Business
UK Offshore Licence Update - P2478
UK Offshore Licence Update - P2478.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \n \n RNS Number : 2304L\n Upland Resources Limited\n 29 April 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \n \n 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.\n \n \n 29 April 2020\n \n \n UPLAND RESOURCES LIMITED\n \n \n (\"Upland\" or the \"Company\")\n \n \n UK Offshore Licence Update - P2478\n \n \n Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, announces that, with partners, its wholly-owned subsidiary Upland Resources (UK Onshore) Limited (\"Upland UK\") has signed a Work Sharing and Confidentiality Agreement with a large International E&P Company (\"Interested Party\") for licence P2478 in the Inner Moray Firth. Under the terms of the agreement the Joint Venture Partners (Corallian Energy Limited, Baron Oil Plc and Upland UK) have agreed to cease marketing a joint farmout to industry until 30 September 2020 during which period the Interested Party will complete its own regional technical work and share its data and interpretations over the area with the \n P2478\n Joint Venture Partners (\"Exclusivity Period\"). \n \n \n The operator Corallian Energy Limited will continue to provide data to the Interested Party under the confidentiality arrangements. By mutual agreement the Joint Venture Partners may extend the Exclusivity Period with the Interested Party until 31 December 2020 should such Party wish to negotiate farmin terms to earn an interest in the licence.\n \n \n During the Exclusivity Period Upland UK will incur no further expenditure in respect of P2478.\n \n \n The P2478 licence contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seab...