Sarawak
SK334

Upland Resources Limited (“Upland”) is a Jersey-based upstream oil and gas company listed on the main market of the London Stock Exchange. The Company is engaged in the exploration of oil and gas properties in Southeast Asia.  The Company’s principal activity at this time is on Sarawak SK334.

Upland is the first UK-listed company to partner with Petroleum Sarawak Berhad (PETROS), the state-owned petroleum company of Sarawak. In the first instance this has been for a Joint Technical Study (JTS) to evaluate the hydrocarbon potential of Block SK334 in onshore Sarawak.

  • The JTS agreement was signed by a JV between Upland (45%) and Big Oil Ventures Sdn Bhd (‘BOV’ 55%) and PETROS in September 2022.
  • The detailed JTS report was successfully completed and submitted to PETROS on 28 November 2023, on time, on cost and to a high standard of quality.

The petroleum potential of onshore Sarawak has so far been underexplored but is bound to be significant, being geologically similar to onshore discoveries in Brunei and a very prolific offshore across northern Borneo.

  • The differences in geology between the onshore and the offshore domains combined with the evolution of exploration technology in the 20th century led to the discovery of only a couple of large fields onshore Brunei pre-1960s.
  • In the 1960s these two factors skewed exploration capital allocation to offshore exploration resulting in the discoveries of multi-billion barrels offshore provinces across northern Borneo.
  • Technological advances combined with political leadership are now providing incentives to resume exploration onshore 

The completion of the SK334 JTS has unearthed a highly prospective block in a known working petroleum system, relatively cheap to drill and close to infrastructure.

The Company has now submitted the necessary documentation to PETROS to move onto the exploration and production stages on SK334.