REG - Upland Resources Ltd - PSC , JOINT VENTURE AND LOIs UPDATE

Upland ResourcesAnnouncement

16/05/2024 14:00

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RNS Number : 6302O  Upland Resources Limited  16 May 2024

 

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16(th) May 2024

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

PSC, Joint Venture & LOI's Update

 

 

Following the meeting with key heads of Sarawak State in London on April
23(rd) Upland is pleased to confirm that a number of meetings have been held
in Kuching throughout the week commencing May 13(th) with key officials of
Sarawak State and with Petros. Discussions have been to finalise Upland's
application for a Petroleum Sharing Contract (PSC).

While the Company awaits the PSC award Upland also confirms that it is now in
discussions/negotiations with five established E&P companies, including
Oil & Gas Majors to participate in the Exploration and Production of Block
SK334.

Upland has signed two Letters of Intent on potential Joint Venture, Farm-In
Agreements, with discussions progressing to Exploration Strategy & Field
Development Planning (FDP), with one party, including progression into
investment appraisal and campaign planning review.

At this stage it would be prejudicial to our negotiations to name the
interested parties. The Upland Financial & Investment Committee, announced
on Jan 22(nd) 2024, is actively determining which of the current options will
provide the best shareholder value.

Bolhassan Di, Upland Chairman and CEO commented:

"As we would expect the potential of SK334 is attracting a lot of attention
and we already have some very serious alternatives to consider. We do expect
there to be a lot more interest and as a Company we will make sure that the
options we choose move us ahead but also are in the long-term interests of all
our stakeholders."

For further information, please contact:

 

 Upland Resources Limited            Tel: +60 198  861919

 Bolhassan Di                        bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)

 Chairman and CEO                    gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

 Gerry Murray COO                    albert.may@upland.energy

 Albert May CCO                      www.upland.energy (http://www.upland.energy)
 Optiva Securities - Joint Broker    Tel:  +44 (0)20 3137 1903

                                   vishal.balasingham (mailto:vishal.balasingham@optivasecurities.com)
 Vishal Balasingham                  @optivasecurities.com (mailto:vishal.balasingham@optivasecurities.com)

                                     www.optivasecurities.com (http://www.optivasecurities.com)
 OAK Securities - Joint Broker       Tel: +44 (0)20 3973 3678

 Jerry Keen                          j (mailto:jerry.keen@oak-securities.com) erry.keen@oak-securities.com

                                   (mailto:jerry.keen@oak-securities.com)
 Henry Clarke

                                   h (mailto:henry.clarke@oak-securities.com) enry.clarke@oak-securities.com
 Dillon Anadkat                      (mailto:henry.clarke@oak-securities.com)

                                     dillon.anadkat@oak-securities.com

                                     www.oak-securities.com

 

**ENDS**

 

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