Sarawak - Completion of JV Agreement

RNS Number : 3417C

Upland Resources Limited

10 October 2022

 

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Date 10 ^th October 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak - Completion of JV Agreement

Upland Resources Limited (LSE: UPL) is pleased to announce that, following the completion of the joint venture agreement between Upland's wholly owned subsidiary Upland Resources (Sarawak) Sdn Bhd ("URS") and Big Oil Ventures Sdn Bhd ("BOV"), the joint venture partners have agreed on financial terms and have jointly formed new local entity Upland Big Oil Sdn Bhd. BOV and URS will jointly finance the Joint Technical Study, and URS's forecasted project outlay towards the completion of the study totals $250K.

The main objectives of the Joint Technical Study under the Joint Technical Study Agreement with Petroleum Sarawak Berhad ("PETROS") 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 study programme is expected to be completed by end of 2023.

Preliminary activities have commenced in Sarawak, the initial kick off meeting was held last month, all available SK334 data has now been received from Petros and downloaded to our consultants. Furthermore, our first workshop event has been scheduled for the 18^th of October, which we look forward to updating the market on in the coming weeks.

The study will be carried out jointly by Upland Big Oil Sdn Bhd and Petroleum Sarawak Berhad ("PETROS") covering Block SK334 which has a size of approximately 6,685 sq km, located in the northern region of Onshore Sarawak, Malaysia.

Sedimentary basins in Sarawak are proven prolific hydrocarbons bearing basins with continuing recent discoveries. Oil production in this sedimentary basin has occurred for many decades and is still producing (e.g the billion-barrel Seria Field).

Bolhassan Di, Upland Resources Chairman, commented:

"Completion of the joint venture agreement represents a significant event for the company, 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 in a prolific sedimentary petroleum basin, bordering discovered oil fields in Brunei that share similar geological settings".

"Furthermore, we are excited about the new team we are building, the new strategic refocus of the company and the ambitious future ahead for Upland".

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For further information, please contact:

Upland Resources Limited Bolhassan Di, Chairman, Interim CEO	www.uplandres.com Tel: [phone]
	[e-mail] [e-mail]
Optiva Securities - Broker	www.optivasecurities.com
Christian Dennis (Corporate Broker)	Tel: _+44 (0)20 3137 1903 [e-mail]

Flowcomms - IR Contact  Sasha Sethi

Tel: [phone] [e-mail]

 

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