REG - Upland Resources Ltd - Brunei Collaboration Update

Upland ResourcesAnnouncement

18/08/2023 07:00

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RNS Number : 7045J  Upland Resources Limited  18 August 2023

 

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18 August 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Brunei Collaboration Update

Upland Resources Limited (LSE: UPL) is pleased to announce that, through its
collaborative discussions with the Petroleum Authority of Brunei Darussalam,
the Company has recently been advised that gas was discovered in two
previously unknown reservoirs in the neighbouring block in Brunei, which is
located close to, and has a similar geological context to prospective areas in
Block SK334.

 

High pressure, material gas discovery where gas flared at surface level with
further additional formations yet to be tested.

 

This is a significant derisk to future exploration and significantly enhances
prospectivity in Block SK334. Upland is actively evaluating all available data
from these wells to help constrain technical risk in Block SK334.

 

Professor Andrew Hurst, Upland Technical Director commented:

 

"The presence of previously unrecognised reservoirs and proof of gas migration
and trapping in the adjacent Brunei block are key positive indicators of
broader hydrocarbon prospectivity in the area."

 

Bolhassan Di, Upland Chairman and CEO commented:

"We view this development as a material upgrade to Block SK334, correlating
key characteristics and understanding of the adjacent block
prospectivity, further strengthening our position.

 

Additionally, gas is a core pillar and major catalyst in Sarawak's roadmap to
sustainability. We look forward to updating the market of any further
developments."

 

**ENDS**

 

For further information, please contact:

 

 Upland Resources Limited         Tel: +60 198 861 919

 Bolhassan Di, Chairman and CEO   bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)

                                  gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

                                  www.uplandres.com (http://www.uplandres.com/)

 Optiva Securities - Broker       Tel:  +44 (0)20 3137 1903

                                christian.dennis@optivasecurities.com
 Christian Dennis                 (mailto:christian.dennis@optivasecurities.com)
 (Corporate Broker)

                                  www.optivasecurities.com (http://www.optivasecurities.com/)

 

 

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