REG - Upland Resources Ltd - Joint Venture LOI & Rig Reservation Agreement

Upland ResourcesAnnouncement

22/04/2024 07:00

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RNS Number : 4142L  Upland Resources Limited  22 April 2024

 

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22 April 2024

 

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Joint Venture and Rig Reservation

Upland Resources Limited (LSE: UPL) announced on 22(nd) January 2024 the
formation of the Finance & Investment Committee, whose mandate encompasses
a number of critical functions, including the oversight of joint venture
funding offers which the company has received, preparation and oversight of
formal farm-out proceedings, reviewing strategic interest on Block SK334 and
unsolicited funding/farm-in offers.

 

Joint Venture & Farm-In

 

Upland is pleased to announce the company has signed a specific letter of
intent with a partner of strategic interest on a potential Joint Venture
Agreement. This oil & gas company is an established player who brings
strong financial capacity and a wealth of technical capability.

 

As the company continues to receive unsolicited Joint Venture/Farm-In
approaches, the Finance & Investment Committee will continue to review
interest as appropriate, until such time as a period of exclusivity is
entered.

 

Rig Reservation Agreement - Huisman LOC 400-6

 

In addition to this, Upland has now placed a deposit and signed a Rig
Reservation Agreement with Huisman Geo BV, on the LOC 400-6, New Generation
compact rig with horizontal drilling and completion capabilities. Further
detail of the rig specification and capability will be published to our
website shortly.

 

Bolhassan Di, Upland Chairman and CEO commented:

"We are delighted with the level of interest shown in our current operations,
this is an extremely busy period for the company which we believe has the
potential to be truly transformational.

 

Significant time and effort were spent identifying the best suited rig for our
requirements, with considerations around regional geological characteristics,
logistics and technical specifications. The Huisman LOC 400-6 has the
capability to deliver over and above our specified requirements, alongside
this we have assembled a best-in-class team through our partners NRG Group
& Vanguard Energy Services.

 

The company has a busy schedule of over the coming days and weeks, we remain
committed to keeping our investors well informed, and we look forward to
updating the market further as progress develops."

 

 

**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, Chief Operating Officer   gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

 

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