Business
Upland and JV partners extend exclusivity period
Upland and JV partners extend exclusivity period.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 6762A\n Upland Resources Limited\n 01 October 2020\n \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 \n \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 \n \n \n \n \n \n 01 October 2020\n \n \n \n \n \n UPLAND RESOURCES LIMITED\n \n \n (\"Upland\" or the \"Company\")\n \n \n \n \n \n Upland and JV partners extend exclusivity period for the work sharing agreement - Licence P2478, Inner Moray Firth\n \n \n Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, together with Joint Venture partners (\"JV partners\") Corallian and Baron Oil, signed in April 2020 a Work Sharing and Confidentiality Agreement with a large European E&P Company (\"Interested Party\") for licence P2478 in the Inner Moray Firth.\n \n \n \n \n \n Under the terms of the agreement Upland and JV partners agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party would complete its own regional technical work and share its data and interpretations over the area with Corallian and JV Partners (\"Exclusivity Period\"). The Interested Party has requested a 4-month extension to the Exclusivity Period to 31st January 2021 to complete their evaluation which the P2478 Licensees have agreed to. Upland and JV partners may further extend the Exclusivity Period with the Interested Party by mutual agreement until the 30th April 2020 should such Party commit to negotiate farmin terms to earn an interest in the licence. \n \n \n \n \n \n The P2478 licence (Corallian 45% interest and licence administrator) 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 J...