TIDMUPL
RNS Number : 7531X
Upland Resources Limited
28 April 2023
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.
28 (th) April 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Evaluation of Historical Block SK334 Data Confirms Significant
Prospectivity
Upland Resources Limited (LSE: UPL) is pleased to announce that
analysis of historical data relating to Block SK334 has validated
the prospectivity of the Block through the confirmation of three
closed structures where hydrocarbon reservoirs could be present at
several stratigraphic levels.
The results of this study are aligned but separate to the final
results of the Joint-Technical Study ("JTS") presently being
carried out by the Upland Big Oil joint venture where positive
progress is being made and where detailed volumetric analysis
(integrating ongoing JTS workstreams) to estimate oil and gas in
place is underway. All prospects identified, are projected to
contain commercial reserve volumes (subject to ongoing
verification).
Highlights
-- Three main structural positive trends identified and mapped,
and explorative potential assessed together with a first estimate
of risk, internally classified as medium-low.
-- Hydrocarbon bearing reservoirs potential at several stratigraphic levels.
-- Additionally, presence of source rock and seal considered to
further mitigate risk considerably.
-- Analysis of pre-existing data shows three closed promising
structures (A, B, C), that were mapped at multiple horizons and
assessed in terms of volumes:
1. Structure A (depth 1100-1500m)
2. Structure B (depth 1000-1500m)
3. Structure C (depth 1900-2400m)
**Please note that 4 images relating to the three structural
interpretations have been inserted into this announcement; should
these images not be available on third-party systems then they can
be found on the corresponding announcement on the Company
website.
Following technical evaluations based on a multi-disciplinary
analysis and interpretation of pre-existing data including the 2016
2D seismic acquisition and incorporating Upland's initial technical
evaluation from 2018 VDR + WDR in addition to tentative
calibrations using analogue fields and wells in nearby Brunei from
the Jerudong, Belait and Lempuyang fields and Sarawak Block SK433,
this RNS notes the following:
Reservoir Analysis
From a reservoir standpoint, preserved reservoir intervals could
be present at several stratigraphic levels, especially at more
deeply buried levels within the identified structures. The Belait F
ormation is known to be reservoir prone (showing good porosity and
permeability sandstones intervals). Good to excellent quality
reservoir rock is always present within the sandstone levels of the
Belait Formation.
Prospectivity
In terms of exploration concept, it appears that the SK334 area,
from an exploration point of view, shows similar targets and
geological reservoir/trap/seal combinations as nearby Brunei,
especially on the Jerudong anticline in northern Brunei . In this
respect, the potential oil and gas play warranting investigation in
B lock SK334 could be associated with stratigraphic traps caused by
regional and local facies variation within the deltaic sequences on
the eastern flank of the structures.
Moreover, deeper complex trap geometries could be associated
with structural features such as Structure C . The three main
structural trends identified in the seismic interpretation work and
confirmed through the correlation with surface geology and regional
analogues as shown in Figure 1 below:
Fig. 1 - SK334 2D + Brunei Block 2D & 3D seismic Seeps,
Field and wells with label:
Thanks to the correlation with surface geology and based on
thickness/velocit y consideration s , a set of depth maps was
produced, and it was possible to estimate the structural spill
point of individual structure s .
Based on these depth - structural maps, it was possible to run a
preliminary 3D volumetric calculation, by building simplified 3D
geocellular models of each structure in the Petrel software made
available during our initial Workstation Data Room.
Fig. 2 - Structure A 3D model build to estimate volumetrics. OWC
at structural spill-point (displayed as a blue plane).
Fig. 3 - Structure B 3D model build to estimate volumetrics. OWC
at structural spill-point (displayed as a blue plane).
Fig. 4 - Structure C 3D model build to estimate volumetrics. OWC
at structural spill-point (displayed as a blue plane).
Three main positive structural trends a re identified and
mapped, and their explorative potential was assessed together with
a preliminary estimate of their risk, which was internally
categorised as medium-low. Petroleum r eservoirs could be present
at several stratigraphic levels, especially for the more deeply
buried structures, while source rock and seal presence are
considered very low risk. In conclusion , the new seismic data show
s three promising 4-way dip clos ures (A, B, C), that were mapped
at multiple horizons and assessed in terms of volumes:
Structure A (depth 1100-1500 m)
Structure B (depth 1000-1500 m)
Structure C (depth 1900-2400 m)
Detailed v olumetric analysis is currently underway, integrating
ongoing workstreams. We look forward to updating the market in due
course.
Bolhassan Di, Upland Chairman and CEO commented:
" Correlating data and analysis from the 2018 study has provided
important insight to the prospectivity of Block SK334. Our data and
comparisons with analogue data indicate that mature source rocks
and active hydrocarbon migration occur, and that recognised seals
and traps are present and analogous to existing and adjacent
onshore and offshore fields and discoveries.
Whilst some other higher risk prospectivity exists in the
north-east of Block SK334, early work has identified three main
structures of particular interest where petroleum reservoirs could
be present and which have been part of the present Joint Technical
Study efforts to understand and derisk leads within Block SK334
ahead of a future exploration drilling programme, the first of its
kind within this hugely prospective licence adjacent to the
prolific hydrocarbon basins of Brunei.
We look forward to updating further upon the Joint Technical
Study and additional progress in Sarawak."
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandres.com
Gerry Murray, COO bolhassan@uplandbigoil.com.my
gerry.murray@uplandres.com
www.uplandres.com
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Christian Dennis christian.dennis@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
---------------------------------------
IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com
---------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCIRMITMTBTBAJ
(END) Dow Jones Newswires
April 28, 2023 02:00 ET (06:00 GMT)
Upland Resources (LSE:UPL)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Upland Resources (LSE:UPL)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
