REG - Upland Resources Ltd - SK334 Joint Technical Study Workshop Update

Upland ResourcesAnnouncement

23/08/2023 07:15

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RNS Number : 1362K  Upland Resources Limited  23 August 2023

 

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23 August 2023

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

SK334 Joint Technical Study (JTS) Technical Workshop Update

Upland Resources Limited (LSE: UPL) is pleased to announce that the planned
Technical Workshop for the Joint Technical Study (JTS) on Block SK334, Onshore
Sarawak was successfully conducted with Sarawak's state oil company Petroleum
Sarawak Berhad (PETROS) in conjunction with Upland's joint venture partner in
Sarawak, Big Oil Ventures sdn bhd (together "Upland Big Oil" or "UBO") on 17th
August 2023.

 

Highlights

 

·    Focus now on Production Sharing Contract phase with PETROS

·    Preliminary volumetric resource estimates assessed and exceeding
expectations

·    Identification of prospective drill targets on Block SK334 and
presentation of proposed exploration strategy

 

Final reports for FTG modelling, lab test result and findings for fieldwork
samples, and seismic reprocessing & conditioning results were presented to
PETROS. Prospect maps and preliminary resource estimates were assessed and
deliberated with PETROS with results exceeding expectations.

 

The proposed prospecting strategy and work commitment for a Production Sharing
Contract over Block SK334 Contract were presented to PETROS and received
positive and encouraging feedback.

 

In summary, PETROS have indicated to the Joint Venture Partners that they were
pleased with the progress of the JTS. The JTS team is confident that all scope
of works for the JTS will be completed on-time and on-budget.

 

Professor Andrew Hurst, Upland Technical Director commented:

 

"To date progress on Block SK334 has been excellent - high-quality work
on-time and on-budget. Continued engagement with the UBO team has demonstrated
the value of their highly skilled team endowed with regional geological
knowledge and a deep understanding of proven petroleum systems adjacent to
Block SK334. I look forward to increased engagement with the UBO team as we
progress with PETROS to the Production Sharing Contract (PSC) stage while
finalising the Joint Technical Study.

 

The most likely prospective areas of Block SK334 have been identified, and an
appropriate exploration strategy is in development. SK334 has the potential to
have world class assets."

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"With the Production Sharing Contract (PSC) now firmly in focus, we are
delighted with the feedback we have received from PETROS during our recent
Joint Technical Study workshop. Amongst our discussions was the recent
volumetric resource analysis which has greatly exceeded our expectations, and
we look forward to updating our shareholders on further progress in the near
term."

 

 

 

**ENDS**

 

For further information, please contact:

 

 Upland Resources Limited         Tel: +60 198 861 919

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

                                  gerry.murray@upland.energy (mailto: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/)

 

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