CPR - UK License P2478 (Dunrobin)
16/02/2023 07:00
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RNS Number : 0755Q Upland Resources Limited 16 February 2023
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.
16 February 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Competent Person's Report on UK License P2478 ("Dunrobin")
Upland Resources Limited (LSE: UPL) is pleased to announce that a copy of a
Competent Person's Report ("CPR") prepared by the RPS Group ("RPS") on UKCS
License P2478 for Licence Administrator Reabold Resources Plc, on behalf of
the Joint Venture Partners ("JV Partners"), in which Upland has a 32%
non-operated working interest, can be accessed by link
http://www.rns-pdf.londonstockexchange.com/rns/0755Q_1-2023-2-15.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0755Q_1-2023-2-15.pdf) and
will be published shortly on the Company's website at: www.uplandres.com
Bolhassan Di, Upland Chairman and CEO commented:
"The independent evaluation of the Dunrobin prospect conducted by RPS group on
behalf of the JV Partners has helped validate the material resource potential
of the licence and is an essential step in the farmout campaign which is
already in-process and which is thus far attracting interest from other
industry parties.
The Dunrobin West prospect, proposed as the location of the first exploration
well on the licence, would also target 119mmboe aggregate gross unrisked Pmean
prospective resources 1 (Upland having a 32% non-operated interest); success
at Dunrobin would also significantly derisk the analogous Dunrobin Central,
Dunrobin East and Golespie prospects all also hosted within the P2478 licence.
We would like to extend our thanks to our JV Partners, Reabold as Licence
Administrator and Baron as lead on the accelerated Phase A work programme and
we look forward to continuing the farm-out campaign with them."
CPR details for UK License P2478 ("Dunrobin")
The CPR has been prepared in accordance with the June 2018 Petroleum Resources
Management System ("SPE PRMS") as the standard for reporting. A summary of the
gross and net prospective resources is given in the table below.
Key Points
· 201 mmboe 2 aggregate gross unrisked 3 Pmean Prospective Resources
on licence P2478
· The Dunrobin West prospect ("Dunrobin West"), agreed by the JV to be
the proposed location of the first exploration well on the licence, would
target 119mmboe gross unrisked Pmean prospective resources aggregated across
the Jurassic and Triassic stacked targets 4
· 34% Geological Probability of Success (Pg) on Dunrobin West Jurassic
primary target
· Additional secondary Triassic target, which along with the Jurassic
can be tested by a single vertical borehole, included in formal resource
assessment for the first time with a Pg of 12%
· Dry hole drilling costs to a total depth of 800 metres estimated
to be £8.6m gross
· Dunrobin West geologically analogous to the Beatrice fields which
produced c.170mmboe
· Success at Dunrobin West would significantly de-risk Dunrobin Central
& East and Golspie analogous prospects
· CPR aggregate net unrisked Pmean prospective resources on licence
P2478 of 64.3mmboe for Upland
Prospective Resources
The table below summarises RPS's independent assessment of Gross Prospective
Resources, from which are derived the Net Prospective Resources attributable
to Upland's 32% effective interest, wholly within the P2478 licence areas.
Totals are by arithmetic summation.
Prospective Resources Gross Attributable to Licence Net Attributable to Upland Resources Risk Factor Licence Administrator
Low Estimate Best Estimate High Estimate Mean Estimate Low Estimate Best Estimate High Estimate Mean Estimate
(1U) (2U) (3U) (1U) (2U) (3U)
Oil (mmbbl)
Dunrobin West Jurassic 7 42 168 71 2.2 13.4 53.8 22.7 34% Reabold Resources North Sea
Dunrobin West Triassic 7 34 98 45 2.2 10.9 31.4 14.4 12% "
Dunrobin C&E Jurassic 1 8 67 22 0.3 2.6 21.4 7.0 31% "
Dunrobin C&E Triassic 1 9 56 22 0.3 2.9 17.9 7.0 14% "
Golspie Jurassic 4 12 27 14 1.3 3.8 8.6 4.5 27% "
Golspie Triassic 7 20 43 23 2.2 6.4 13.8 7.4 12% "
Total Oil (mmbbl) 27 125 459 197 8.6 40.0 146.9 63.0
Associated & Non-associated Gas (bcf)
Dunrobin West Jurassic 2 7 22 10 0.6 2.2 7.0 3.2 34% Reabold Resources North Sea
Dunrobin West Triassic 1 4 11 5 0.3 1.3 3.5 1.6 12% "
Dunrobin C&E Jurassic 0.1 1 7 2 0.0 0.3 2.2 0.6 31% "
Dunrobin C&E Triassic 0.1 1 6 2 0.0 0.3 1.9 0.6 14% "
Golspie Jurassic 0.4 1 3 2 0.1 0.3 1.0 0.6 27% "
Golspie Triassic 0.8 2 5 3 0.3 0.6 1.6 1.0 12% "
Total Gas (bcf) 4.4 16 54 24 1.4 5.1 17.3 7.7
Oil equivalent (mmboe)
Dunrobin West Jurassic 7 43 172 73 2.3 13.8 54.9 23.3 34% Reabold Resources North Sea
Dunrobin West Triassic 7 35 100 46 2.3 11.1 31.9 14.7 12% "
Dunrobin C&E Jurassic 1 8 68 22 0.3 2.6 21.8 7.1 31% "
Dunrobin C&E Triassic 1 9 57 22 0.3 2.9 18.2 7.1 14% "
Golspie Jurassic 4 12 28 14 1.3 3.9 8.8 4.6 27% "
Golspie Triassic 7 20 44 24 2.3 6.5 14.0 7.5 12% "
Total Oil equivalent (mmboe) 28 128 468 201 8.9 40.9 149.8 64.3
Notes:
· (( 1 )) The unrisked aggregation performed by the Company assumes
that all prospects at all levels are successful.
· (2) The CPR reports oil and gas Prospective Resources. The oil
equivalent value of the gas resources has been estimated by the Company using
a factor of 1 barrel of oil to 5.8 thousand cubic feet of gas.
· (3) The unrisked aggregation performed by the Company assumes
that all prospects at all levels are successful.
· (4) The unrisked aggregation of Dunrobin West was performed by
the Company. The volumes were presented for each reservoir in the CPR and, at
the Company request, were not aggregated probabilistically.
· Company has aggregated P90, P50, P10 and Mean values
arithmetically. This is not statistically correct, values may not sum exactly
due to rounding factors.
· "Gross Attributable" are 100% of the resources attributable to
the licence whilst "Net Attributable" are those attributable to Upland's
effective interest in the licence (32%) before economic limit test.
· Includes a mix of associated gas and non-associated gas from
Dunrobin West Gas Cap, all others are associated gas only.
· Mean is defined as the arithmetic average of successful outcomes.
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandres.com (mailto:bolhassan@uplandres.com)
bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)
www.uplandres.com (http://www.uplandres.com/)
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
christian.dennis@optivasecurities.com
Christian Dennis (mailto:christian.dennis@optivasecurities.com)
(Corporate Broker)
www.optivasecurities.com (http://www.optivasecurities.com/)
Flowcomms - IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com (mailto:sasha@flowcomms.com)
Glossary
bcf Billion standard cubic feet of gas.
Best Estimate or 2U Denotes the mid estimate qualifying as Prospective Resources. Reflects a
volume estimate that there is a 50% probability that the quantities actually
recovered will equal or exceed the estimate.
Risk factor or GPoS [The estimated geological probability of success that exploration activities
will confirm the existence of a significant accumulation of potentially
recoverable petroleum.
High Estimate or 3U Denotes the high estimate qualifying as Prospective Resources. Reflects a
volume estimate that there is a 10% probability that the quantities actually
recovered will equal or exceed the estimate.
Low Estimate or 1U Denotes the low estimate qualifying as Prospective Resources. Reflects a
volume estimate that there is a 90% probability that the quantities actually
recovered will equal or exceed the estimate.
Mean or Pmean Reflects a mid-case volume estimate of resource derived using probabilistic
methodology. This is the mean of the probability distribution for the resource
estimates and may be skewed by resource numbers with relatively low
probabilities.
mmbbl Million barrels of oil.
mmboe Million barrels of oil equivalent. Volume derived by dividing the estimate
of the volume of natural gas in billion cubic feet by 5.8 in order to convert
it to an equivalent in million barrels of oil and, where relevant, adding this
to an estimate of the volume of oil in millions of barrels.
Prospective Resources Quantities of petroleum that are estimated to exist originally in naturally
occurring reservoirs, as of a given date. Crude oil in-place, natural gas
in-place, and natural bitumen in-place are defined in the same manner.
SPE PRMS The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management
System ("PRMS"): a system developed for consistent and reliable definition,
classification, and estimation of hydrocarbon resources prepared by the Oil
and Gas Reserves Committee of SPE and approved by the SPE Board in June 2018
following input from six sponsoring societies: the World Petroleum Council,
the American Association of Petroleum Geologists, the Society of Petroleum
Evaluation Engineers, the Society of Exploration Geophysicists, the European
Association of Geoscientists and Engineers, and the Society of Petrophysicists
and Well Log Analysts. Quantities of petroleum estimated, as of a given date,
to be potentially recoverable from undiscovered accumulations by application
of future development projects. The total quantity of petroleum that is
estimated to exist originally in naturally occurring reservoirs, as of a given
date. Crude oil in-place, natural gas in-place, and natural bitumen in-place
are defined in the same manner.
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