Sarawak Block SK334 Rig Evaluation and Assessment

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.

 

28^th July 2023

 

UPLAND RESOURCES LIMITED

(“Upland” or the “Company”)

 

Sarawak Block SK334 Rig Evaluation and Assessment

 

Upland Resources Limited (LSE: UPL) is pleased to announce significant progress in the development of Block SK334 in Sarawak. The Company, together with its joint venture partner in Sarawak, Big Oil Ventures sdn bhd (together “Upland Big Oil” or “UBO”) are now in the formal process of assessing an onshore rig capable of developing Block SK334 in Sarawak.

 

Highlights

 

• Progressing with assessment of onshore rig for Block SK334 in Sarawak.
• Technical team conducting rig evaluations against specific requirements and well design specifications.
• Progress in Block SK334 work programme, including completed seismic reprocessing and reconditioning.
• Active evaluation of potential well site locations and advancement of conceptual field development planning.
• Preliminary estimates suggest significant hydrocarbon resources in Block SK334, comparable to neighbouring billion-barrel Seria field and Europe’s largest offshore Oil & Gas reservoirs.

During the past week, Upland Resources CEO Bolhassan Di, led an assessment in Australia to evaluate the suitability of a new generation onshore rig, currently available for commission. The UBO technical team are reviewing this rig and others against UBO’s specific requirements and well design specifications. Upon completion UBO will engage on commercial terms with the qualifying rig company to finalise this essential aspect of our development strategy.  

 

Block SK334 preliminary estimates indicate significant hydrocarbon resources, comparable to those found in the neighbouring billion-barrel Seria field, on a scale akin to Europe’s largest offshore Oil & Gas reservoirs.

The Block SK334 work programme also continues to progress, with seismic reprocessing and reconditioning already completed. The Company is also actively assessing potential well site locations and simultaneously advancing conceptual field development planning.