Upland Resources Limited Brunei Collaboration Update (7045J)
August 18 2023 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 7045J
Upland Resources Limited
18 August 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
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18 August 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Brunei Collaboration Update
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."
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandbigoil.com.my
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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