Client News

Upland Resources Limited (LSE: UPL) is pleased to announce that further to the update on 23 August 2023 in relation to the Sarawak Block SK334 Joint Technical Study (JTS) Technical Workshop that the current monthly shareholder progress report is now accessible on the Company’s website at the following link:

https://upland.energy/presentations/

Highlights & Forward Plan

·      Field Development Plan: Progressing with the notional field development plan in collaboration with PETROS.

·      Field Development Planning: Concept Select Field Development planning with PETROS downstream/facilities division to discuss SK334 field development scheduled early October.

·      Resource Estimates: Methodologies for Volumetric Resource estimates deliberated and agreed with PETROS, in process of final completion.

·      Rig Selection: Rig selection process in progress.

·      Future Exploration Plans: Developing prospecting and exploration strategies in Limbang area as part of SK334 Petroleum Sharing Contract (PSC) preparation.

·      Petroleum Economics Studies: Now progressing with the Petroleum Economics studies.

·      Assessment of Potential Targets: Actively evaluating Full Tensor Gravity (FTG) data and geological field-work results to assess additional potential targets on the eastern flank of Block SK334 (Lawas area).

August JTS Summary – 07:00:03 15 Sep 2023 – UPL News article | London Stock Exchange

Bolhassan Di, Upland Chairman and CEO commented:

“Having successfully completed our geological and geophysical works, our focus is now firmly on the SK334 Production Sharing Contract with PETROS.

We look forward to engaging with the PETROS downstream and facilities division, identifying key hydrocarbon export channels and critical infrastructure available to Block SK334.

Additionally, we are encouraged by sustained interest from external parties who wish to collaborate on SK334’s PSC.

We will continue to deliver further on these workstreams in the near term and remain committed to keeping our investors well-informed.”