September JTS Summary

Upland Resources Limited

20 October 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

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.

20 October 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

September JTS Summary

Upland Resources Limited (LSE: UPL) is pleased to announce that further to the update on 15 September 2023 in relation to the Sarawak Block SK334 Joint Technical Study (JTS) Technical Workshop that the current monthly shareholder progress report is now accessible on the Company's website at the following link:

https://upland.energy/presentations/

Highlights & Forward Plan

·      Proposal for SK334 PSC submitted and received positively by PETROS on the 20 Sept 2023

·      Finalised Prospecting Strategy in Limbang and Lawas. Prepared exploration work programme for PSC exploration period in 2024

·      Conceptual Engineering: conducted and finalised based on available regional data

·      Completion of Reservoir Engineering: well engineering, field development plan and hydrocarbon export plan

·      Rig Selection: Rig selection process in progress

Drafting of JTS Technical Report is expected to be completed by early Nov 2023. The draft copy will be sent to PETROS for review, before presenting in the final Technical Workshop, expected in the 3rd week of Nov 2023.

Assessment of Potential Targets: Evaluation of potential drilling targets in the SK334 frontier exploration area is actively evaluating Full Tensor Gravity (FTG) data in combination with data from geological field work, along the eastern flank of the Lavas area.

Bolhassan Di, Upland Chairman and CEO commented:

"This has been and is a busy period for the Company across a number of fronts. Having successfully completed our geological and geophysical works, our focus is now firmly on the SK334 Production Sharing Contract with PETROS. The fact that our PSC application has been positively received by the regulator is welcomed as we continue on a precise pathway. In addition, we look forward to the final JTS Technical workshop in November.

We continue to deliver further on these workstreams in the near term and remain committed to keeping our investors well-informed."

Joint Technical Studies Timeline

 

**Ends**

For further information, please contact:

Upland Resources Limited Bolhassan Di, Chairman and CEO Gerard Murray, COO	Tel: [phone] [e-mail] [e-mail]
Optiva Securities - Broker Christian Dennis (Corporate Broker)	Tel:  [phone] [e-mail] www.optivasecurities.com

 

END