Tunisia update – New play identified

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.

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.”

 

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

Upland Resources Limitedwww.uplandres.com
Bolhassan Di, Interim, CEOTel: +44 (0) 7891 677441
Optiva Securities Limited
Jeremy King (Corporate Finance)Tel: 020 3137 1904
jeremy.king@optivasecurities.com
Christian Dennis (Corporate Broker)Tel: 020 3137 1903
christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton/Christopher Laingben.brewerton@fticonsulting.com
Tel: +44 (0) 20 3727 1708
christopher.laing@fticonsulting.com
Flowcomms Ltd
Sasha SethiTel: +44 (0)7891 677441
sasha@flowcomms.com