Upland Resources Limited Sarawak Block SK334 Rig Evaluation and Assessment (4850H)
28 July 2023 - 4:00PM
UK Regulatory
TIDMUPL
RNS Number : 4850H
Upland Resources Limited
28 July 2023
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28 (th) July 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak Block SK334 Rig Evaluation and Assessment
Upland Resources Limited (LSE: UPL) is pleased to announce
significant progress in the development of Block SK334 in Sarawak.
The Company, together with its joint venture partner in Sarawak,
Big Oil Ventures sdn bhd (together "Upland Big Oil" or "UBO") are
now in the formal process of assessing an onshore rig capable of
developing Block SK334 in Sarawak.
Highlights
-- Progressing with assessment of onshore rig for Block SK334 in Sarawak.
-- Technical team conducting rig evaluations against specific
requirements and well design specifications.
-- Progress in Block SK334 work programme, including completed
seismic reprocessing and reconditioning.
-- Active evaluation of potential well site locations and
advancement of conceptual field development planning.
-- Preliminary estimates suggest significant hydrocarbon
resources in Block SK334, comparable to neighbouring billion-barrel
Seria field and Europe's largest offshore Oil & Gas
reservoirs.
During the past week, Upland Resources CEO Bolhassan Di, led an
assessment in Australia to evaluate the suitability of a new
generation onshore rig, currently available for commission. The UBO
technical team are reviewing this rig and others against UBO's
specific requirements and well design specifications. Upon
completion UBO will engage on commercial terms with the qualifying
rig company to finalise this essential aspect of our development
strategy.
Fig. 1 - Technical assessment new generation rig in
Australia.
Block SK334 preliminary estimates indicate significant
hydrocarbon resources, comparable to those found in the
neighbouring billion-barrel Seria field, on a scale akin to
Europe's largest offshore Oil & Gas reservoirs.
The Block SK334 work programme also continues to progress, with
seismic reprocessing and reconditioning already completed. The
Company is also actively assessing potential well site locations
and simultaneously advancing conceptual field development
planning.
The Company's focus now turns to commercial arrangements and
formalising partnerships towards a drilling campaign on Block SK334
on-shore, Sarawak. As part of our strategic planning UBO does not
envisage raising capital by issuing new equity to fund wells,
additionally the company is well financed to meet its operational
commitments into 2024.
Bolhassan Di, Upland Chairman and CEO commented:
"We are very satisfied at the effective pace of progress being
made by all the team at UBO and we continue to work relentlessly to
maximize the potential of this global scale asset in the most time
efficient manner. We look forward to updating the market on further
progress throughout the month of August."
PDMR filings relating to recent management purchases can be
viewed on the Company website.
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandres.com
bolhassan@uplandbigoil.com.my
Gerry Murray COO gerry.murray@upland.energy
www.uplandres.com
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Christian Dennis christian.dennis@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
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IR Contacts Tel: +44 (0)7891 677441
sasha@flowcomms.com
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