Member Info for Jarv55

Don't forget Dunrobin
Geology
The Moray Firth is part of the Mesozoic (252m-66mya) North Sea rift system, one of the world’s most prolific oil and gas provinces. Rather than the SW-NE trending grabens of the Central and Northern North Sea, the Moray Firth is characterised by an east-west structural trend. To date the only major development in the Inner Moray Firth has been the Beatrice Field which came on-stream in 1981 and produced oil from Jurassic sands until 2017. At the time of development recoverable resources, according to industry sources, were put at 162mm barrels, implying a medium-sized field. Development activity in the Moray Firth has been far more intensive in the outer zone close to the boundary with the SW-NE trending Central Graben.
The Dunrobin prospect has been identified from what Reabold has called ‘good quality’ 3-D seismic and consists of three large, rotated fault blocks. According to the members of the joint-venture, a working petroleum system both locally and regionally has been
Exhibit 5: P2478 location
Source: Reabold Resources
Allenby Capital
Baron Oil plc (BOIL.L) 13 June 2022
7
proven. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones. Not surprisingly perhaps, the Beatrice Field is seen as an analogue.
In early 2021 P2478 joint-venture partners received the results of technical studies from a ‘large European E&P company’ under a work sharing agreement signed in 2020. Significantly, this enhanced understanding of the local geology and corroborated their positive view concerning the prospectivity of Dunrobin.
Resources
Baron believes that Dunrobin may become one of the last remaining undrilled prospects in the UK sector of the North Sea with recoverable prospective resources of c 100mm barrels. Reabold have given their estimate of mean prospective resources at a significantly higher 173mm boe. They have also assigned a GCOS for Dunrobin of 34% which constitutes a modest level of risk pre-drilling. Reabold’s assessment of mean prospective resources for Golspie is 22mm boe while the GCOS is put at 42%.
Interestingly, Reabold has identified hydrocarbons potential in deeper Triassic reservoirs. Mean recoverable resources are put at 40mm boe.

Chuditch JV partners
We understand that Chuditch has inspired interest from a range of mid-tier to large-scale E&Ps and also from East Asian utilities and oilfield service concerns. In our view the most plausible partner by far continues to be the Australian E&P major Santos (STO:AX) reflecting the following:
– Santos is familiar with the Bonaparte Basin and operating in the Timor Sea through its existing operated Bayu-Undan field. As we have also noted, Chuditch is located relatively close to Bayu-Undan.
Exhibit 3: Chuditch preliminary well design
Source: Company
Allenby Capital
Baron Oil plc (BOIL.L) 13 June 2022
4
– The proximity of Chuditch to Santos’s Bayu-Undan to Darwin (Northern Territory) pipeline which connects with the Wickham LNG plant. A tie-in to the pipeline would appear very viable financially and technically.
– Santos’s apparent need for extra feedstock for the Wickham facility given the rapidly depleting Bayu-Undan field. The company also has the objective of capacity expansion at Wickham.
– Santos’s objective of becoming a major supplier of LNG to East Asia and the Pacific which, of course, implies a source of feedstock.
Another potential E&P joint-venture partner could be the Italian major ENI. Interestingly, it already partners Santos both on the Barossa and Evans Shoal gas field developments in the Timor Sea and in the Wickham LNG venture. ENI has also acquired Block P immediately to north of Chuditch in the recent Timor-Leste Licensing Round. The other members of the Wickham joint-venture could potentially be partners for Baron at Chuditch. These are Inpex Corp (Japan-based E&P), JERA (Japan-based power utility with LNG exposure) and Tokyo Gas (Japanese power utility). SK E&S, the integrated Korean energy concern and partner in Santos’s Barossa project, could be another potential joint-venture partner for Chuditch.
We think it unlikely that potential joint-venture partners for a prospective Chuditch field development will reveal their hand until the results of the seismic reprocessing and evaluation exercise are released.

Hopingforbags
Baron’s current plan for Chuditch is to drill back-to-back exploration and appraisal wells. The former will be a vertical well and will probably be drilled on one of the three prospects. The appraisal well will be deviated and drilled on Chuditch discovery zone. Drilling times are expected to be modest at about 21 days. Including testing, the elapsed times will be 36 days and 42 days for the exploration and appraisal wells respectively. The cost of the two wells will be c.US$50m, according to Baron. We believe around a year should be sufficient for securing a rig, well planning and permitting, OCTG (oil country tubular goods) procurement and rig mobilisation. These costs have been halved with only drilling one well.

The Company continues to evaluate options to secure further investment for the Chuditch project, including an ongoing farmout process, which is accelerating with the availability of the revised interpretation. The Company remains in talks with multiple potentially interested parties.

The combination of the PSC extension, availability of the new reprocessed 3D seismic data, and the external validation of Resources that are to be provided via the CPR will be of significant benefit to this process as we move into 2023.

Development and gas commercialisation

As the preliminary subsurface interpretation is indicating an uncomplicated structural configuration for Chuditch, and subject to an ongoing revision of the Chuditch engineering concept study, a simpler field development concept is likely. The apparent increase in gas resources in the Chuditch-1 discovery itself suggests that a single appraisal well will suffice to determine commerciality of the project without the need for immediate follow-on exploration wells.

Preliminary interpretation of the Chuditch PSC reprocessed 3D seismic data is leading to significant increases in management's aggregate Gas-in-Place and Recoverable Gas Resource estimates (the "Update") compared to the previous independent Prospective Resource estimates by THREE60 Energy (the "2021 Report", 14 July 2021).

The preliminary interpretation has led to a significant uplift in seismic imaging quality and has significantly reduced subsurface risk. Mapping indicates a greater concentration of resources into the Chuditch-1 discovery in a simplified and robust structure with relatively high gas recovery expected. The adjacent prospectivity has evolved; its understanding is now more robust, including confirmation of leads extending onto the 3D seismic data area.

Consultancy group ERCE has been engaged to prepare a CPR to provide an independent validation of Baron's internal resource estimates to a SPE PRMS compliant standard, which will include a probabilistic estimate of Resources and revised risk factors.

wrong drilling was planned for the end of 2023 the psc got extended by 6 months so they can decide to drill by June 2023 brokers added note said Q1 2024 what you are forgetting is we could be bought out before then

There is a Q and A after the presentation get your questions in I want to know the change in value seeing as the price per barrel of oil is much higher now.

Mms are trying to shake it to allow the shorts to close

Nice bit of news this morning

Strange goings on in this share at the moment the volume has been huge, I know a few dumped their shares, cough Robbie and his followers, but all these round numbers are institutional, now what would cause this volatility, someone with a set buy order? Would be funny if there was going to be a placing and the mms hiked up the price before news and the placees forward sold them and also went short, we know Etx are short here, then what if someone came along and said no need to place we will fund it all. The shorted forward sold shares would need to be returned pronto. How would the mms do that by causing panic. Could of cause be warrant holders exercising but that doesn't cause this kind of volaitility and I don't beleive for one minute its pi's just trading it. Just musing but think we are in for an interesting week.

Got to be iii's buying in here.

think HFB has been on the sauce lol loving it though.

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."

31st 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.

Likewise, in 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.

SE Asia: Timor-Leste, offshore TL-SO-19-16 PSC ("Chuditch") - Baron 75%; Timor Gap 25%

The significant progress made since the beginning of the year in relation to Chuditch has largely been in the technical sphere. The main element of the work programme has been the reprocessing of the 3D seismic covering the Chuditch discovery and adjacent analogous prospects and lead. The work by the seismic processing contractor, TGS-NOPEC Geophysical Company ASA ("TGS"), carried out under our close supervision, is to a high standard and uses the most modern and demanding techniques. TGS has recently been delivering the new, high-fidelity image of the reservoir structure to our geoscience team and the interpretation of the data has begun.

In addition, we have now received a report from Elite Offshore Timor Lda on 'Chuditch Field Facilities Definition Concepts', which was commissioned to identify, assess, and compare field development concepts. The study evaluated the layout and costs of the necessary infield facilities, the various pipeline and standalone options for gas export, and the treatment and storage of carbon dioxide.

We continue to engage with multiple potential farm-in partners by hosting a continuously updated dataroom, not only with 'traditional' exploration and production industry players, but also with companies seeking security of gas supply and infrastructure providers. As previously announced, we have begun a programme of showcasing the Chuditch asset at the most relevant international industry forums to promote and publicise its value.

Alongside this, the office in Dili (Timor-Leste), is now fully staffed and operational, thereby reinforcing our already strong and constructive relationships with in-country authorities, partners and industry peers.

Based on the success of our first live investor presentation in late January 2022, which was attended by more than 100 participants, we anticipate holding a second similar Chuditch focused event at an appropriate juncture later in 2022.

United Kingdom Offshore Licence P2478 - Corallian 36%; Upland Resources 32%; Baron 32%

We continue to be directly involved in the technical work which will complete the outstanding Phase A work commitments on this licence situated in the Inner Moray Firth part of the North Sea. The primary aim is to mature our subsurface understanding of the potentially large Dunrobin prospect. The key components, that of 3D and 2D seismic reprocessing plus geochemical studies, are being delivered with interpretation on schedule to begin in July 2022. We believe we have achieved a significant uplift in data quality. An updated evaluation of Dunrobin is anticipated to be available during Q4 2022, which will provide sufficient time for us to consider our strategy with our partners, potentially including engaging with prospective drilling and funding partners, ahead of the July 2023 'drill or drop' decision.

These are not pi's working the book too many round numbers

dougb or rbd will offload Dunrobin to us or Shell

Have messaged Tim to ask Baron to clarify our financial position and do we have enough funds to carry us to the Chuditch drill. If they say we have then shorts are in trouble here. Also want to know if they are planning any new Acquisitions.