven, mature South-East Asian and Mediterranean basins is pleased
to report the following from its activities in the Tunisian Saouaf
licence area ('Saouaf Permit') where the Company is currently
engaged in a Joint Venture with the Tunisian National Oil Company
('ETAP'):
Highlights:
-- A rich array of new plays has been analysed, and fifteen
resulting leads and prospects have been identified and
conventionally named after Tunisian minerals, following a
geological theme.
-- The best-defined structure to date is a prospect named
'Pyrite' which is part of a large, isolated carbonate platform
developed at Lower Cretaceous - Jurassic level.
-- The Pyrite prospect is interpreted to contain 1.1 TCF of
recoverable gas (P(50) Prospective Resources), with a Chance of
Success (CoS) at this stage estimated to be 22%.
-- A very large lead, named 'Halite', has been mapped at Sub-Salt level.
-- These first preliminary quantitative Tunisian results put
Upland in a position to market in-depth findings to prospective
farminees for the first time in addition to opening a data
room.
-- The 2021 work programme aims at reducing the exploration risk
and increasing the Chance of Success of the identified leads and
prospects, and includes reprocessing of vintage seismic lines,
geochemical and geological studies.
Upland CEO Bolhassan Di commented:
"The results of Upland ' s intense technical work thus far are
extremely encouraging and a substantial and disciplined work
programme is proving its value in providing a rich array of new
plays. Beginning with the ' Pyrite ' prospect alone, the most
advanced of fifteen leads and prospects thus far, early
interpretation estimate this new prospect has the potential to
contain around 1.1 trillion cubic feet of recoverable gas - a
considerably attractive target and one which lends a great deal of
technical confidence in the huge prospectivity of our Tunisian
Saouaf licence area.
This is not all, we have 'Halite' a potentially very large lead
also with strong multidisciplinary technical basis. Our expert
technical team has recently been provided with additional vintage
seismic data over the Saouaf license and we look forward to see ing
the results of the integration of the additional data in this
exciting area.
These are the first Tunisian results Upland has had that are
based upon in-depth multidisciplinary interpretation of a
substantial volume of hard data. These first fruits now allow
Upland to open a data room and to begin to formally market the
results of our studies to potential farm-in partners.
We are extremely pleased with the numbers regarding the
preliminary quantitative assessment of the first prospect matured
within the licence. The recent granting of a one-year extension to
our Saouaf Prospecting Permit in Tunisia will also allow the
Company to progress the work programme in a flexible manner against
a background of Covid related travel restrictions. We are looking
forward to disclosing further results of the planned quantitative
prospectivity and risk assessment work on the Saouaf license."
Details of Technical Interpretation Results
The Company is pleased to report that the multidisciplinary
interpretation work done in the past few months on vintage
exploration data is giving the first fruits. Fifteen leads have
been identified and mapped, spread over a number of different
exploration plays, namely the Eocene, Cretaceous, Jurassic and
Pre-Salt plays. The leads have been conventionally named after
Tunisian minerals, following a geological local theme.
The best-defined structure is a prospect named Pyrite, which is
part of a large isolated carbonate platform developed at Lower
Cretaceous-Jurassic level. This prospect is defined by thirteen
seismic lines of good quality, most of which have been acquired in
2006 or in 2012 and reprocessed in 2013 by a previous operator.
Pyrite is a large independent closure being part of a wide ring of
carbonate build-ups of Early Cretaceous age (Ressas formation),
which has been growing on top of a carbonate platform of Jurassic
age (Nara formation). The top seal is represented by the
shale-dominated Sidi Khalif and M ' Cherga formations, which cap
the carbonate build-up.
The Pyrite prospect is interpreted to contain between 0.7 and
1.6 TCF of recoverable gas (respectively Low=P(90) and High=P(10)
of Prospective Resources) , with a m ost l ikely value of 1.1 TCF (
Best= P(50) ), equivalent to approx. 183 MBoe (Table 1).
Table 1: Pyrite prospect (Lower Cretaceous - Jurassic)
volumetric assessment.
Low Best High
________________________________________________________________________________
GOIP (TCF) 1.3 2.0 3.1
Prospective Resources (TCF) 0.7 1.1 1.6
Low Best High
________________________________________________________________________________
GOIP (as MBoe) 229 346 529
Prospective Resources (as MBoe) 119 183 271
The Chance of Success (CoS) of the Pyrite prospect is estimated
to be 22%.
Two other structures have been identified close to Pyrite,
belonging to the same Jurassic-Lower Cretaceous carbonate play,
named respectively Galena and Marcasite.
The interpretation work will continue, also on the base of
additional vintage seismic data received from ETAP after the
TCM/OCM held on 12 January 2021.
The assessment of the potential of all the leads identified
within the license area will continue including the promising
structural closures at Sub-Salt level, where four structural highs
have been identified so far. Their areal extension ranges between
61 km (2) and 196 km (2) , with the largest one, named Halite lead,
being the best defined on the basis of the seismic interpretation
and its prominent Bouguer gravity anomaly.
The 2021 work programme, discussed with ETAP at the Operating
Committee Meeting ( ' OCM ' ) held on 12 January 2021, aims at
reducing the exploration risk and increasing the Chance of Success
of the identified leads and prospects, and includes the
reprocessing of specific vintage seismic lines , and
multidisciplinary geological and geochemical studies.
-S-
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse,
and it has been reviewed by Roberto Bencini CGeol, Technical
Adviser of Upland Resources Ltd, for the purposes of the Disclosure
Standards issued by the London Stock Exchange in October 2018. Mr.
Bencini is a Chartered Petroleum Geologist. He is a member of the
Society of Petroleum Engineers, the Geological Society of London
and the American Association of Petroleum Geologists.
GLOSSARY
Boe Barrel of Oil Equivalent
CoS Chance of Success
GOIP Gas Originally In Place
MBoe Million Boe
OCM Operating Committee Meeting
TCF Trillion Cubic Feet
TCM Technical Committee Meeting
For further information, please contact:
Upland Resources Limited www.uplandres.com
Bolhassan Di, CEO Tel: +60 19 886 1919
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 1065
PR ben.brewerton@fticonsulting.com
Ben Brewerton
Christopher Laing Tel: +44 (0)20 3727 1355
ch ristopher.laing @fticonsulting.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDELBFFLLBBBX
(END) Dow Jones Newswires
February 15, 2021 02:05 ET (07:05 GMT)
Upland Resources (LSE:UPL)
Historical Stock Chart
From Apr 2024 to May 2024
Upland Resources (LSE:UPL)
Historical Stock Chart
From May 2023 to May 2024