Upland Resources Limited Tunisia update -- New play identified (5073Z)
September 21 2020 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 5073Z
Upland Resources Limited
21 September 2020
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21 September 2020
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Tunisia update - New play identified
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets in
proven, mature South-East Asian and North African basins is pleased
to report the following from its activities in the Tunisian Saouaf
licence area ('Saouaf Permit') where the Company is currently
engaged in a Joint Venture with the Tunisian National Oil Company
('ETAP'):
Highlights:
-- Phase 1 of transformational Saouaf work programme
specifically focusing upon regional analysis of existing and new
plays is now completed.
-- Analysis of vintage seismic data has identified a promising
new sub-salt play, new to this region, but analogous to others
proven in Algeria and Morocco.
-- Light oil seeps at surface also indicate a mature, deep
source rock active, most likely the prolific Silurian "Hot Shale"
formation.
-- Detailed multidisciplinary interpretation of all vintage data
is progressing fast to construct a risk-ranked inventory of leads
and prospects, and to verify the prospectivity of the existing and
the new sub-salt play.
-- Reprocessing of existing ETAP seismic data will follow,
aiming at planning for the subsequent new data acquisition
campaign.
As part of the approved Tunisian work programme within the
Saouaf licence area, the Company's technical team have integrated
geology, geophysics and geochemistry to complete a sound geological
model of the subsurface of the Saouaf license area. All the
available vintage well and seismic data were ingested and loaded in
state-of-the-art geoseismic interpretation software and a dedicated
Geographic Information System (GIS).
Regional analysis of existing and new plays were completed,
identifying a promising sub-salt play, new for the Saouaf area but
well proven in Algeria and Morocco. Comparisons were made with the
giant gas field of Hassi R'Mel in Algeria (85 TCF of natural gas
recoverable) and the recent gas discovery at Tendrara in
North-Eastern Morocco (0.9 TCF recoverable + 8 TCF potential).
The sub-salt play is based on the presence within the Saouaf
license area of an extensive Triassic salt formation acting as top
seal and the presence of a light oil surface seep that indicates a
mature, deep source rock active in the area, most likely the
wide-spread and prolific Silurian "Hot Shale" formation.
The detailed multidisciplinary interpretation of all vintage
data has progressed quickly, aiming to map the key seismic horizons
and construct a well-documented risk-ranked inventory of leads and
prospects, and to further verify the prospectivity of the new
sub-salt play.
Reprocessing of existing ETAP seismic data will follow, to plan
for the subsequent new data acquisition campaign. The technical
work plan includes final selection of some 80-100 km of existing
seismic lines for test reprocessing, which will now also
specifically aim at improving the imaging of the deep "base of
salt" reflector and at testing for the presence of any indirect
indication of gas saturated porosity below the Triassic salt
formation.
Upland CEO Bolhassan Di commented:
"Progressing the work programme at our Saouaf Prospecting Permit
in Tunisia is presently our top priority as we start eyeing further
material prospectivity there.
Advancing work at Saouaf will engage the Company's technical
team while awaiting next developments of our target interests in
South-East Asia."
-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:
Upland Resources Limited www.uplandres.com
Bolhassan Di, CEO Tel: +44 (0)7891 677441
Optiva Securities www.optivasecurities.com
- Broker
Jeremy King Tel: _+44 (0)20 3137 1904
(Corporate Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting - Financial Tel: +44 (0)203 727 1065
PR ben.brewerton@fticonsulting.com
Ben Brewerton
Christopher Laing Tel: +44 (0)20 3727 1355
ch ristopher.laing @fticonsulting.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
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