REG - Upland Resources Ltd - Resources Update

Upland ResourcesAnnouncement

21/05/2024 08:00

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RNS Number : 1781P  Upland Resources Limited  21 May 2024

 

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21st May 2024

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Resources Update

 

Upland is pleased to provide to the market further detail on preliminary
resource indicators for Block SK334.

 

In summary, Block SK334 is an area directly adjoining Brunei covering an area
of 6,685km2. It has analogous geological configuration and reservoir/trap/seal
combinations as the Brunei's nearby Belait formation which is host to a number
of proven oil and gas discoveries and oilfields such as the billion barrel
Seria and Champion fields.

 

·    All parts of the Belait structure connect with potential oil kitchens
on both flanks in the Badas and Belait synclines. Hence, Upland's SK344 block
being immediately adjacent to the Belait syncline is determined to have
attractive prospectivity.

·    Two technical studies have been conducted on SK334. The first was
commissioned by Upland and Brooke Dockyard & Engineering as part of the
PETRONAS 2018 Bid round. The second, a joint technical study (JTS) undertaken
by Upland and PETROS - the Sarawak state energy company. During the course of
the JTS, PETROS provided 2D seismic data, airborne gravity (FTG) and magnetic
data, various technical and analogue well reports. These were interpreted and
integrated with data from field studies.

·    Albeit there are small differences both studies confirm the
prospectivity of SK334 and in particular the initial target sites for
exploration and appraisal drilling.

·    Each of the studies has shown strong correlation between seismic
interpretation and the surface geology.

·    In addition, several oil and gas seepages were recorded at the
delineated prospective areas. Hydrocarbon micro-seepage studies conducted
previously have also confirmed the presence of active petroleum systems in the
area.

·    Both studies and field work conducted show a first estimate of
exploration risk as medium to low.

·    Three geological structures have been identified by Upland for
initial exploration drilling locations - A (depth 1100-1500 m), B (depth
1000-1500 m), C (depth 1900-2400 m).

·    Structure B, which Upland has named Santubong, will be the first site
to be drilled.

·    The three structures, combined have yet-to-find unrisked median
hydrocarbon resources that are in the same range as those in the Seria and
Champion fields. The hydrocarbon type are expected to be oil prone but may
still have a significant amount of gas.

·    Upland intends to conduct a Competent Persons Report (CPR) in the
near term.

·    To date, only preliminary investigations have been made for other
parts of SK334 - the Lawas area. The lead area in Lawas may be in the
North-West section closest to the shoreline where Full Tensor Gradiometry data
interpretation indicates the strongest reading.

 

Bolhassan Di, Upland Chairman and CEO commented:

"Preliminary resource estimates from the studies that Upland have conducted
have been positive, exceeding our expectations.

Our strategy is to progressively confirm the resources available in SK334.
That of course means a campaign of exploration and appraisal drilling to
improve our geological understanding, and to calibrate geophysical and drill
engineering plans."

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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