Competent Person's Report on UK License P2478 ("Dunrobin")

Source Press Release
Company Upland Resources (UK Onshore) LimitedBaron Oil PLCReabold Resources Plc 
Tags Reserve Update, Exploration, Upstream Activities
Date February 16, 2023

Upland Resources Limited (LSE: UPL) is pleased to announce that a copy of a Competent Person's Report ("CPR") prepared by the RPS Group ("RPS") on UKCS License P2478 for Licence Administrator Reabold Resources Plc, on behalf of the Joint Venture Partners ("JV Partners"), in which Upland has a 32% non-operated working interest, can be accessed by link   and will be published shortly on the Company's website at:  

Bolhassan Di, Upland Chairman and CEO commented:

"The independent evaluation of the Dunrobin prospect conducted by RPS group on behalf of the JV Partners has helped validate the material resource potential of the licence and is an essential step in the farmout campaign which is already in-process and which is thus far attracting interest from other industry parties.

The Dunrobin West prospect, proposed as the location of the first exploration well on the licence, would also target 119mmboe aggregate gross unrisked Pmean prospective resources[1] (Upland having a 32% non-operated interest); success at Dunrobin would also significantly derisk the analogous Dunrobin Central, Dunrobin East and Golespie prospects all also hosted within the P2478 licence.

We would like to extend our thanks to our JV Partners, Reabold as Licence Administrator and Baron as lead on the accelerated Phase A work programme and we look forward to continuing the farm-out campaign with them." 

CPR details for UK License P2478 ("Dunrobin") 

The CPR has been prepared in accordance with the June 2018 Petroleum Resources Management System ("SPE PRMS") as the standard for reporting. A summary of the gross and net prospective resources is given in the table below.

Key Points

·    201 mmboe[2] aggregate gross unrisked[3] Pmean Prospective Resources on licence P2478 

·    The Dunrobin West prospect ("Dunrobin West"), agreed by the JV to be the proposed location of the first exploration well on the licence, would target 119mmboe gross unrisked Pmean prospective resources aggregated across the Jurassic and Triassic stacked targets[4] 

·    34% Geological Probability of Success (Pg) on Dunrobin West Jurassic primary target 

·    Additional secondary Triassic target, which along with the Jurassic can be tested by a single vertical borehole, included in formal resource assessment for the first time with a Pg of 12% 

·     Dry hole drilling costs to a total depth of 800 metres estimated to be £8.6m gross

·     Dunrobin West geologically analogous to the Beatrice fields which produced c.170mmboe 

·   Success at Dunrobin West would significantly de-risk Dunrobin Central & East and Golspie analogous prospects 

·    CPR aggregate net unrisked Pmean prospective resources on licence P2478 of 64.3mmboe for Upland

Prospective Resources 

The table below summarises RPS's independent assessment of Gross Prospective Resources, from which are derived the Net Prospective Resources attributable to Upland's 32% effective interest, wholly within the P2478 licence areas. Totals are by arithmetic summation.

Prospective Resources  Gross Attributable to Licence  Net Attributable to Upland Resources  Risk Factor  Licence Administrator 
Low Estimate  Best Estimate  High Estimate  Mean Estimate  Low Estimate  Best Estimate  High Estimate  Mean Estimate 
(1U)  (2U)  (3U)    (1U)  (2U)  (3U)   
Oil (mmbbl) 
Dunrobin West Jurassic  42  168  71  2.2  13.4  53.8  22.7  34%  Reabold Resources North Sea 
Dunrobin West Triassic"  34  98  45  2.2  10.9  31.4  14.4  12%   
Dunrobin C&E Jurassic  67  22  0.3  2.6  21.4  7.0  31% 
Dunrobin C&E Triassic"  56  22  0.3  2.9  17.9  7.0  14%   
Golspie Jurassic  12  27  14  1.3  3.8  8.6  4.5  27% 
Golspie Triassic"  20  43  23  2.2  6.4  13.8  7.4  12%   
Total Oil (mmbbl)  27  125  459  197  8.6  40.0  146.9  63.0     
Associated & Non-associated Gas (bcf) 
Dunrobin West Jurassic  22  10  0.6  2.2  7.0  3.2  34%  Reabold Resources North Sea 
Dunrobin West Triassic"  11  0.3  1.3  3.5  1.6  12%   
Dunrobin C&E Jurassic  0.1  0.0  0.3  2.2  0.6  31% 
Dunrobin C&E Triassic"  0.1  0.0  0.3  1.9  0.6  14%   
Golspie Jurassic  0.4  0.1  0.3  1.0  0.6  27% 
Golspie Triassic"  0.8  0.3  0.6  1.6  1.0  12%   
Total Gas (bcf)  4.4  16  54  24  1.4  5.1  17.3  7.7     
Oil equivalent (mmboe) 
Dunrobin West Jurassic  43  172  73  2.3  13.8  54.9  23.3  34%  Reabold Resources North Sea 
Dunrobin West Triassic"  35  100  46  2.3  11.1  31.9  14.7  12%   
Dunrobin C&E Jurassic  68  22  0.3  2.6  21.8  7.1  31% 
Dunrobin C&E Triassic"  57  22  0.3  2.9  18.2  7.1  14%   
Golspie Jurassic  12  28  14  1.3  3.9  8.8  4.6  27% 
Golspie Triassic"  20  44  24  2.3  6.5  14.0  7.5  12%   
Total Oil equivalent (mmboe)  28  128  468  201  8.9  40.9  149.8  64.3     

Notes:       

·      [1] The unrisked aggregation performed by the Company assumes that all prospects at all levels are successful.

·      2 The CPR reports oil and gas Prospective Resources. The oil equivalent value of the gas resources has been estimated by the Company using a factor of 1 barrel of oil to 5.8 thousand cubic feet of gas.

·      3 The unrisked aggregation performed by the Company assumes that all prospects at all levels are successful.

·      4 The unrisked aggregation of Dunrobin West was performed by the Company. The volumes were presented for each reservoir in the CPR and, at the Company request, were not aggregated probabilistically.

·      Company has aggregated P90, P50, P10 and Mean values arithmetically. This is not statistically correct, values may not sum exactly due to rounding factors."

·      Gross Attributable" are 100% of the resources attributable to the licence whilst "Net Attributable" are those attributable to Upland's effective interest in the licence (32%) before economic limit test.

·      Includes a mix of associated gas and non-associated gas from Dunrobin West Gas Cap, all others are associated gas only.

·      Mean is defined as the arithmetic average of successful outcomes.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd