REG - Upland Resources Ltd - Sarawak Block SK334 Rig Evaluation and Assessment

Upland ResourcesAnnouncement

28/07/2023 07:00

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RNS Number : 4850H  Upland Resources Limited  28 July 2023

 

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28(th) July 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Sarawak Block SK334 Rig Evaluation and Assessment

 

Upland Resources Limited (LSE: UPL) is pleased to announce significant
progress in the development of Block SK334 in Sarawak. The Company, together
with its joint venture partner in Sarawak, Big Oil Ventures sdn bhd (together
"Upland Big Oil" or "UBO") are now in the formal process of assessing an
onshore rig capable of developing Block SK334 in Sarawak.

 

Highlights

 

·      Progressing with assessment of onshore rig for Block SK334 in
Sarawak.

·      Technical team conducting rig evaluations against specific
requirements and well design specifications.

·      Progress in Block SK334 work programme, including completed
seismic reprocessing and reconditioning.

·      Active evaluation of potential well site locations and
advancement of conceptual field development planning.

·      Preliminary estimates suggest significant hydrocarbon resources
in Block SK334, comparable to neighbouring billion-barrel Seria field and
Europe's largest offshore Oil & Gas reservoirs.

 

During the past week, Upland Resources CEO Bolhassan Di, led an assessment in
Australia to evaluate the suitability of a new generation onshore rig,
currently available for commission. The UBO technical team are reviewing this
rig and others against UBO's specific requirements and well design
specifications. Upon completion UBO will engage on commercial terms with the
qualifying rig company to finalise this essential aspect of our development
strategy.

 

 

Fig. 1 - Technical assessment new generation rig in Australia.

Block SK334 preliminary estimates indicate significant hydrocarbon resources,
comparable to those found in the neighbouring billion-barrel Seria field, on a
scale akin to Europe's largest offshore Oil & Gas reservoirs.

The Block SK334 work programme also continues to progress, with seismic
reprocessing and reconditioning already completed. The Company is also
actively assessing potential well site locations and simultaneously advancing
conceptual field development planning.

The Company's focus now turns to commercial arrangements and formalising
partnerships towards a drilling campaign on Block SK334 on-shore, Sarawak. As
part of our strategic planning UBO does not envisage raising capital by
issuing new equity to fund wells, additionally the company is well financed to
meet its operational commitments into 2024.

 

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"We are very satisfied at the effective pace of progress being made by all the
team at UBO and we continue to work relentlessly to maximize the potential of
this global scale asset in the most time efficient manner. We look forward to
updating the market on further progress throughout the month of August."

 

 

PDMR filings relating to recent management purchases can be viewed on the
Company website.

 

 

 

**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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