TIDMUPL
RNS Number : 8336U
Upland Resources Limited
28 November 2023
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28 November 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Completion of Joint Technical Study
Upland Resources Limited (LSE: UPL) is pleased to announce,
through its joint venture company UBO, the completion of the Joint
Technical Study on Block SK334 in Sarawak with our partner
PETROS.
The detailed Joint Technical Study report was successfully
completed and submitted to PETROS today, on time, on cost and to a
high standard of quality.
Upland has now commenced preparation for the SK334 exploration
campaign, with news flow expected across a number of fronts, which
includes, license undertaking through a Production Sharing
Contract; commencement of formal farmout process; well planning and
drill site preparation.
Results of the 15-month JTS study have confirmed the
prospectivity and enhanced our understanding of the SK334 block.
Several oil & gas seepages were recorded in the delineated
prospective areas, and a hydrocarbon micro seepage oil study has
confirmed the presence of active petroleum systems in the area. The
SK334 block shares the same geological setting and basin history
with significant discoveries in the Belait, Jurdong fields and the
neighboring billion barrel Seria Field in Brunei.
Prospecting map
To date, no wells were drilled on the 6,685 Sq-Km SK334 block.
Three prospects (Santubong, Lesong and Lesong South) and 1 lead
(South Lead) were mapped as faulted anticline closures, where the
largest of the prospects has an asymmetry high relief dome.
Further pertinent information will follow in the coming
weeks.
Bolhassan Di, Upland Chairman and CEO commented:
"This is a very busy period for the company. Having now
successfully completed the Joint Technical Study and submitted our
detailed report to PETROS the process naturally shifts into the
Production Sharing Contract.
Collaborating with PETROS on the Joint Technical Study has been
a major success, we would like to acknowledge the positive working
relationship between both parties and look forward to increased
engagement throughout 2024.
Our team will be meeting PETROS in Sarawak in the coming days.
As we continue to deliver further on these workstreams we remain
committed to keeping our investors well-informed."
Completion of JTS
Scope of work completed
1. Geophysical Works
-- 2D Seismic Reprocessing
-- FTG and Magnetic Data Review & Interpretation
2. Geological Works
-- Geochemistry study (analogue, outcrop, gas seep)
-- Geological fieldwork, sampling & laboratory work
-- Geoscience integrated interpretation (using Petrel)
-- Play identification and prospect analysis
3. Engineering & Economics
-- Conceptual Field Development Plan
-- Exploration Economics
Highlights
-- Proposal for SK334 PSC was received positively by PETROS on the 20th Sept 2023
-- Finalized Prospecting Strategy in Limbang and Lawas. Prepared
exploration work program for PSC exploration period in 2024
-- Rig & Crew Selection. Approaching final sign off and commercial engagement.
Opportunity
-- Assessment of Potential Targets : Actively evaluating Full
Tensor Gravity (FTG) data and geological field-work results to
assess additional potential targets on the eastern flank of Block
SK334 (Lawas area). Early indications suggest the Lawas area may be
equally prospective.
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandbigoil.com.my
Gerard Murray, COO gerry.murray@upland.energy
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Daniel Ingram daniel.ingram@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
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