Upland Resources Limited Brunei Memorandum of Understanding (2591X)
August 27 2020 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 2591X
Upland Resources Limited
27 August 2020
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.
27 August 2020
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Brunei Memorandum of Understanding
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets in
proven, mature south-east Asian and north African basins, is
pleased to announce that it has entered into a Memorandum of
Understanding (the "MOU") with Bruneian oil and gas industry
services provider Viddacom (B) Sdn Bhd ("Viddacom") to jointly
evaluate and licence oil and gas exploration opportunities within
Brunei Darassalam.
Viddacom is a privately owned fully integrated oil and gas
services company based in Brunei Darassalam with a client base that
includes major regional players such as Brunei Shell, Petroleum
Brunei, Petronas and Total. The MOU represents a 60:40 joint
venture partnership (Upland: Viddacom) with pro-rata cost and
revenue allocations and has been established to evaluate and pursue
licence interests in Brunei Darassalam. The agreement allows both
parties to work together exclusively within Brunei Darassalam for a
period of up to five years and leverage the combination of Upland's
technical subsurface expertise and Viddacom's regional oil and gas
logistics and contacts within the petroleum sector.
Viddacom has an established supply base with several supporting
logistics warehouses and compounds. Viddacom's services include
supplying chemicals for drilling, providing drilling rental tools,
casing accessories and wellhead and wellhead lubricants and
supporting their clients in-country.
Brunei Darassalam holds 1.1 billion barrels of oil reserves
equivalent equating to 0.07% of the World's reserves (Worldometer
2016) ranking 39th. Declining field production profiles have given
the Brunei Petroleum Authority renewed impetus to seek new
investment and welcome new qualified investors to reactivate and
revaluate overlooked licence areas previously considered
marginal.
Sarawak Update
Upland also notes the further positive progress in Malaysia with
regards to the management of the oil and gas industry in Sarawak by
the Sarawak Government. In relation to this Upland welcomes further
developments with the recent decision by Petronas to withdraw its
High Court appeal against paying backdated sales tax to the Sarawak
Government. With out-of-court settlement between the two parties
and the formation of a special body between the Federal Government
and the Sarawak State Government to oversee the transition of
regulation of the oil and gas industry to Sarawak, Upland is
confident that a consensus between the two parties can be reached
in the near term. Equally encouraging is the appointment of a
Sarawakian to the main Board of Petronas as announced recently.
Upland CEO Chris Pitman commented:
'We are very pleased to enter into this MOU and firmly believe
that the combined expertise of both companies offers a mutually
beneficial relationship within the oil and gas industry in Brunei.
It provides the joint venture with a strong competitive advantage
and we look forward to working closely with Viddacom to evaluate
target interests and pursue licence applications through the Brunei
Petroleum Authority.'
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Upland Resources Limited
Christopher Pitman, CEO Tel: +44 (0) 7891 677441
E-mail: chris.pitman@uplandres.com
Optiva Securities - Broker
Jeremy King (Corporate Tel: +44 (0) 20 3137 1904
Finance) E-mail: jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0) 20 3411 1903
Broker) E-mail: christian.dennis@optivasecurities.com
FTI Consulting - Financial
PR
Ben Brewerton Tel: +44 (0) 203 727 1000
E-mail: uplandresources@fticonsulting.com
Flowcomms Ltd - IR Contact
Sasha Sethi Tel: +44 (0) 7891 677441
E-mail: sasha@flowcomms.com
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