Upland Resource Regulatory News (UPL)

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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.

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."

**ENDS**

For further information, please contact: