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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.
17 February 2023
UPLAND RESOURCES LIMITED
(“Upland” or the “Company”)
Sarawak January JTS Update
Upland Resources Limited (LSE: UPL) is pleased to announce the January workflow update on the SK334 Joint Technical Study (‘JTS’) activity in Sarawak, Malaysia.
It is the belief of the Upland Board of directors that the Company is unequally positioned in the region and that time and resources spent in adding value to the Sarawak SK334 JTS workstream have potential to generate significant returns for shareholders.
Investors may also view details related to the Sarawak SK334 JTS workstream in the form of a Monthly Progress Report at the following link shortly:
Presentations
In relation to this report, the Company notes the following highlights:
· Conclusion of a market survey & screening exercise for seismic data processing on 25th January 2023.
Geological Study:
· Ongoing regional and local geology analyses incorporating Bruneian and Malaysian areas.
· Submitted Geological Fieldwork Plan to PETROS. The Plan was accepted and agreed by PETROS.
· Geological fieldwork planned to be conducted on 16 – 24 February 2023.
Geophysical Study:
· Seismic interpretation works ongoing: 4 regional horizons completed. Fault interpretation and detailing ongoing.
· Data preparation and integration for FTG evaluation on structural styles, major & minor fault lineaments mainly in areas void of seismic.
Full Tensor Gradient (FTG) Study:
· Completed ‘inversion’ work prior to data modelling work.
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 nearby Belait formation which is host to a number of proven oil and gas discoveries and oilfields. All parts of the Belait structure connect with potential oil kitchens on both flanks in the Badas and Belait synclines; Upland’s SK344 block being immediately adjacent to the Belait syncline is determined to have extremely attractive prospectivity.
Investor Webinar
The Company also expect to advise of a planned investor webinar focusing upon Sarawak shortly.
Tunisia
The Company has received confirmation that an application by its subsidiary to extend the Saouaf Permit until 23 December 2023 was not approved. This was not unexpected.
Bolhassan Di, Upland Chairman and CEO commented:
“Another solid month of progress from our joint technical team on in Sarawak on Block SK334 and we look forward to shortlisting candidates for the seismic reprocessing and beginning work on data modelling as part of the ongoing FTG study; also the completion of fieldwork this month. Activities are certainly gathering pace and I would like to extend my thanks to all the wider technical team.
Additionally, we were also very pleased with the recent positive CPR on our UK North Sea P2478 Dunrobin Prospect and are supporting our Joint Venture partners there on the farm-out process.
Our primary focus is now south-east Asia in Sarawak where Block SK334 in Sarawak offers us transformational potential and where we have been making excellent process on the Joint Technical Study with Petros. We look forward to continuing to update shareholders as we continue to build momentum on the JTS and hope to announce a Sarawak focused investor call shortly.”
**ENDS**
For further information, please contact:
| Upland Resources LimitedBolhassan Di, Chairman and CEO | Tel: +60 198 861 919[email protected][email protected] www.upland.energy |
| Optiva Securities – BrokerChristian Dennis (Corporate Broker) | Tel: +44 (0)20 3137 1903 [email protected]www.optivasecurities.com |
| Flowcomms – IR ContactSasha Sethi | Tel: +44 (0)7891 677441[email protected] |