Half-year Financial Report
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Sarawak SK334
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Sarawak SK334
Our principal focus in Sarawak, targeting a highly prospective onshore hydrocarbon opportunity.
PETROS Partnership
The first UK-listed company to partner with Petroleum Sarawak Berhad (PETROS).
Joint Technical Study
Completed and submitted to PETROS in November 2023, on time and on cost.
Regional Potential
Positioned within a known petroleum system in an underexplored region close to existing infrastructure.
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Upland JV Interest
- SARAWAK SK334
Advancing a High-Potential Onshore Opportunity
Upland has established a significant position in Sarawak through its work on Block SK334 and its relationship with PETROS. Our technical programme has focused on evaluating the block’s hydrocarbon potential and progressing the opportunity towards future exploration and development.
Upland is the first UK-listed company to partner with Petroleum Sarawak Berhad (PETROS), the state-owned petroleum company of Sarawak. The partnership was established to evaluate the hydrocarbon potential of Block SK334 in onshore Sarawak.
The Joint Technical Study agreement was signed in September 2022 by a joint venture between Upland (45%) and Big Oil Ventures Sdn Bhd (55%) with PETROS. The detailed study was successfully completed and submitted to PETROS on 28 November 2023, on time and on cost.
Onshore Sarawak remains relatively underexplored but is considered highly prospective, with geological similarities to major hydrocarbon discoveries in neighbouring Brunei and a proven petroleum system across northern Borneo.
The SK334 technical work identified a highly prospective block within a known working petroleum system, with the additional advantages of relatively low drilling costs and proximity to existing infrastructure.
Following completion of the Joint Technical Study, Upland submitted the necessary documentation to PETROS to progress SK334 towards the exploration and production stages.
Underexplored Onshore Potential
Onshore Sarawak remains underexplored despite its geological similarities to onshore discoveries in Brunei and the prolific offshore provinces of northern Borneo.
Renewed Focus on Onshore Exploration
Only a few large fields were discovered onshore Brunei before the 1960s, before exploration capital shifted offshore and led to multi-billion-barrel discoveries. Advances in technology and political support are now creating incentives to resume onshore exploration.
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