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.
22 April 2024
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Joint Venture and Rig
Reservation
Upland Resources Limited (LSE: UPL)
announced on 22nd January 2024 the formation of the
Finance & Investment Committee, whose mandate encompasses a
number of critical functions, including the oversight of joint
venture funding offers which the company has received, preparation
and oversight of formal farm-out proceedings, reviewing strategic
interest on Block SK334 and unsolicited funding/farm-in
offers.
Joint Venture & Farm-In
Upland is pleased to announce the
company has signed a specific letter of intent with a partner of
strategic interest on a potential Joint Venture Agreement. This oil
& gas company is an established player who brings strong
financial capacity and a wealth of technical capability.
As the company continues to receive
unsolicited Joint Venture/Farm-In approaches, the Finance &
Investment Committee will continue to review interest as
appropriate, until such time as a period of exclusivity is
entered.
Rig
Reservation Agreement - Huisman LOC 400-6
In addition to this, Upland has now
placed a deposit and signed a Rig Reservation Agreement with
Huisman Geo BV, on the LOC 400-6, New Generation compact rig with
horizontal drilling and completion capabilities. Further detail of
the rig specification and capability will be published to our
website shortly.
Bolhassan Di, Upland Chairman and CEO
commented:
"We are delighted with the level of
interest shown in our current operations, this is an extremely busy
period for the company which we believe has the potential to be
truly transformational.
Significant time and effort were
spent identifying the best suited rig for our requirements, with
considerations around regional geological characteristics,
logistics and technical specifications. The Huisman LOC 400-6 has
the capability to deliver over and above our specified
requirements, alongside this we have assembled a best-in-class team
through our partners NRG Group & Vanguard Energy
Services.
The company has a busy schedule of
over the coming days and weeks, we remain committed to keeping our
investors well informed, and we look forward to updating the market
further as progress develops."
**ENDS**
For
further information, please contact: