15th Feb 2021 13:01
Upland Resources Ltd - oil & gas company - Says a "rich array" of new plays analysed at Tunisian Saouaf licence area. Upland is currently engaged in a joint venture with the Tunisian National Oil Co. Says fifteen resulting leads and prospects have been identified and conventionally named after Tunisian minerals, following a geological theme. Notes the best-defined structure to date is a prospect named 'Pyrite' which is part of a large, isolated carbonate platform developed at lower cretaceous - jurassic level. Prospect is interpreted to contain 1.1 trillion cubic feet of recoverable gas, with a chance of success at this stage estimated to be 22%.
Chief Executive Bolhassan Di says: "The results of Upland's intense technical work thus far are extremely encouraging and a substantial and disciplined work programme is proving its value in providing a rich array of new plays.
"Beginning with the 'Pyrite' prospect alone, the most advanced of fifteen leads and prospects thus far, early interpretation estimate this new prospect has the potential to contain around 1.1 trillion cubic feet of recoverable gas - a considerably attractive target and one which lends a great deal of technical confidence in the huge prospectivity of our Tunisian Saouaf licence area."
Also notes the 'Halite' propsect is a "potentially very large lead" with strong multidisciplinary technical basis.
Di adds he is "extremely pleased" with the assessment.
Current stock price: 0.55 pence, up 10% on Monday
Year-to-date change: up 15%
By Paul McGowan; [email protected]
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