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Upland Resources Ltd - London-based oil and gas company - On the Dunrobin prospect within licence P2478 in the Inner Moray Firth, 3D seismic reprocessing project and geochemical studies have been received.
Revised evaluation of the prospectivity of the licence, is set to be delivered during the fourth quarter of 2022, however company expects significant uplift in data quality.
‘It is encouraging that technical studies by the Joint Venture Partners for this highly prospective area have confirmed and enhanced the JV's geological understanding of this potential large prospect,’ says Chair Bolhassan Di.
‘We have also been encouraged by the UK government's recent stance on energy security which, through considerable tax allowances as part of the Energy Profits Levy, has potential to transform exploration appetite in the UK North Sea by incentivising the oil and gas sector to reinvest profits that would otherwise be caught by the windfall tax instead in domestic exploration and extraction activities,’ Di adds.
Current stock price: 0.25 pence, up 12% on Wednesday
12-month change: down 60%
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