Upland Resources Limited Sarawak Memorandum of Understanding (8513K)
13 Abril 2018 - 3:22AM
UK Regulatory
TIDMUPL
RNS Number : 8513K
Upland Resources Limited
13 April 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.
13(th) April 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak Memorandum of Understanding
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to announce that it has entered into a Memorandum of
Understanding (the "MOU") with Brooke Dockyard and Engineering
Works Corporation ("Brooke"), a Sarawak State entity, to jointly
assess, explore for and develop hydrocarbon assets within the State
of Sarawak, Malaysia.
This MOU with Brooke represents a unique arrangement within the
Sarawak upstream oil & gas industry, being the first such
public/private collaboration with a Sarawakian entity. It also
comes at a time of considerable change and opportunity in the
Malaysian oil sector. This joint venture follows meetings with, and
is at the behest of, the Chief Minister and State Secretary of
Sarawak and so enjoys the full backing of the State of Sarawak.
The skills and experience of Upland and Brooke are well-matched;
Upland bringing international experience and technical expertise
whilst Brooke provides excellent local contacts and experience in
both the oil & gas industry and in wider Sarawakian
society.
Upland and Brooke have already been working together for some
time and are well-advanced in their assessment of a number of
upstream oil & gas opportunities.
Background
Sarawak is one of the states in the Federation of Malaysia and
is situated on the island of Borneo. Sarawak has a long history of
oil production beginning with hand-dug wells at least as long ago
as the 11(th) Century. The first oil lease was signed in 1909 and
commercial oil production began in 1910 at Miri, where Shell made
Malaysia's first oil discovery and built Malaysia's first oil
refinery. Sarawak continues to have an active oil & gas sector,
with most activity today being offshore.
The Upland Board believes that considerable potential exists in
Sarawak for further discoveries and for the reappraisal of existing
fields.
Petroleum Sarawak Berhad
As part of the State Government of Sarawak's initiative to
increase Sarawak's participation in the upstream oil & gas
sector, it has recently constituted Petroleum Sarawak Berhad
("Petros") as a new arm of the regional government.
Both Upland and Brooke enjoy good relations with Petros and are
in an excellent position to assist Petros in establishing itself in
its role for the mutual benefit of all parties.
Brooke
Brooke is a government statutory body, wholly-owned by the State
Government of Sarawak and based in Kuching. It was founded in 1912
and is currently, with the exception of Petros, the State of
Sarawak's only entity involved in the upstream oil & gas
industry. Brooke is an integrated engineering corporation that is
also engaged in the marine and land-based engineering sectors,
including petrochemical plant fabrication, bridges and shipbuilding
and ship repair. In the upstream oil & gas industry, Brooke is
involved in the fabrication and commissioning of offshore drilling
platforms, modules and subsea templates.
Steve Staley, CEO of Upland Resources Limited, said:
"We are very pleased to announce this joint venture and grateful
to the Government of Sarawak and Brooke for placing their trust in
Upland Resources as their chosen partner. We look forward to our
continued cooperation".
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 Limited www.uplandres.com
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 (Corporate Tel: +44 (0)20 3411 1882
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. Upland is taking advantage of the low
oil price to acquire quality upstream assets on attractive
terms.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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