REG - Upland Resources Ltd - Block SK334 Progress Report

Upland ResourcesAnnouncement

20/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240620:nRST1996Ta&default-theme=true

RNS Number : 1996T  Upland Resources Limited  20 June 2024

 

 

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.

 

20 June 2024

 

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

 

 

PSC, Investment Partners, Sarawak Company Engagement & SK334 Progress
Update

 

Upland Resources Limited (LSE: UPL) is pleased to announce the following
update:

 

PSC & Investment Partners

 

May 16(th) Upland confirmed that we are engaged with PETROS to finalise
Upland's application for a Petroleum Sharing Contract (PSC). The Company
awaits approval.

 

May 16(th) the Company also confirmed letters of interest from two potential
partners. These are now at the stage of detailed terms of reference subject to
contract.

 

Sarawak Supplier Engagement

 

The Company is committed to maximise the participation of Sarawak companies on
SK334.  Upland is therefore pleased to confirm the following companies have
been shortlisted and selected to work on Block SK334.

 

·    Environmental Impact Assessment - Sarona Konsult Sdn Bhd

·    Site preparations & civil works - Zecon Bhd

·    Civil and Structural consulting - TKY Consultants Sdn Bhd

·    Mechanical & Electrical consulting - Perunding KAZ Sdn Bhd

·    Early Production System and Mechanical Installations - Brooke
Dockyards & Engineering Corporation

·    Geological and Geotechnical consulting - SI-Geospec Sdn Bhd

 

Specialist International Supplier Engagement

 

·    Basin modelling & Pore pressure prediction studies - Schlumberger

·    Pore pressure analysis, Seismic risk profiling & Production scale
mapping - ACT Geo

 

 

SK334 Progress Update

 

Upland is pleased to provide a detailed Progress Report for Block SK334
Onshore Sarawak further to the update of 28 March 2024. The progress report is
now accessible on the Company's website at the following link:

 

https://upland.energy/latest-updates/ (https://upland.energy/latest-updates/)

 

 

Preparatory Work Streams - In Progress

 

1.   Geoscience: including CPR, basin modelling, pore pressure assessment
and well design

2.   Drilling: including all rig requirements, site preparation,
mobilisation and spud

3.   Health, Safety & Environmental: including impact assessments and
rig safety

4.   Supply Chain Management: including all local logistics &
contracting, tubulars and long lead items

5.   Human Resources, General and Administration: including all recruitment
of staff/sub-contractors and land management

6.   Finance and Contracts: including PSC, JV's, farm-outs, financing
options and sovereign states engagement

7.   Supporting Group Activity: including supporting IR/PR, legal and
financial services for SK334 long-term success

 

The Company is working on many fronts to expedite drilling in the shortest
possible timeframe.  Once commenced the Company anticipates drilling
throughout 2025 and beyond.

 

 

Bolhassan Di, Upland Chairman and CEO commented:

 

"In the period since the last update we have made significant progress in many
critical areas, preparing us for a multi-year drilling campaign. I am pleased
that some significant investment partners agree with our view of the
prospectivity of Block SK334 and that we have established a best-in-class team
to support our endeavours on what we believe are world class assets".

 

 

For further information, please contact:

 

 Upland Resources Limited    Tel: +60 198  861919

 Bolhassan Di                bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)

 Chairman and CEO            gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

 Gerry Murray COO            albert.may@upland.energy

 Albert May CCO              www.upland.energy (http://www.upland.energy)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDZZGZVDGGGDZG