UPLAND RESOURCES LIMITED - ANNUALGENERALMEETING 10THDECEMBER2018
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Upland Resources Limited Annual General Meeting 10th December 2018
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relied upon. Upland Resources Limited (the “Company”) does not undertake any obligation to update or revise the information in or contents of this document. Recipients of this
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This communication includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company's
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guarantees of future performance and that the Company's actual results of operations, financial condition and the development of the industry in which the Company operates
may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Past performance is not a guide to future
performance.
2
} An independent oil & gas exploration start-up run by a highly experienced, well-connected
management team with a proven track record of generating value for shareholders:
• Bolhassan Di - Chairman
• Steve Staley - CEO
• Jeremy King – Non-Executive Director
} Established to take advantage of the team’s knowledge & experience to assemble a portfolio
of assets with:
• Attractive risk:reward balance
• Low-cost entry & cheap work programme costs
• Robust economics – so viable at low energy prices
3
Upland Resources Ltd LSE Main Market, Standard Related party shareholders % of shares issued
Listing. Ticker: UPL
Norza Zakaria (Ex-chairman) 20.5
Shares in issue 585,512,060
Tune Assets Ltd 12.7
Market capitalisation £18 million
Optiva Securities 6.2
(Source: Upland) (corporate brokers)
Floated @ 1p
(Pre-IPO raises @
average 0.67p)
26/10/15 (Source: Bloomberg) 6/12/18
Float
4
Since our last AGM Upland has:
◦ Concluded a 40% farm-in to P2235, Inner Moray Firth, North Sea - including the
potentially transformative Wick Prospect – Wick-1 spudding soon
◦ Entered into a unique agreement with state-owned Brooke to assess & acquire
upstream assets in Sarawak and made excellent progress on specific assets
◦ Had its application for the attractive Saouaf Permit, onshore Tunisia accepted
◦ Made an orderly withdrawal from the Wressle farm-in deal
5
Since our last AGM Upland has:
◦ Raised £1 million investment from Tony Fernandes’ Tune Assets Group
◦ Put in place a £3.5 million loan facility on attractive terms
◦ Raised £3 million through an oversubscribed placing
◦ Grown the share price from 1.35p to 3p
◦ Grown its market capitalisation from £ 5.2 million to £ 18 million
6
} UK, Malaysia & Tunisia
7
} Upland remapped the field, developed the technical concept, brought in bid partners & won a 14th
Round bid for PEDL 299 including Block SK46c & Hardstoft Field. Initial 5 year permit:
•Excellent partners, being subsidiaries of:
Upland Resources Ltd – unique local knowledge, contacts & exploration concept 25%
INEOS Upstream Ltd – part of global petrochemicals conglomerate with operations in 50%
67 countries and sales of $40 billion
Europa Oil & Gas plc – experienced & successful onshore UK operator Official
25%
14th onshore oil and gas licensing round
200000.000000 300000.000000 400000.000000 500000.000000 600000.000000
NEWCASTLE UPON TYNE
STRANRAER
CARLISLE SUNDERLAND
Hardstoft is an attractive low risk, low cost conventional
MIDDLESBROUGH
}
500000.000000
500000.000000
SCARBOROUGH
field rejuvenation project, validated by an independent
BARROW-IN-FURNESS
MORECAMBE BRIDLINGTON
YORK
BLACKPOOL
BURNLEY LEEDS
PRESTON KINGSTON UPON HULL
Competent Person’s Report
BOLTON SCUNTHORPE
400000.000000
400000.000000
BARNSLEY
DONCASTER
MANCHESTER
LIVERPOOL
SHEFFIELD
BANGOR MACCLESFIELD CHESTERFIELD LINCOLN
CHESTER SKEGNESS
MANSFIELD
NEWARK-ON-TRENT
WREXHAM
STOKE-ON-TRENT
NOTTINGHAM
DERBY
STAFFORD
TELFORD NORWICH
300000.000000
300000.000000
LEICESTER
WOLVERHAMPTON PETERBOROUGH
BIRMINGHAM
Currently experiencing the issues seen with most current
COVENTRY
} HEREFORD
WORCESTER
NORTHAMPTON CAMBRIDGE
IPSWICH
COLCHESTER
onshore UK oil & gas projects
CHELTENHAM LUTON
200000.000000
200000.000000
MILFORD HAVEN OXFORD
SWANSEA
NEWPORT SWINDON
CITY OF LONDON
CARDIFF
BRISTOL READING
CHATHAM
BATH
CANTERBURY
GUILDFORD
ROYAL TUNBRIDGE WELLS DOVER
BARNSTAPLE
SALISBURY WINCHESTER HORSHAM
TAUNTON
SOUTHAMPTON
100000.000000
100000.000000
BRIGHTON
PORTSMOUTH EASTBOURNE
EXETER BOURNEMOUTH
WEYMOUTH
PLYMOUTH
200000.000000 300000.000000 400000.000000 500000.000000 600000.000000
0 10 20 30 40 50 60 70 80 90 Miles
Legend
0 10 20 30 40 50 60 70 80 Kilometres
Major Cities & Towns SCALE 1:1,800,000 OSGB36 - BNG Updated: 07/12/2015
Contains data from Ordnance Survey.
Blocks offered under 14th Onshore Licensing Round © Crown copyright 2015. You may re-use this information (not including logos) free of charge in any format or medium, under
the terms of the Open Government Licence.
To view this licence, visit http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/ or write to
British National Grid (10k)
Source: UK Oil & Gas Authority
the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gsi.gov.uk.
Any enquiries regarding this publication should be sent to us at oilandgaslicensing@oga.gsi.gov.uk.
8
British National Grid (100k)
Current Licensed Blocks
www.gov.uk/oil-and-gas-offshore-maps-and-gis-shapefiles
Approximate area accessed by existing wells: estimated only 150 m
radius
BP-84-158B
• First significant oil discovery in
UK, in 1919
Hardstoft
Field
• Hardstoft-1 produced oil with
SK46c no water cut for 5 years –
simple, vertical well.
• Matrix & fracture porosity
Hardstoft • Not drilled since 1926
East
• Next well will be directionally
drilled to access vertical
fractures
• Estimated 6.75 MMbbl
recoverable
• 80% and 64% CoS
Top Dinantian Limestone reservoir depth map (50m contour interval). (Source: Blackwatch Petroleum Services CPR)
9
UK Offshore – Inner Moray Firth
P2235
Sources: Corallian Energy
& Optiva SecuritiesUK Offshore – Inner Moray Firth
e upside – possible > 50 million barrels oil recoverable1
ng to earn 37.5% working interest 2
pleted
bilised
ember
High relief
Wick
ore structure
d shore
(Depths in feet. Source: Corallian Energy)SW NE
Late
Jurassic
Beatrice to Heather
Trias/Permian
Devonian
Oligocene
Today
WICK
Upland’s LYBSTER
structural WICK DEEP
work reveals
the Wick Deep
Prospect
12• A substantial holding at 40%, with commensurate major input to decisions
• Spudding December 2018
• Big prize - estimated in-place resources:
• 250 MMbbl (P50) in total Wick structure (Upland internal estimate)
• 219 MMbbl (Pmean) in P2235 alone (Blackwatch CPR)
• Low estimated cost for Wick well - £5.7 million AFE:
• Vertical
• Shallow water – jack-up rig
• Relatively shallow targets
• Vast bulk of well costs now prepaid, considerable VAT refund due
13• Upland has a good understanding of the structural geology of the area which has
allowed it to:
• address the key fault risk in detail
• identify the Wick Deep repeated section potential
• Attractive economics & relatively cheap & easy field development
• Wick-1 will be drilled in shallow water offshore – has avoided most UK onshore
planning delays, but still cheap. Subsequent appraisal/development wells could
be from onshore or offshore
• Lots of data – covered by 3D seismic, nearby discoveries – so reduced risk
• AMI over parts of surrounding area – ready to capitalise on success in Wick with
additional well-informed acreage acquisitions.
14Figure 1-5 Stratigraphic Correlation with Beatrice Field Analogue
Beatrice Field –
rice Field Analogue Brora
Analogue for Sands,
Spiculite
Wick structure
1100ft [335m] gross (450ft [137m] net)
Beatrice
Sands
Beatrice
Wick Field: 1,100’
structure: hydrocarbon
2,400’ column
N/G 0.41
potential Wick
hydrocarbon
Beatrice has
column (max
produced
closure case)
120 MMbbl
Wick-1 well targets:
Primary
Secondary
New Red
Sandstone
TD @ 1,250m TVDSS
(Source: Blackwatch Petroleum Services CPR 2018) Wick Deep: repeated Jurassic + Triassic section
rried out petrophysical evaluation and interpretation based on the available information. 15For General Use in CPR STOIIP MM bbls
Prospect / Formaton P90 P50 Pmean P10
Wick Prospect
Jurassic (No Gas cap case) 34.7 67.0 76.0 127.90
Jurassic (Gas cap case) 6.7 11.5 12.6 19.70
Triassic 21 55.6 73.8 145.30
Wick Prospect Total (no gas cap case in Jurassic) 55.7 122.6 149.8 273.20
Wick Prospect Total (gas cap case in Jurassic) 27.7 67.1 86.4 165.00
Wick Deep Prospect
WICK Deep _Jurassic 10.3 17.6 19.1 29.8
Wick Deep Triassic 16.7 39.8 50.3 95.3
Wick Deep Total 27.0 57.4 69.4 125.1
Grand Total Wick + Wick Deep
Total In Block 11/24b (Gas Cap case in Jurassic) 54.7 124.5 155.8 290.1
Total In Block 11/24b (No Gas Cap case in Jurassic) 82.7 180.0 219.2 398.3
(Source: Blackwatch Petroleum Services CPR 2018)
1617
18
} Long experience, good contacts in-country
} Good hydrocarbon licensing terms, high gas prices
} Political stability, welcoming commercial environment
} Awaiting official notification of award of this 4,004 km2 onshore
Prospecting Permit
} Application made in joint venture with State oil company ETAP
19} Multiple prospects and leads identified – plenty of “running room”
} Upland believes there is the potential for very substantial volumes
of recoverable resource in this lightly explored area
} Good gas infrastructure in the permit area
} Independent competent persons report well advanced
} Upland will be fully-funding Operator and will reassess existing
data and shoot new 2D seismic as the first step
20PERMIS GROMBAL
ZAGHOUAN
EL FAHS
PERMIS DE PROSPECTION 5 6
SAOUAF
ETAP/UPLAND Ltd. 3 8
4 7
Superficie : 4004 km² soit : 1001 P.E.
Echelle : 0 10 20km
1/25
2
SILIANA ENFIDHA
10
9
SAOUAF 12
11
14
13
SOUSSE
16
15
18
23 17 PERMIS
24 KAIROUAN NORD
21
22 KAIROUAN
20 19
2122
23
} Strong
relationships with
government,
Petronas & Petros
in Sarawak
} Brooke deal è
unique access to
opportunities
} Screening process
has now led to
focus on specific
assets
} In-depth analysis &
discussions are
well advanced
24} Spud of Wick well
} Saouaf formal award
} Saouaf Competent Persons Report with independent resource estimates
} Wick well results and next steps
} Sarawak progress
} Start of Saouaf work programme
25} Datuk Bolhassan Di – Non-Executive Chairman
◦ Held senior positions in Shell in Malaysia & overseas
◦ Member of the Sarawak State Assembly for 14 years
◦ Former Chairman of the Public Accounts Committee, Assistant Minister of Infrastructure Development & Communication
◦ Former Chairman of the Miri Port Authority, Sarawak
◦ Graduate of the School of Engineering, Sheffield University
} Dr Stephen Staley - CEO, Director
• Non-Executive Director of, & consultant to, $3 million start-up Cove Energy PLC until its acquisition by PTTP for $1.9 billion.
• Non-exec Director of 88 Energy Ltd (Alaska) and Predator Oil & Gas (Trinidad and Ireland)
• Co-founder and former CEO of Fastnet Oil & Gas PLC.
• Owner & founder of Derwent Resources Limited.
• Founder of additional oil & gas companies
• BSc in Geophysics (Edinburgh University), PhD in Petroleum Geology (Sheffield Univ), MBA (Warwick Univ), Fellow of the
Geological Society, Member of PESGB and EAGE.
• Over 35 years experience in the international oil, gas and power sectors with BP, Conoco, Cinergy etc.
JUNE 2015
ROADSHOW PRESENTATION
26} Jeremy King - Director
◦ Senior corporate finance executive with over 14 years experience
◦ Has advised clients on IPOs, fundraising, takeovers, mergers and acquisitions and continuing obligations.
◦ Jeremy is a director and head of corporate finance for Optiva Securities
◦ Previously he was a Director of English Trust Company Ltd, a corporate finance house, where he originated and
lead the IPO of Private Equity Investor plc on the Full List of the LSE, raising £100m from investors. Previously at
Kleinwort Benson Investment Management Ltd, where he became Head of UK Smaller Companies, managing
unit trusts, investment trusts and pension funds investing in UK smaller companies.
27} Dr John Nicholson - Geological Advisor
• 37 years international experience as a petroleum geologist
• BSc in Geology (Imperial College), PhD (Cambridge University)
• Founder of Highland Geology Limited
• Joint founder and MD of the highly successful Midland Valley Exploration Limited
• 11 years with oil majors BP and Britoil.
• Whilst with BP was heavily involved in the East Midlands & the Wytch Farm discoveries & development.
} Roberto Bencini, GA.I.A srl - Geological Advisor
◦ 38 years oil & gas experience, including with Gulf Oil and LASMO.
◦ Uncoventional oil and gas, naturally fractured reservoirs, CBM, gas storage
◦ Reservoir engineering
◦ General petroleum geology
◦ Qualifications: Degree in Earth Sciences(Hons) (University of Pisa, Italy); Chartered Geologist
◦ Memberships: Fellow of the Geological Society, member of the AAPG and SPE
28} Lorenzo Liparini – Geophysical Advisor
◦ 22 years experience with ENI, Agip, Medoilgas
◦ Experience in Gabon, Indonesia, US and Italy
◦ Seismic stratigraphy, multi-disciplinary studies, lead evaluation, reservoir geophysics., etc
◦ Qualifications: MSc in Geology, PhD in Petroleum Geology from La Sapienza University, Rome
} Wak Kani – Geological & Operations Advisor
◦ 42 years oil & gas experience, including with Chevron, Oxy, Hardy Oil & Gas, Statoil, Japex, Burren and PA.
◦ Extensive North African experience
◦ Sedimentology, log interpretation, operations, exploration & production geology in UK & Norwegian North Sea,
Egypt, Tunisia, Yemen, Italy, Pakistan and the CIS region.
◦ General petroleum geology
◦ Qualifications: BSc(Hons) (Geology, University College, London, UK); Chartered Geologist
◦ Memberships: Member of the Geological Society, the Petroleum Exploration Society of Great Britain and the
AAPG
29Ø Registered Office Ø Managing Office
Ritter House, The Green Man,
Wickhams Cay II, 10 St John Street,
Road Town, Ashbourne,
Tortola, Derbyshire,
DE6 1GH,
VG110,
British Virgin Islands. UK.
T: +44 (0)1335 300337
F: +44 (0)870 130 1571
Ø Website
www.uplandres.com
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