Upland Resources Limited Dunrobin Update (7424X)
31 August 2022 - 6:30PM
UK Regulatory
TIDMUPL
RNS Number : 7424X
Upland Resources Limited
31 August 2022
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
31(st) August 2022
Upland Resources
("Upland", or the "Company")
Dunrobin Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets is
pleased to report the following on activities in the UK
specifically the Dunrobin prospect within Licence P2478 in the
Inner Moray Firth (the "Licence").
The holders of the Licence ("Joint Venture Partners" or the
"JV") are Upland (32% working interest), Baron Oil plc (32% working
interest), and Corallian Energy Limited ("Corallian") (36% working
interest). Corallian are Licence Operator; Baron Oil plc has the
role of technical overseer in relation to the Licence's remaining
Phase A work commitments
Covering blocks 12/27c, 17/5, 18/1 and 18/2 in the Inner Moray
Firth area of the North Sea, the Licence contains the Dunrobin
prospect which consists of large shallow rotated fault blocks which
are mapped mostly on 3D seismic data including candidate direct
hydrocarbon indicators.
Regional and local petroleum systems are considered by the Joint
Venture Partners to be proven. 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. Dunrobin is evaluated to contain
estimated gross mean prospective resources in the order of 100
MMbbl (a non-SPE PRMS Standard estimate).
Key Points
-- For UK Licence P2478, the 3D seismic reprocessing project and
geochemical studies have been received and re-interpretation
commenced on schedule in July. The revised evaluation of the
prospectivity of the licence, including the Dunrobin prospect, is
anticipated to be delivered during Q4 2022.
Technical Studies
3D seismic reprocessing and geochemical studies covering
Dunrobin and other prospects within Licence P2478 in the Inner
Moray Firth have been delivered with a significant uplift in data
quality believed to have been achieved.
The interpretation of the revised data began on schedule in July
2022. An updated prospectivity evaluation is anticipated to be
available during Q4 2022, which will provide sufficient time for
the Joint Venture partners to consider options, potentially
including engaging with prospective drilling and funding partners,
ahead of the July 2023 'drill or drop' licence decision.
Upland Chairman Bolhassan Di commented:
"It is encouraging that technical studies by the Joint Venture
Partners for this highly prospective area have confirmed and
enhanced the JV's geological understanding of this potential large
prospect.
We have also been encouraged by the UK Government's recent
stance on energy security which, through considerable tax
allowances as part of the Energy Profits Levy, has potential to
transform exploration appetite in the UK North Sea by incentivising
the oil and gas sector to reinvest profits that would otherwise be
caught by the windfall tax instead in domestic exploration and
extraction activities.
As such, providing further positive technical results and any
drilling decision by the Joint Venture Partners to test Dunrobin,
we see heightened potential for this asset to attract external
farm-out interest and drive shareholder value. We look forward to
updating shareholders further as the technical studies
progress."
**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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