Upland Resources (UPL) has been awarded exclusive permits over seven blocks and part blocks in the Inner Moray Firth, part of the UK Continental Shelf on Friday.
The “highly prospective” acreage is said to have multiple prospects, and attracted many major players, including successful bids from Chevron and Equinor.
Upland was awarded Block 12/27c, 17/5, 18/1 and 18/2, as Licence P2478, in the southern part of the Inner Moray Firth Basin and Blocks 11/23, 11/24c and 11/25b, as Licence P2470, in the northern part of the Inner Moray Firth.
Upland holding a 40% working interest in each block, shared with Corallian Energy who hold 45% and Baron Oil with 15%.
Steve Staley, CEO of Upland Resources Limited, said: "Following on from our announcement in June of the offer of this award, I am pleased to be able to record that our bidding group has accepted the OGA's offer and has now been issued with the licences.”
He added: “We already see substantial prospectivity in the acreage which 3D reprocessing work should further derisk and allow us to select a top-ranked drilling candidate.”
The blocks were awarded by the UK Oil & Gas Authority as a result of the competitive UK 31st Offshore Licensing Round.
Follow News & Updates from Upland here: