Upland Resource Regulatory News (UPL)

20 June 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Restoration of Trading

Upland Resources Limited (LSE: UPL), is pleased to announce the lifting of the temporary suspension and the restoration of trading in its ordinary shares on the Main Market of the London Stock Exchange.

Additionally, the Company wishes to advise of the following:

1. Inner Moray Firth licence P2478 ("IMF P2478") hosting the Dunrobin and Golspie prospects:

Upland has a 32% interest in this licence and the Company deems this licence to be of key strategic importance going forward. Dunrobin has been evaluated to be one of the few remaining sizeable undrilled targets in the UK North Sea with estimated gross mean prospective resources of circa 100 MMbbl (a non-SPE PRMS compliant estimate). The nearby Beatrice field c.20km north of Dunrobin produced over 140 MMbbl from the same petroleum system.

Further 3D seismic reprocessing is currently ongoing on IMF 2478 and following consultation with the operating partner Reabold Resources (RBD.L) and partner Baron Oil (BOIL.L), Upland intends to update shareholders further in relation to this licence in the near future.

The technical work presently being carried out work for on IMF 2478 is intended to mature the Dunrobin prospect ahead of a potential drilling decision and or engagement with potential drilling partners (as to be further determined by the partners).

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.

2. Tunisian Saouaf Licence

The Company has also determined that progression of farm-out efforts for its highly prospective Tunisian licence to be a priority and intends to continue discussions with interested parties, as well as opening discussions with new potential partners; as such the Company will update accordingly.

3. Asian Opportunities 

The Company continues in its efforts to secure attractive licences in mature onshore and offshore basins with proven petroleum systems. In particular the Company is pursuing an attractive exploration block in Sarawak.

4. Management changes and Board restructuring

The Company is in process of restructuring the management team and is presently in consultation with some high calibre candidates. Further updates will be provided in due course.

**ENDS**

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