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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.
21 November 2022
UPLAND RESOURCES LIMITED
(“Upland” or the “Company”)
New Corporate Website and Sarawak Update
Upland Resources Limited (LSE: UPL) is pleased to announce the launch of a new Company website, which includes a monthly progress update on the SK334 Joint Technical Study (‘JTS‘) activity in Sarawak, Malaysia.
Following a recent strategic review, Upland will seek to prioritise the development of opportunities in Sarawak, Malaysia. It is the belief of the Upland Board of directors that the Company is uniquely positioned in the region and that time and resources spent in adding value to the Sarawak SK334 JTS work program have potential to generate significant returns for shareholders.
Investors may also view details related to the Sarawak SK334 JTS work program in the form of a Monthly Progress Report at the following link:
https://upland.energy/presentations/
In relation to this report, the Company notes the following highlights:
– Successful transfer of 456 line-km of 2D Seismic data & reports from Petros in addition to 12,124 line-km of Full Tensor Gradiometry and Magnetic Survey.
– Includes various Technical Reports, including extensive hydrocarbon study, geochemistry study, and fieldwork reports
– All data considered to be of fair-good quality, sufficient to conduct all the interpretation works required to achieve most of the objectives of the Joint Technical Studies
In addition, the Company notes within block SK334 a number of areas of specific interest with analogous geological configuration and reservoir/trap/seal combinations as Brunei‘s effective and active petroleum system. Proven oil and gas discoveries and oilfield in nearby onshore Brunei, and hydrocarbon seepages in various parts of SK334, proves the presence and effectiveness of the key play elements in SK334 petroleum system.
The Company will provide further updates and information in relation to block SK334 in the near term and will also advise further of a planned investor webinar focusing upon Sarawak.
Bolhassan Di, Upland Chairman and CEO commented:
“This is a very exciting time for the Company as we steadily build momentum on our focussed assets / opportunities. Additionally, have also published a monthly progress document on our new website and intend to make this an informative feature moving forward for our shareholders.
Block SK334 in Sarawak offers a transformational potential for a company of our size and we are looking forward to updating shareholders on SK 334 regularly.
Separately, we also recognize the potential emerging from our UK North Sea P2478 Dunrobin Prospect and are working closely with the joint venture partners to realise value there as technical studies complete.“
-ENDS-
Upland Resources Limited www.upland.energy
Bolhassan Di, Chairman and CEO Tel: +60 198 861 919
[email protected]
[email protected]
www.upland.energy
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