Upland Resources Limited (LSE: UPL) is pleased to announce significant progress in the development of Block SK334 in Sarawak. The Company, together with its joint venture partner in Sarawak, Big Oil Ventures sdn bhd (together “Upland Big Oil” or “UBO”) are now in the formal process of assessing an onshore rig capable of developing Block SK334 in Sarawak.
Highlights
· Progressing with assessment of onshore rig for Block SK334 in Sarawak.
· Technical team conducting rig evaluations against specific requirements and well design specifications.
· Progress in Block SK334 work programme, including completed seismic reprocessing and reconditioning.
· Active evaluation of potential well site locations and advancement of conceptual field development planning.
· Preliminary estimates suggest significant hydrocarbon resources in Block SK334, comparable to neighbouring billion-barrel Seria field and Europe’s largest offshore Oil & Gas reservoirs.
During the past week, Upland Resources CEO Bolhassan Di, led an assessment in Australia to evaluate the suitability of a new generation onshore rig, currently available for commission. The UBO technical team are reviewing this rig and others against UBO’s specific requirements and well design specifications. Upon completion UBO will engage on commercial terms with the qualifying rig company to finalise this essential aspect of our development strategy.
Fig. 1 – Technical assessment of new generation rig in Australia.
Block SK334 preliminary estimates indicate significant hydrocarbon resources, comparable to those found in the neighbouring billion-barrel Seria field, on a scale akin to Europe’s largest offshore Oil & Gas reservoirs.
The Block SK334 work programme also continues to progress, with seismic reprocessing and reconditioning already completed. The Company is also actively assessing potential well site locations and simultaneously advancing conceptual field development planning.
The Company’s focus now turns to commercial arrangements and formalising partnerships towards a drilling campaign on Block SK334 on-shore, Sarawak. As part of our strategic planning UBO does not envisage raising capital by issuing new equity to fund wells, additionally the company is well financed to meet its operational commitments into 2024.
Bolhassan Di, Upland Chairman and CEO commented:
“We are very satisfied at the effective pace of progress being made by all the team at UBO and we continue to work relentlessly to maximize the potential of this global scale asset in the most time efficient manner. We look forward to updating the market on further progress throughout the month of August.”
PDMR filings relating to recent management purchases can be viewed on the Company website.
