Upland Resources Limited Sarawak UBO Appointments & Operational Update (8791S)
14 Marzo 2023 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 8791S
Upland Resources Limited
14 March 2023
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14 March 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak UBO Appointments & Operational Update
Upland Resources Limited (LSE: UPL) is pleased to announce the
appointment of Prof. Andrew Hurst and Gerard Murray to the Upland
Big Oil ("UBO") SK334 Joint Technical Study committee as Geological
Governance Lead and Corporate Advisor respectively. UBO is the
Sarawakian joint venture entity jointly owned by Upland Resources'
wholly owned subsidiary Upland Resources Sarawak Sdn Bhd in its
joint venture with local partner Big Oil Ventures Sdn Bhd
("BOV").
The study is being carried out jointly by Upland Big Oil Sdn Bhd
and Petroleum Sarawak Berhad ("PETROS") covering Block SK334 which
has a size of approximately 6,685 sq km, located in the northern
region of Onshore Sarawak, Malaysia.
Andrew Hurst, Technical Director commented:
"Progress to date has been excellent on Block SK334. Following
recent engagement with the UBO team, it is clear the highly skilled
team has a wealth of regional geological knowledge and
understanding of proven petroleum systems adjacent to SK334. I look
forward to increased engagement with the UBO team as the joint
technical study develops and progresses toward identification of
the most prospective areas and develops an appropriate exploration
strategy. SK334 has the potential to have world class assets.
To date, the Joint Technical Study has identified that key
elements of a working petroleum system are likely present on Block
SK334. Immediate goals are to constrain the critical geological
risks; our data and comparisons with analogue data indicates that
mature source rocks and active hydrocarbon migration occur, and
that recognised seals and traps are present and analogous to
onshore and offshore fields and discoveries."
Gerard Murray, Chief Operating Officer commented:
"Operations in South East Asia have reached a significant
milestone for Upland. Block SK334 offers a low cost, high impact,
onshore development in a known geopolitically supportive region.
Headquartered in Kuching Sarawak, Upland has unique access to
opportunities, leveraging a strong network of industry ties and
partnerships. I look forward to increased market engagement as we
begin to scale up operations in South East Asia."
** 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
www.uplandres.com
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Christian Dennis christian.dennis@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
---------------------------------------
Flowcomms - IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com
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