Client News

Upland Resources Limited (LSE: UPL) is pleased to announce-further to the update on 5^th February 2024 in relation to the Sarawak Block SK334 exploration campaign that the current monthly shareholder progress report is now accessible on the Company’s website at the following link: https://upland.energy/presentations/

SK334 Exploration: Progress Report & Next Steps

• Drill crew & Project teams identified, contracts under review.
• Onshore drilling rig Inspection completed on 26th February 2024 at Sviadnov, Czech Republic, as part of SK334 drilling rig selection and operational preparation.
• Pre-drill work programme developed for accelerated drilling programme.
• Commencement of formal farm-out proceeding with interest from strategics reviewed, shortlist now being finalised.
• Planning & scheduling of anticipated works with PETROS.
• Engagement on PSC work scope with PETROS.

Following a successful week spent in Sarawak in March progressing and finalising the PSC framework, and further to the announcement made on 5^th February, Upland and PETROS are now in the final stages of deliberations on the PSC award and framework.

Additionally, Upland acknowledges the surrender of Offshore UK Licence P2478 to the UK North Sea Transition Authority (“NSTA”) on 31 March 2024, this is not unexpected and was designated a non-core asset by the company.

 Bolhassan Di, Upland Chairman and CEO commented: “Full focus is now on our intended high impact drill campaign onshore Sarawak. We look forward to updating the market on the lead prospects for Block SK334 as well as licencing and contracting arrangements in the coming weeks as we scale up development on Block SK334 in Sarawak.”

Shareholder Monthly Update- 07:00:10 28 Mar- UPL News Article | London Stock Exchange