Upland Resources Limited Joint Technical Study in Sarawak, Malaysia (0248Y)
September 02 2022 - 2:01AM
UK Regulatory
TIDMUPL
RNS Number : 0248Y
Upland Resources Limited
02 September 2022
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2 (nd) September 2022
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Joint Technical Study in Sarawak, Malaysia
Upland Resources Limited (Upland) is pleased to announce that on
1st of September 2022 Upland Resources (Sarawak) Sdn Bhd (a wholly
owned subsidiary of Upland), Big Oil Ventures Sdn Bhd ("BOV") and
Petroleum Sarawak Berhad ("PETROS") have signed a Joint Technical
Study Agreement (the "Agreement") to carry out a joint technical
study on Block SK334. The study will be carried out jointly by
Upland Resources (Sarawak) Sdn Bhd and BOV covering Block SK334
which has a size of approximately 6,685 sq km, located in the
northern region of Onshore Sarawak, Malaysia.
PETROS is a state-owned oil and gas exploration firm established
and owned by the State Government of Sarawak.
The main objectives of the joint technical study under the
Agreement are to de-risk the petroleum system elements and to
upgrade the understanding on the prospectivity in Block SK334,
especially to:
-- Assess hydrocarbon potential of Block SK334; delineate
prospective areas, and identify leads and prospects in the Study
Area
-- Recommend and design new seismic acquisition requirements
and/or identify any other feasible exploration tools for future
de-risking activities.
The resources for the joint technical study will be primarily
sourced from Upland Resources (Sarawak) Sdn. Bhd. and BOV. The
study is expected to be completed by end of 2023.
Sedimentary basins in Sarawak are proven prolific hydrocarbons
bearing basins with continuing recent discoveries. Block SK334 is
bordering discovered oil fields across the border with Brunei and
share similar geological settings. Oil production in this
sedimentary basin has occurred for many decades and is still
producing (e.g the billion-barrel Seria Field).
Upland, through its Sarawakian Chairman, Bolhassan Di will
establish an operations office in Sarawak to commence preparatory
works for the joint technical study.
Bolhassan Di, Upland Resources Chairman, commented:
"The Joint Technical Study Agreement for Block SK334 represents
a significant event for the Upland. We believe that the outcome of
the Joint Technical Study will give Upland an advantage for the
subsequent stages in Block SK334.
Upland Resources (Sarawak) Sdn Bhd is very encouraged about the
potential of significant hydrocarbon present in the study area
(Block SK334).
Upland is looking forward to starting the Joint Technical Study
immediately, and is optimistic about the results to be obtained,
considering that the Block SK334 is located next to a prolific
petroleum basin which has witnessed oil production since 1929."
-ENDS-
This announcement contains inside information within the meaning
of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014, as amended (the "EU
Market Abuse Regulation") and (ii) the EU Market Abuse Regulation
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018.
For further information, please contact:
Upland Resources Limited www.uplandres.com
Bolhassan Di, Chairman, Tel: +60 198 861 919
Interim CEO
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities - www.optivasecurities.com
Broker
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
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END
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