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.
16th May 2024
UPLAND RESOURCES
LIMITED
("Upland" or the
"Company")
PSC, Joint Venture &
LOI's Update
Following the meeting with key heads
of Sarawak State in London on April 23rd Upland is
pleased to confirm that a number of meetings have been held in
Kuching throughout the week commencing May 13th with key
officials of Sarawak State and with Petros. Discussions have been
to finalise Upland's application for a Petroleum Sharing Contract
(PSC).
While the Company awaits the PSC
award Upland also confirms that it is now in
discussions/negotiations with five established E&P companies,
including Oil & Gas Majors to participate in the Exploration
and Production of Block SK334.
Upland has signed two Letters of
Intent on potential Joint Venture, Farm-In Agreements, with
discussions progressing to Exploration Strategy & Field
Development Planning (FDP), with one party, including progression
into investment appraisal and campaign planning review.
At this stage it would be
prejudicial to our negotiations to name the interested parties. The
Upland Financial & Investment Committee, announced on Jan
22nd 2024, is actively determining which of the current
options will provide the best shareholder value.
Bolhassan Di, Upland Chairman and CEO
commented:
"As we would expect the potential of SK334 is attracting a lot
of attention and we already have some very serious alternatives to
consider. We do expect there to be a lot more interest and as a
Company we will make sure that the options we choose move us ahead
but also are in the long-term interests of all our
stakeholders."
For
further information, please contact:
**ENDS**