REG - Upland Resources Ltd - October JTS Summary

Upland ResourcesAnnouncement

03/11/2023 07:15

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RNS Number : 2650S  Upland Resources Limited  03 November 2023

 

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03 November 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

October JTS Summary

 

Upland Resources Limited (LSE: UPL) is pleased to announce that the current
monthly shareholder progress report relating to the Sarawak Block SK334 Joint
Technical Study (JTS)is now accessible on the Company's website at the
following link:

 

https://upland.energy/presentations/ (https://upland.energy/presentations/)

 

Highlights & Forward Plan

 

·      Geological & Geophysical Studies: prospecting strategy and
exploration work programme for SK334 - Finalised

 

·      Conceptual Engineering: conducted based on available regional
data. Status as follows:

·      Reservoir engineering, well engineering and hydrocarbon export
plan - Completed

·      Field Development Plan - Completed

·      High level cost estimates - Completed. Cost estimates for CAPEX,
DRILLEX, OPEX and ABEX -Completed

 

·      Petroleum Exploration Economics:

·      Commenced exploration economics assessment. Results for various
fiscal terms in Malaysia were generated and compared against. A series of
internal reviews were conducted.

·      Sensitivity analysis - Ongoing

 

·      Proposal for SK334 PSC submitted and received positively by
PETROS on 20 Sept 2023

·      Drafting of JTS Technical Report expected to be completed by
early Nov 2023. Draft copy to be sent to PETROS for review before presenting
in the final Technical Workshop expected in 3rd week of Nov 2023. Agenda
includes economics assessment result, prospecting strategy and discussion on
PSC

·      Rig Selection: Upland technical team made up of drilling
engineers and well management specialists are scheduled to meet in Holland in
early November with a view to materially advancing the SK334 drilling campaign

 

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"We are now at the tail end of the SK334 joint technical studies with PETROS
and the JTS team has worked diligently in processing seismic and other data to
assess the hydrocarbon potential of Block SK334 as well as delivering upon
crucial engineering and field development plans. We look forward to wrapping
up the studies phase later this month and presenting the findings of the Joint
Technical Studies to PETROS.

 

Additionally, this month our technical team is inspecting a preferred
candidate rig in Holland. October was a busy period for the Company, but
November is lining up to be even busier with the culmination of some key
workstreams.

 

We continue to deliver further on these workstreams in the near term and
remain committed to keeping our investors well-informed."

 

Joint Technical Studies Timeline

 

**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 3981 4778

                                daniel.ingram@optivasecurities.com
 Daniel Ingram

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

 

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