Upland Resources Limited announced the completion of its reduction in its interest in United Kingdom Offshore Licence P2478 (the "Licence") in the Inner Moray Firth, United Kingdom by 8% from 40% to 32%. Further to the Company's announcement of 18 August 2021 the holders of the Licence (Licence Holders) being Upland, Corallian Energy Limited and Baron Oil plc ("Baron") have completed the reassignment of Upland's 8% interests in the Licence to Baron (Assignment). This follows the required formal consent given by the United Kingdom Oil & Gas Authority. Following the completion and with Corallian's interest also now reduced the interests in the Licence now are as follows Under the terms of the above agreement, Baron has agreed to pay 100% of the costs of the remaining Phase A work commitments under the Licence up to a cap of £160,000. Work on the Phase A technical work commitments is ongoing with the key component, 3D seismic reprocessing, expected to be delivered during the first half of 2022. This will provide the partners sufficient time to mature the Dunrobin Prospect and to engage with potential drilling partners in due course. The Licence, was awarded to the JV in September 2019 as part of the UK 31st Offshore Licensing Round and in First Quarter 2021, the Licence Holders received the results of technical studies from a large European E&P company under a work sharing agreement. These studies enhanced the Licence Holders' understanding of the petroleum geology and corroborated their view of Dunrobin as a potentially attractive and substantial target. As previously announced, Upland believes Dunrobin to be one of the few remaining sizeable undrilled UK North Sea targets with estimated gross mean prospective resources of the order of 100 MMbbl (a non-SPE PRMS compliant estimate). To demonstrate the true potential of this prospect, the Beatrice field c.20km north of Dunrobin produced over 140 MMbbl from the same petroleum system.