REG - Upland Resources Ltd - Sarawak Block SK334 Rig Evaluation

Upland ResourcesAnnouncement

24/07/2023 07:00

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RNS Number : 8779G  Upland Resources Limited  24 July 2023

 

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24 July 2023

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

Sarawak Block SK334 Rig Evaluation

 

Upland Resources Limited (LSE: UPL) is pleased to announce that the Company is
now in the formal process of assessing and contracting an onshore rig capable
of developing Block SK334 in Sarawak. Members of the Upland Big Oil joint
venture team are in Australia this week assessing the suitability of a new
generation onshore rig, which is currently stacked and available for
commission.

 

·    Preliminary estimates suggest that Block SK334 contains similar
resources to those found in the neighboring billion-barrel Seria field,
equivalent in scale to some of Europe's largest offshore Oil & Gas fields.

 

Hydrocarbon structural plays have been mapped and evaluated in the primary
objective Belait Formation in the northwest (Limbang) of Block SK334. The
secondary objective Meligan Formation is located in both the Limbang and
northeast (Lawas) of the block. Geological interpretation and FTG modelling
also indicate the presence of Belait Formation north of Lawas area.

 

Fig. 1 - Dome shaped four-way dip closures with the presence of potential
reservoir sands. Oil water contact at structural spill-point (displayed as a
blue plane).

 

Several oil and gas seepages were recorded in the delineated prospective
areas, and hydrocarbon micro-seepage studies conducted in 2015 have confirmed
the presence of an active petroleum system in the area.

 

Work Programme Highlights

 

·    Seismic reprocessing and reconditioning works completed.

·    On-shore rig assessment and contracting underway.

·    Well site locations are being assessed.

·    Conceptual field development planning is underway.

 

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"I am in Australia this week, there is a busy schedule of events planned as we
assess the suitability of rig potential and meet certain objectives with our
technical team.

 

I am also pleased to report that we are ahead of schedule and steadily
building momentum in the operational phase of this development.

In addition, I would like to acknowledge the continued support and backing
from our cornerstone investors and our wider investor base.

Block SK334 is a truly unique opportunity for a company of our size. I look
forward to updating the market as we execute against our planned strategy in
Sarawak"

 

 

**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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