Shares of Upland Resources (LSE: UPL) opened 24% higher on Friday after the company announced a new collaboration with Brunei’s national oil company. This week, discussions regarding Upland’s Sarawak block, located in Malaysia, have taken place.
Upland stated in a release that the discussions revolved around the potential prospects, development, and cross-border data sharing about Brunei discoveries in the region.
The company pointed out similarities between several areas of interest in Sarawak and Brunei’s adjacent Belait formation geology. Notably, the Belait Formation has several established oil and gas discoveries and oilfields.
Upland CEO Bolhassan Di commented, “Block SK334 in Sarawak has transformational potential. We’re looking forward to expanding our relationship with Brunei. The sedimentary basins in Sarawak and Brunei are proven sources of hydrocarbons.” He added that the company is gaining momentum as it enters the next phase of development, which includes final technical workshops and assessment of potential resources.
Upland confirmed that it will proceed with discussions with the Petroleum Authority of Brunei Darussalam and Brunei Energy Services and Trading at a later time.
In London, Upland shares saw about a 6% increase in value within half an hour of trading, reaching 0.51p from a peak of 0.59p. This trend places the small-scale exploration company’s valuation just shy of £6.5 million.
