26 February 2026
Upland Resources Limited
(“Upland” or the “Company”)
Strategic Memorandum of Understanding Signed with PEMA, Aceh Provincial Government-Owned Energy and Mineral Investment Authority
Participation in Block MY1 and Block MY2- Feasibility and Development Plan
Upland Resources Limited (LSE: UPL), the upstream oil and gas and natural resources development company, is pleased to announce that it has entered into a Memorandum of Understanding (“MoU”) with PT Pembangunan Aceh (“PEMA”), the Aceh provincial government-owned energy and mineral investment authority.
Formal exchange of signed documents between Upland and PEMA representatives in Aceh.
The MoU establishes a structured collaboration framework for the preparation of a joint feasibility study covering technical, financial, legal and risk evaluation related to the potential development of two Blocks in Aceh Province (together, the “area”). Preliminary internal assumptions identify the potential for a structured production ramp-up targeting approximately 20,000 boe/d (~120 MMscf/d) over a 5-year period. The MoU covers the Tamiang Sub Basin of East Aceh, with stated yet to find resources of 1.4 billion barrels of oil equivalent, in exploration potential.
The feasibility and development plan comprises:
· Block MY1, an onshore licence area within a proven producing petroleum basin containing existing developed fields and an identified discovered accumulation, which tested at approximately 25 MMscf/d with publicly stated recoverable resource estimates of 100-400 Bcf, yet to be developed; and
· Block MY2, an onshore licence area within the same petroleum system, identified for technical evaluation, potential development and high-impact exploration across deeper structural and stratigraphic targets.
East Aceh Basin – Integrated Rejuvenation and High-Impact Exploration Strategy
Under the MoU framework, the parties will undertake a structured joint feasibility study designed to evaluate:
· Production optimisation and recovery enhancement across existing developed fields within Block MY1;
· Subsurface re-evaluation and potential reserve enhancement across known accumulations;
· Targeted workover and infill drilling opportunities;
· Appraisal of the identified discoveries within Block MY1;
· High-impact exploration and appraisal potential across both Block’s MY1 and MY2; and
· Phased development concepts integrating redevelopment with scalable exploration opportunities.
Block MY1 contains established production infrastructure and identified discovered accumulations that remain subject to further technical evaluation and potential appraisal. The feasibility programme will assess opportunities to enhance production performance, refine resource definition and evaluate appraisal drilling requirements, subject to regulatory approval.
Block MY2 provides exposure to additional exploration potential within the same petroleum system. The integrated approach combines near-term production optimisation with disciplined evaluation of higher-impact exploration opportunities capable of materially expanding the resource base.
Provincial Alignment and Strategic Positioning
PEMA is the principal energy investment arm of the Aceh Provincial Government and plays a central role in regional upstream participation and development initiatives.
Establishing this formal collaboration framework with PEMA provides a constructive platform for long-term engagement within Aceh’s devolved upstream governance structure, aligning Upland with provincial strategic objectives while maintaining adherence to national regulatory processes.
Regional Resource Context and Geological Analogues
Aceh forms part of the prolific North Sumatra petroleum system, one of Southeast Asia’s historically productive hydrocarbon provinces. Recent basin-wide assessments of the North Sumatra Basin indicate:
· Approximately 244 million barrels of estimated undiscovered recoverable oil resources (P50 basis);
· Approximately 34 trillion cubic feet (Tcf) of estimated undiscovered recoverable gas resources (P50 basis);
· Equivalent to approximately 5.9 billion barrels of oil equivalent (Bboe) on a recoverable basis; and
· An estimated 7.3 Bboe of remaining gross basin potential.
International Oil & Gas Presence in Aceh – Historical and Current
|
Operator / Company |
Discovery / Project |
Approx. Size / Notes |
|
PT Pertamina & ExxonMobil |
Arun Gas Field |
~16 Tcf original gas in place (supergiant historic field) |
|
Mubadala Energy & Harbour Energy |
Layaran‑1 & Tangkulo‑1 (South Andaman) |
>11 Tcf combined gas in place (deepwater discoveries) |
|
Conrad Asia Energy |
ONWA / OSWA Discovered Gas Accumulations |
~214 Bcf 2C contingent resources (gross) |
|
Medco E&P Malaka & Partners |
Block A Developed Gas Fields Cluster |
>450 Bcf developed gas volumes across licence area |
|
Conrad Asia Energy |
Singkil‑1 / Meulaboh Discoveries |
Flow-tested shallow discoveries |
Block MY1 and Block MY2 are located within this established petroleum system and are situated in proximity to several significant oil and gas discoveries and producing fields. These surrounding discoveries demonstrate the presence of effective source rocks, reservoir development and hydrocarbon migration across the wider basin. Established regional pipeline infrastructure and domestic gas demand centres further reinforce the multiple monetisation routes available.
Medium-Term Production Ambition and Funding Capacity
Subject to feasibility outcomes, regulatory approval and definitive agreements, the parties intend to pursue a phased development strategy. Based on preliminary internal planning assumptions, this would include a structured production ramp-up targeting approximately 20,000 boe/d (~120 MMscf/d) by Year 5, integrating production optimisation within Block MY1 with disciplined evaluation of identified exploration opportunities across both Blocks.
Upland’s broader Southeast Asia growth strategy is supported by a US$100 million funding commitment from its strategic partner, Lost Soldier Oil & Gas, under a Letter of Commitment dated 23 January 2026, intended to support qualifying upstream projects across the region, subject to agreed project criteria and definitive documentation.
The Company believes that the combination of defined asset focus, basin-scale technical context, provincial alignment and committed funding capacity provides a credible pathway toward scalable upstream development in Aceh.
US$100m Strategic Funding Commitment – Upland
Next Steps and Near-Term Work Programme
Following execution of the MoU, the parties will commence a structured feasibility work programme. The programme will seek to clarify subsurface resource potential across both areas through compilation and validation of available data, reprocessing and reinterpretation of seismic and well information, and integrated geological and reservoir evaluation.
Within Block MY1, work will include assessment of production optimisation opportunities across existing developed fields and technical review of identified discoveries to define appraisal requirements and potential development concepts.
In parallel, exploration targets across both Block MY1 and Block MY2 will be identified, ranked and prioritised based on geological risk, resource potential and commercial viability, with a view to defining future drilling candidates.
The work programme will also evaluate appropriate participation and commercial structures between Upland, PEMA and relevant governmental stakeholders within the applicable regulatory framework.
Management Commentary
Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:
“This MOU with PEMA, entered into with the strong support of the Aceh Provincial Government, represents a unique and strategically significant opportunity for Upland. It provides us with unrivalled access to one of the most prolific hydrocarbon basins in the world, allowing Upland to selectively identify and secure the highest-potential acreage. This positions us to focus on material, high-impact opportunities with the greatest potential for scalable production.”
“By combining Upland’s technical expertise with PEMA’s local mandate and insight, and supported by the financial backing of our strategic partner Lost Soldier Oil & Gas, we are exceptionally well placed to drive the next phase of energy development in Aceh in a disciplined, responsible, and results-focused manner.”
Marc Bruner, Executive Chairman of Lost Soldier Oil & Gas, commented:
“Lost Soldier has significant experience in the appraisal and development of unconventional resources and stacked gas horizons across multiple basins. The geological characteristics and multi-layered play systems present in Aceh make this an exceptionally attractive opportunity for us.”
“We believe the collaboration between Upland and PEMA, supported by the Aceh Provincial Government, provides a strong foundation to systematically unlock large-scale resource potential, and we look forward to working closely with Upland as these opportunities are advanced toward material production.”
Prof Andrew Hurst, Technical Director, NED, Upland Resources Limited, commented:
“Aceh Province’s Seven Sub-Basins represent one of Indonesia’s most promising hydrocarbon provinces, with over 8.6 BBOE of discovered in-place resources. Despite proven productivity, large portions of the basin remain underexplored, offering substantial upside potential. Current estimates indicate more than 9 BBOE of yet-to-find (YTF) hydrocarbon resources, highlighting significant opportunities for future exploration and investment.”
For further information, please contact:
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Upland Resources Limited |
Tel: +60 198 861919 |
|
Bolhassan Di, Chairman and CEO Gerry Murray, COO Josh Galloway, Head of Drilling |
|
|
OAK Securities – Broker |
Tel: +44 (0)20 3973 3678 |
|
Jerry Keen Henry Clarke
|
|
Inside Information (UK MAR)
This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation (EU) No. 596/2014, which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”). This information is disclosed in accordance with the Company’s obligations under Article 17 of UK MAR.
FCA and Prospectus Disclaimer
This announcement does not constitute, and should not be construed as, a prospectus, admission document or offering memorandum, nor an offer to sell or the solicitation of an offer to buy any securities in the Company. No securities of the Company are being offered pursuant to this announcement. This announcement has not been reviewed or approved by the Financial Conduct Authority or any other regulatory authority.
Forward-Looking Statements
This announcement includes forward-looking statements, including statements relating to prospective resources, exploration and appraisal programmes, drilling plans, funding availability, farm-in arrangements, regulatory outcomes and future operations. Forward-looking statements are based on current expectations, assumptions and estimates and involve risks and uncertainties that could cause actual results or developments to differ materially from those expressed or implied.
Forward-looking statements are not guarantees of future performance. Factors that could cause actual outcomes to differ materially include, but are not limited to, licence awards, regulatory approvals, subsurface risk, commodity price volatility, operational risks, availability of capital, counterparty performance and changes in fiscal or governmental regimes. The Company undertakes no obligation to update any forward-looking statements except as required by applicable law or regulation.
END