REG - Upland Resources Ltd - Sarawak Block SK334 Brunei Collaboration

Upland ResourcesAnnouncement

14/07/2023 07:15

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RNS Number : 9979F  Upland Resources Limited  14 July 2023

 

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14 July 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Sarawak Block SK334 Brunei Collaboration

 

Upland Resources Limited (LSE: UPL) is pleased to announce that Upland's local
Joint Venture company, Upland Big Oil Ventures Sdn Bhd ("UBO") has this week
met with the Petroleum Authority of Brunei Darussalam, the central authority
regulating the Brunei Darussalam oil and gas industry and also separately with
Brunei Energy Services & Trading (BEST) a subsidiary of Brunei's National
Oil Company, to discuss collaboration on Block SK334 in Sarawak.

 

Discussions and key areas of focus centered on Block SK334 prospectivity,
development potential and cross border data sharing with discoveries in
Brunei, communications are set to continue with a focus on this mutually
beneficial opportunity and data sharing of nearby discovered resources.

 

The Petroleum Authority of Brunei Darussalam is the regulatory body for the
oil and gas industry in Brunei. Brunei Energy Services and Trading is an
integrated energy company completely owned by the Government of Brunei, and
serves as part of the national oil and gas company. Until July 2020, it was
known as Brunei National Petroleum Company and as PetroleumBRUNEI.

 

The oil and gas industry is the main contributor to Brunei Darussalam's growth
with a 49.6% share contribution to the country's GDP in 2021.

 

Upland's Block SK334 has a number of areas of specific interest with analogous
geological configuration and reservoir/trap/seal combinations as Brunei's
nearby Belait formation which is host to a number of proven oil and gas
discoveries and oilfields. All parts of the Belait structure connect with
potential oil kitchens on both flanks in the Badas and Belait synclines;
Upland's SK344 block being immediately adjacent to the Belait syncline is
determined to have attractive commercial prospectivity.

 

Key areas of focus as outlined above will be further discussed with the
Petroleum Authority of Brunei Darussalam and Brunei Energy Services and
Trading in due course.

 

Photos from the recent engagements will be published on the Upland Resources
website.

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"We look forward to developing this relationship in Brunei further, Block
SK334 in Sarawak offers transformational potential, sedimentary basins in
Sarawak and Brunei are proven prolific hydrocarbon bearing basins. We are
steadily building momentum into the next stage of development, final technical
workshops and assessment of prospective resources.

 

Separately, we also recognize the two-year extension from our UK North Sea
P2478 Dunrobin Prospect, we are working closely with the joint venture
partners to realise its inherent value."

 

**ENDS**

 

For further information, please contact:

 

 Upland Resources Limited         Tel: +60 198 861 919

 Bolhassan Di, Chairman and CEO   bolhassan@uplandres.com (mailto:bolhassan@uplandres.com)

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

 Gerry Murray COO                 gerry.murray@upland.energy

                                  www.uplandres.com (http://www.uplandres.com/)

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

                                christian.dennis@optivasecurities.com
 Christian Dennis                 (mailto:christian.dennis@optivasecurities.com)
 (Corporate Broker)

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

 IR Contacts                      Tel: +44 (0)7891 677441

                                  sasha@flowcomms.com (mailto:sasha@flowcomms.com)

 

 

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