Sarawak UBO Appointments & Operational Update

RNS Number : 8791S

Upland Resources Limited

14 March 2023

 

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14 March 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak UBO Appointments & Operational Update

Upland Resources Limited (LSE: UPL) is pleased to announce the appointment of Prof. Andrew Hurst and Gerard Murray to the Upland Big Oil ("UBO") SK334 Joint Technical Study committee as Geological Governance Lead and Corporate Advisor respectively. UBO is the Sarawakian joint venture entity jointly owned by Upland Resources' wholly owned subsidiary Upland Resources Sarawak Sdn Bhd in its joint venture with local partner Big Oil Ventures Sdn Bhd ("BOV").

The study is being 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.

Andrew Hurst, Technical Director commented:

"Progress to date has been excellent on Block SK334. Following recent engagement with the UBO team, it is clear the highly skilled team has a wealth of regional geological knowledge and understanding of proven petroleum systems adjacent to SK334. I look forward to increased engagement with the UBO team as the joint technical study develops and progresses toward identification of the most prospective areas and develops an appropriate exploration strategy. SK334 has the potential to have world class assets.

To date, the Joint Technical Study has identified that key elements of a working petroleum system are likely present on Block SK334. Immediate goals are to constrain the critical geological risks; our data and comparisons with analogue data indicates that mature source rocks and active hydrocarbon migration occur, and that recognised seals and traps are present and analogous to onshore and offshore fields and discoveries."

Gerard Murray, Chief Operating Officer commented:

"Operations in South East Asia have reached a significant milestone for Upland. Block SK334 offers a low cost, high impact, onshore development in a known geopolitically supportive region. Headquartered in Kuching Sarawak, Upland has unique access to opportunities, leveraging a strong network of industry ties and partnerships. I look forward to increased market engagement as we begin to scale up operations in South East Asia."

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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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