Upland Resources Limited Sarawak Update (6476O)
21 May 2018 - 4:00PM
UK Regulatory
TIDMUPL
RNS Number : 6476O
Upland Resources Limited
21 May 2018
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.
21 May 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to provide an update on its activities in Sarawak.
Update on Upland operations in Sarawak, Malaysia and its joint
venture partners
Upland has recently held meetings with the Board of Petroleum
Sarawak Berhad ("Petros"), Brooke Dockyard and Engineering Works
Corporation ("Brooke") and other relevant entities, in Kuching,
Sarawak. The Company also attended a conference held in Kuching on
16(th) May 2018 where the Chief Minister, the State Legal Counsel
and Petros laid out the plans for the Sarawakian oil & gas
industry to a large audience of industry professionals and the
press. Upland were able to discuss matters with the Chief Minister
of Sarawak following the conference.
Plans for greater independence for Sarawak in upstream oil &
gas were confirmed to be unchanged after the national election, the
result having had little impact on this process. This push for more
independence in this industry is clearly popular with the people of
Sarawak and enjoys broad cross-party support.
Petros is moving quickly to take on active roles as the
effective Sarawakian state oil company, as the issuer of permits to
explore for, to appraise and develop hydrocarbon resources and as
regulator. The State legislature will bring into effect the
existing Oil Mining Ordinance on 1(st) July this year; under this,
existing and new licence holders must apply to Petros for new
ones.
Preference for award of new permits and for contractors will be
given to Sarawakian companies and to those companies partnered with
Sarawakian companies, whilst not jeopardising the interests of
those companies already operating in Sarawak, which the Company
believes is beneficial to the structure of its agreements and
relationships in Sarawak.
Steve Staley, CEO of Upland Resources Limited, said:
"During our visit to Kuching, we were pleased to see how the
future is now unfolding in Sarawak. The recent national election
result does not appear to have affected Sarawak's ambitions for
their oil & gas industry and Petros is clearly moving forward
with its plans at a faster pace than we expected. Upland remains in
a very good position and I look forward to updating the market
further as the situation progresses."
Background
The government of the State of Sarawak, in the Federation of
Malaysia, recently constituted Petros as a government-owned entity
to increase Sarawak's involvement in its own oil & gas
industry.
On 13th April 2018, Upland signed a Memorandum Of Understanding
with Brooke to jointly assess, explore for and develop hydrocarbon
assets within the State of Sarawak. Brooke, founded in Kuching in
1912, is the only Sarawakian government-owned entity involved in
upstream oil & gas, other than Petros.
In Malaysian national elections held on 9(th) May 2018, Dr
Mahathir Mohamad was elected as Prime Minister, his Pakatan Harapan
coalition ending over 60 years of rule by the Barisan Nasional
Party. At the same time, the States that make up the federation of
Malaysia also held elections for their state legislatures - except
Sarawak, which is unique in always holding theirs at a time of
their own choosing and which will be in about two years' time.
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 www.uplandres.com
Limited
Steve Staley, CEO Tel: +44 (0)7891 677 441
s.staley@uplandres.com
Optiva Securities
Limited
Jeremy King (Corporate Tel: +44 (0)20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: +44 (0)20 3411 1882
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting
Edward Westropp Tel: +44 (0)203 727 1521
edward.westropp@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: 07891 677441
sasha@flowcomms.com
Notes
Upland is an upstream oil & gas company whose highly
experienced management team has a track record of creating major
value for shareholders in junior oil & gas companies, including
Cove Energy plc. The Company has extensive technical and commercial
skills and contacts, management having held senior roles in
Petronas, Conoco, Shell etc.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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