Upland Resources Limited Update on Tunisia (5189Z)

TIDMUPL

RNS Number : 5189Z

Upland Resources Limited

15 September 2022

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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.

15 (th) September 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Update on Tunisia

Upland Resources Limited is pleased to announce that further to the announcement released on 21 July 2022 in relation to its Tunisian Farmout Agreement, a meeting in Tunis was held on 9 September 2022 involving representatives of Pennpetro Energy PLC (PPP), its subsidiary Nobel Petroleum USA Inc and of Upland with the Directeur General des Hydrocarbons (DGH) (representing the Granting Authority in Tunisa) and Enterprise Tunisienne d'Activities Petrolieres (ETAP).

The meeting agenda included the current status of the Saouaf Prospecting Permit, the extension of its validity period and the Farmout with PPP.

Upland's Tunisian legal advisor is liaising with DGH and ETAP to prepare the required documents for the submission of an extension application to DGH. A deadline of 22(nd) of October 2022 has been established for submission of documents in support of an application for extension of the Saouaf Permit to 23 December2023.

A final deadline of 5 November 2022 has been set by way of a Formal Notice dated 5 September 2022 received from the Ministry of Industry Mines and Energy of Tunisia. The Notice requested the replacement of an expired bank guarantee of US$1M on or before 5 November 2022. Under the terms of the Farm Out Agreement (FOA) with PPP announced on 21 July 2022, PPP is responsible for meeting the financial obligations associated with the license extension conditional upon both PPP and the Tunisian authorities being satisfied with the result.

Upland will update the market in due course with any developments in respect of the extension of the permit and approval of the FOA.

Bolhassan Di, Chairman of Upland, commented:

"The Company is encouraged by progress made at recent meetings and is committed to working diligently with Pennpetro Energy to extend the Saouaf Permit validity period for a further 1 year and complete the farm-in."

-ENDS-

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

For further information, please contact:

 
 Upland Resources Limited                        www.uplandres.com 
  Bolhassan Di, Chairman,                     Tel: [phone] 
  Interim CEO 
                                               [e-mail] 
                                           [e-mail] 
 Optiva Securities -                      www.optivasecurities.com 
  Broker 
 Christian Dennis                         Tel: [phone] 
  (Corporate Broker)         [e-mail] 
 
 
 Flowcomms - IR Contact 
 Sasha Sethi              Tel: [phone] 
                              [e-mail] 
 

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September 15, 2022 03:00 ET (07:00 GMT)