Shares in Upland Resources (LSE: UPL) enjoyed a significant increase of approximately 14% during early trades on Monday. The small-scale explorer announced that it’s in the process of evaluating and securing an onshore rig for its Sarawak project, located in northern Malaysia.
In an official statement, the company revealed that the Upland Big Oil joint venture team is in Australia this week. They are reviewing the feasibility of a state-of-the-art onshore rig that is currently ‘stacked’ and awaiting commission.
Simultaneously, Upland characterized Block SK334 (home to Sarawak) as hosting resources analogous to those found in the nearby billion-barrel Seria field. It also stated that it matches the scale of some of the largest offshore Oil & Gas fields in Europe.
Additionally, the company is examining potential well site locations and has initiated preliminary field development planning, as emphasized by Upland.
Bolhassan Di, Upland’s CEO and chair, shared with investors that the project is “progressing faster than planned and continuously gaining momentum.”
“While I’m in Australia this week, we have a packed itinerary as we investigate rig potential and fulfill certain objectives with our technical team,” Bolhassan Di expressed.
Describing Block SK334 as a genuinely exceptional opportunity for a company of their size, he said he’s eager to share updates as they continue to implement their planned strategy in Sarawak.
