Upland Resources Limited SK334 Joint Technical Study Workshop Update (1362K)
23 August 2023 - 8:00AM
UK Regulatory
TIDMUPL
RNS Number : 1362K
Upland Resources Limited
23 August 2023
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23 August 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
SK334 Joint Technical Study (JTS) Technical Workshop Update
Upland Resources Limited (LSE: UPL) is pleased to announce that
the planned Technical Workshop for the Joint Technical Study (JTS)
on Block SK334, Onshore Sarawak was successfully conducted with
Sarawak's state oil company Petroleum Sarawak Berhad (PETROS) in
conjunction with Upland's joint venture partner in Sarawak, Big Oil
Ventures sdn bhd (together "Upland Big Oil" or "UBO") on 17th
August 2023.
Highlights
-- Focus now on Production Sharing Contract phase with PETROS
-- Preliminary volumetric resource estimates assessed and exceeding expectations
-- Identification of prospective drill targets on Block SK334
and presentation of proposed exploration strategy
Final reports for FTG modelling, lab test result and findings
for fieldwork samples, and seismic reprocessing & conditioning
results were presented to PETROS. Prospect maps and preliminary
resource estimates were assessed and deliberated with PETROS with
results exceeding expectations.
The proposed prospecting strategy and work commitment for a
Production Sharing Contract over Block SK334 Contract were
presented to PETROS and received positive and encouraging
feedback.
In summary, PETROS have indicated to the Joint Venture Partners
that they were pleased with the progress of the JTS. The JTS team
is confident that all scope of works for the JTS will be completed
on-time and on-budget.
Professor Andrew Hurst, Upland Technical Director commented:
"To date progress on Block SK334 has been excellent -
high-quality work on-time and on-budget. Continued engagement with
the UBO team has demonstrated the value of their highly skilled
team endowed with regional geological knowledge and a deep
understanding of proven petroleum systems adjacent to Block SK334.
I look forward to increased engagement with the UBO team as we
progress with PETROS to the Production Sharing Contract (PSC) stage
while finalising the Joint Technical Study.
The most likely prospective areas of Block SK334 have been
identified, and an appropriate exploration strategy is in
development. SK334 has the potential to have world class
assets."
Bolhassan Di, Upland Chairman and CEO commented:
"With the Production Sharing Contract (PSC) now firmly in focus,
we are delighted with the feedback we have received from PETROS
during our recent Joint Technical Study workshop. Amongst our
discussions was the recent volumetric resource analysis which has
greatly exceeded our expectations, and we look forward to updating
our shareholders on further progress in the near term."
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandbigoil.com.my
gerry.murray@upland.energy
www.uplandres.com
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Christian Dennis christian.dennis@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
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