Upland and JV partners extend exclusivity period

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01 October 2020

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Upland and JV partners extend exclusivity period for the work sharing agreement - Licence P2478, Inner Moray Firth

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, together with Joint Venture partners ("JV partners") Corallian and Baron Oil, signed in April 2020 a Work Sharing and Confidentiality Agreement with a large European E&P Company ("Interested Party") for licence P2478 in the Inner Moray Firth.

Under the terms of the agreement Upland and JV partners agreed to cease marketing a joint farmout to industry until 30th September 2020, during which period the Interested Party would complete its own regional technical work and share its data and interpretations over the area with Corallian and JV Partners ("Exclusivity Period"). The Interested Party has requested a 4-month extension to the Exclusivity Period to 31st January 2021 to complete their evaluation which the P2478 Licensees have agreed to. Upland and JV partners may further extend the Exclusivity Period with the Interested Party by mutual agreement until the 30th April 2020 should such Party commit to negotiate farmin terms to earn an interest in the licence.

The P2478 licence (Corallian 45% interest and licence administrator) contains the Dunrobin prospect. The prospect consists of three large shallow Jurassic rotated fault blocks that are mapped mostly on 3D seismic data within a single culmination with Direct Hydrocarbon Indicators. Reservoir targets are the Jurassic Beatrice and Dunrobin sandstones, overlain by a thick Kimmeridge Clay to seabed. The prospect is approximately 30km offshore with a water depth of approximately 75m. The Dunrobin structure covers an area of approximately 40km2 and the prospect Pmean prospective resources of 174 mmboe, with potential for 396 mmboe (P10) as assessed by Corallian.

Upland CEO Bolhassan Di commented:

"We are very pleased to announce along with our JV partners this extension to our Work Sharing and Confidentiality Agreement with a large international E&P Company. 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."

-ENDS-

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