Client News

Upland Resources Limited (LSE: UPL) is pleased to announce that, through its collaborative discussions with the Petroleum Authority of Brunei Darussalam, the Company has recently been advised that gas was discovered in two previously unknown reservoirs in the neighbouring block in Brunei, which is located close to, and has a similar geological context to prospective areas in Block SK334.

High pressure, material gas discovery where gas flared at surface level with further additional formations yet to be tested.

This is a significant derisk to future exploration and significantly enhances prospectivity in Block SK334. Upland is actively evaluating all available data from these wells to help constrain technical risk in Block SK334.

Professor Andrew Hurst, Upland Technical Director commented:

“The presence of previously unrecognised reservoirs and proof of gas migration and trapping in the adjacent Brunei block are key positive indicators of broader hydrocarbon prospectivity in the area.”

Bolhassan Di, Upland Chairman and CEO commented:

“We view this development as a material upgrade to Block SK334, correlating key characteristics and understanding of the adjacent block prospectivity, further strengthening our position.

Additionally, gas is a core pillar and major catalyst in Sarawak’s roadmap to sustainability. We look forward to updating the market of any further developments.”

Brunei Collaboration Update – 07:00:02 18 Aug 2023 – UPL News article | London Stock Exchange