UK Licence P2478 Inner Moray Firth – Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

1 February 2021

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

UK Licence P2478 Inner Moray Firth - Update

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, provides an update on its licence P2478 in the Inner Moray Firth, United Kingdom.

The exclusivity period for the work sharing agreement for licence P2478, Inner Moray Firth with a large European E&P Company ("Interested Party"), signed in April 2020 and extended in October 2020 at the request of the Interested Party, was completed on 31 January 2021. As agreed, the Interested Party's regional technical studies including the area of the P2478 licence have been presented to the Joint Venture partners Corallian Energy, Upland and Baron Oil (the "JV"). The exclusivity period has therefore ended, although the confidentiality period between the JV and Interested Party continues.

This licence, which contains the large Dunrobin and smaller Golspie prospects, was awarded to the JV in September 2019 as part of the UK 31^st Offshore Licensing Round. The licence's current modest Phase A work commitment is for the JV to undertake reprocessing of legacy 2D and 3D seismic data and perform other studies in order to reduce risk and refine volumetric estimates ahead of making a "drill or drop" decision before the end of Phase A in July 2023.

Upland CEO Bolhassan Di commented:

"The technical studies by the Interested Party of this highly prospective area has confirmed and enhanced the JV's geological understanding of this prospect. We and our partners will incorporate the results into the ongoing work including the seismic reprocessing in order to further reduce the pre-drill risk on the Dunrobin and Golspie prospects."

-ENDS-

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

For further information, please contact: