Upland Resources Limited Sarawak Block SK334 Brunei Collaboration (9979F)
14 Julio 2023 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 9979F
Upland Resources Limited
14 July 2023
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14 July 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak Block SK334 Brunei Collaboration
Upland Resources Limited (LSE: UPL) is pleased to announce that
Upland's local Joint Venture company, Upland Big Oil Ventures Sdn
Bhd ("UBO") has this week met with the Petroleum Authority of
Brunei Darussalam, the central authority regulating the Brunei
Darussalam oil and gas industry and also separately with Brunei
Energy Services & Trading (BEST) a subsidiary of Brunei's
National Oil Company, to discuss collaboration on Block SK334 in
Sarawak.
Discussions and key areas of focus centered on Block SK334
prospectivity, development potential and cross border data sharing
with discoveries in Brunei, communications are set to continue with
a focus on this mutually beneficial opportunity and data sharing of
nearby discovered resources.
The Petroleum Authority of Brunei Darussalam is the regulatory
body for the oil and gas industry in Brunei. Brunei Energy Services
and Trading is an integrated energy company completely owned by the
Government of Brunei, and serves as part of the national oil and
gas company. Until July 2020, it was known as Brunei National
Petroleum Company and as PetroleumBRUNEI.
The oil and gas industry is the main contributor to Brunei
Darussalam's growth with a 49.6% share contribution to the
country's GDP in 2021.
Upland's Block SK334 has a number of areas of specific interest
with analogous geological configuration and reservoir/trap/seal
combinations as Brunei's nearby Belait formation which is host to a
number of proven oil and gas discoveries and oilfields. All parts
of the Belait structure connect with potential oil kitchens on both
flanks in the Badas and Belait synclines; Upland's SK344 block
being immediately adjacent to the Belait syncline is determined to
have attractive commercial prospectivity.
Key areas of focus as outlined above will be further discussed
with the Petroleum Authority of Brunei Darussalam and Brunei Energy
Services and Trading in due course.
Photos from the recent engagements will be published on the
Upland Resources website.
Bolhassan Di, Upland Chairman and CEO commented:
"We look forward to developing this relationship in Brunei
further, Block SK334 in Sarawak offers transformational potential,
sedimentary basins in Sarawak and Brunei are proven prolific
hydrocarbon bearing basins. We are steadily building momentum into
the next stage of development, final technical workshops and
assessment of prospective resources.
Separately, we also recognize the two-year extension from our UK
North Sea P2478 Dunrobin Prospect, we are working closely with the
joint venture partners to realise its inherent value."
**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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