Upland Resources Limited 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."
