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