REG - Upland Resources Ltd - Completion of Joint Technical Study

Upland ResourcesAnnouncement

28/11/2023 07:00

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RNS Number : 8336U  Upland Resources Limited  28 November 2023

 

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28 November 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Completion of Joint Technical Study

 

Upland Resources Limited (LSE: UPL) is pleased to announce, through its joint
venture company UBO, the completion of the Joint Technical Study on Block
SK334 in Sarawak with our partner PETROS.

 

The detailed Joint Technical Study report was successfully completed and
submitted to PETROS today, on time, on cost and to a high standard of quality.

 

Upland has now commenced preparation for the SK334 exploration campaign, with
news flow expected across a number of fronts, which includes, license
undertaking through a Production Sharing Contract; commencement of formal
farmout process; well planning and drill site preparation.

 

Results of the 15-month JTS study have confirmed the prospectivity and
enhanced our understanding of the SK334 block. Several oil & gas seepages
were recorded in the delineated prospective areas, and a hydrocarbon micro
seepage oil study has confirmed the presence of active petroleum systems in
the area. The SK334 block shares the same geological setting and basin history
with significant discoveries in the Belait, Jurdong fields and the neighboring
billion barrel Seria Field in Brunei.

 

Prospecting map

 

To date, no wells were drilled on the 6,685 Sq-Km SK334 block. Three prospects
(Santubong, Lesong and Lesong South) and 1 lead (South Lead) were mapped as
faulted anticline closures, where the largest of the prospects has an
asymmetry high relief dome.

 

Further pertinent information will follow in the coming weeks.

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"This is a very busy period for the company. Having now successfully completed
the Joint Technical Study and submitted our detailed report to PETROS the
process naturally shifts into the Production Sharing Contract.

 

Collaborating with PETROS on the Joint Technical Study has been a major
success, we would like to acknowledge the positive working relationship
between both parties and look forward to increased engagement throughout 2024.

 

Our team will be meeting PETROS in Sarawak in the coming days. As we continue
to deliver further on these workstreams we remain committed to keeping our
investors well-informed."

 

 

   Completion of JTS

 

Scope of work completed

 

1.    Geophysical Works

• 2D Seismic Reprocessing

• FTG and Magnetic Data Review & Interpretation

2.    Geological Works

• Geochemistry study (analogue, outcrop, gas seep)

• Geological fieldwork, sampling & laboratory work

• Geoscience integrated interpretation (using Petrel)

• Play identification and prospect analysis

3.    Engineering & Economics

• Conceptual Field Development Plan

• Exploration Economics

Highlights

·      Proposal for SK334 PSC was received positively by PETROS on the
20th Sept 2023

·      Finalized Prospecting Strategy in Limbang and Lawas. Prepared
exploration work program for PSC exploration period in 2024

·      Rig & Crew Selection. Approaching final sign off and
commercial engagement.

Opportunity

·      Assessment of Potential Targets: Actively evaluating Full Tensor
Gravity (FTG) data and geological field-work results to assess additional
potential targets on the eastern flank of Block SK334 (Lawas area). Early
indications suggest the Lawas area may be equally prospective.

 

 

 

**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)

 Gerard Murray, COO               gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

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

                                daniel.ingram@optivasecurities.com
 Daniel Ingram

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

 

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