Strategy/Company/Ops Update

Upland Resources Limited

05 February 2024

 

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.

5th February 2024

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Block SK334 Monthly Update

Upland Resources Limited (LSE: UPL) is pleased to announce-further to the update on 22 January

2024 in relation to the Sarawak Block SK334 exploration campaign 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

·      Pre-drill activities have been identified and a Pre-drill work program has been developed to allow early commencement of activities and expedite the drilling program.

·      Commencement of formal preparation and oversight of farm-out proceeding and review of strategic interest.

·      Positive feedback received from PETROS 'a good quality JTS report' and 'very good work done', and conformation of submission within JTS timeline.

·      The JTS outcome and recommendation on the exploration work program was well received by PETROS.

·      Planning & scheduling anticipated works plus engagement on PSC work scopes with PETROS.

                  

·      Notional Field Development Plan: Progressing with the notional field development plan and production profile.

·      Resource Estimates: Methodologies for Volumetric Resource estimates were deliberated and agreed with PETROS, structural overview of lead prospect Santubong to be prepared and shared.

·      Rig selection, well design, rig crew selection, in progress.

Bolhassan Di, Upland Chairman and CEO commented:

"We are advancing in our exploration work program at pace guided by the results of a successful joint technical study with PETROS. Having successfully completed our geological and geophysical works, our focus is now firmly on strategically advancing the SK334 block and preparation for exploration activities.

Additionally, we look forward to updating shareholders with a structural overview of our lead prospect Santubong, which sits above the prolific Belait sandstone reservoirs, onshore Sarawak.

With contracting & exploration work scopes in flow, we look forward to keeping shareholders abreast of what is a busy yet transformational period for the company" 

**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