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Upland Resources Ltd - oil & gas company - Says it and joint venture partners, Corallian Energy Ltd and Baron Oil PLC, have extended their work sharing and confidentiality agreement with a "large European E&P company".
The joint venture partners in licence P2478, located in the Inner Mora Firth Area of the UK continental shelf, inked the agreement with the unnamed European firm back in April. Under the agreement's terms, the joint venture partners consented to stop marketing a joint venture farmout to the industry until the end of September while the interested party completed regional technical work and share data over the area with the partners.
The European company has now requested a four-month extension to the exclusivity period to January 31 to complete their evaluation, which the P2478 licensees have agreed to.
"This 4-month extension is a good show of confidence in the Dunrobin prospect and it is encouraging that all parties have reached this agreement in order for further evaluations to take place," says Upland Chief Executive Bolhassan Di.
Upland current stock price: 0.675 pence
Year-to-date change: down 50%
Baron current stock price: 0.875 pence
Year-to-date change: down 27%
By Lucy Heming;Â lucyheming@alliancenews.com
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