Sarawak, Onshore Geological Fieldwork Study

RNS Number : 4171R

Upland Resources Limited

01 March 2023

 

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This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

1 March 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak, Onshore Geological Fieldwork Study 

Upland Resources Limited (LSE: UPL) is pleased to announce that Upland through its joint venture partner in Sarawak Upland Big Oil Sdn Bhd have, together with PETROS, successfully conducted geological fieldwork on the 16th to 24th February 2023 as part of the scope of works for Block SK334 Onshore Sarawak Joint Technical Study (JTS).

The objectives of the fieldwork are to improve understanding and verify the key petroleum play elements of the area, including Regional & Structural Geology (Basin Analysis), Sedimentology (Reservoir, Seal and Source rocks), Biostratigraphy (Age and Stratigraphy), and Geochemistry (Hydrocarbon Source Rock Potential) of the selected Early Miocene to Middle Miocene sediments outcropping within the region.

The fieldwork covers both Limbang and Lawas districts, whereby 12 outcrop locations were observed, discussed and analysed. 7 samples were taken to the laboratory for further analysis, which will be used to support, confirm and integrate into the overall interpreted model of the block's petroleum geology. Laboratory works include biostratigraphy, reservoir quality and geochemical analysis.

Bolhassan Di, Upland Chairman and CEO commented:

"Preliminary findings from the geological field work study have been positive, Upland notes within Block SK334 a number of areas of specific interest with analogous geological configuration and reservoir/trap/seal combinations as Brunei's nearby Belait formation which is host to a number of proven oil and gas discoveries and oilfields.

All parts of the Belait structure connect with potential oil kitchens on both flanks in the Badas and Belait synclines; Upland's SK344 block being immediately adjacent to the Belait syncline is determined to have extremely attractive prospectivity.

Guided by our Joint Technical Study partners PETROS our confidence grows month on month and we expect this positive newsflow is set to continue."

Photos from Upland Big Oil F ieldtrip

Various outcrops

  

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For further information, please contact:

Upland Resources Limited Bolhassan Di, Chairman and CEO	Tel: [phone] [e-mail] [e-mail] www.uplandres.com
Optiva Securities - Broker Christian Dennis (Corporate Broker)	Tel:  [phone] [e-mail] www.optivasecurities.com
Flowcomms - IR Contact Sasha Sethi	Tel: [phone] [e-mail]

 

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