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OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,
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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.
21st May
2024
UPLAND RESOURCES
LIMITED
("Upland" or the
"Company")
Resources
Update
Upland is pleased to provide to the
market further detail on preliminary resource indicators for Block
SK334.
In summary, Block SK334 is an area
directly adjoining Brunei covering an area of 6,685km2. It
has analogous geological configuration and
reservoir/trap/seal combinations as the Brunei's nearby Belait
formation which is host to a number of proven oil and gas
discoveries and oilfields such as the billion barrel Seria and
Champion fields.
·
All parts of the Belait structure connect with
potential oil kitchens on both flanks in the Badas and Belait
synclines. Hence, Upland's SK344 block being immediately adjacent
to the Belait syncline is determined to have attractive
prospectivity.
·
Two technical studies have been conducted on
SK334. The first was commissioned by Upland and Brooke Dockyard
& Engineering as part of the PETRONAS 2018 Bid round. The
second, a joint technical study (JTS) undertaken by Upland and
PETROS - the Sarawak state energy company. During
the course of the JTS, PETROS provided 2D seismic data, airborne
gravity (FTG) and magnetic data, various technical and analogue
well reports. These were interpreted
and integrated with data from field studies.
·
Albeit there are small differences both studies
confirm the prospectivity of SK334 and in particular the initial
target sites for exploration and appraisal drilling.
·
Each of the studies has shown strong correlation
between seismic interpretation and the surface geology.
·
In addition, several oil and gas seepages
were recorded at the delineated prospective
areas. Hydrocarbon micro-seepage studies conducted
previously have also confirmed the presence of active petroleum
systems in the area.
·
Both studies and field work conducted show a first
estimate of exploration risk as medium to low.
·
Three geological structures have been identified
by Upland for initial exploration drilling locations - A (depth
1100-1500 m), B (depth 1000-1500 m), C (depth 1900-2400
m).
·
Structure B, which Upland has named Santubong,
will be the first site to be drilled.
·
The three structures, combined have yet-to-find
unrisked median hydrocarbon resources that are in the same range as
those in the Seria and Champion fields. The hydrocarbon type are
expected to be oil prone but may still have a significant amount of
gas.
·
Upland intends to conduct a Competent Persons
Report (CPR) in the near term.
·
To date, only preliminary investigations have been
made for other parts of SK334 - the Lawas area. The lead area in
Lawas may be in the North-West section closest to the shoreline
where Full Tensor Gradiometry data interpretation indicates the
strongest reading.
Bolhassan Di, Upland Chairman and CEO
commented:
"Preliminary resource estimates from the studies that Upland
have conducted have been positive, exceeding our
expectations.
Our strategy is to progressively confirm the resources
available in SK334. That of course means a campaign of exploration
and appraisal drilling to improve our geological understanding, and
to calibrate geophysical and drill engineering
plans."
For
further information, please contact:
**ENDS**