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(Alliance News) - Upland Resources Ltd shares were up on Friday, after it said gas has been discovered in Brunei near its block SK334 in Sarawak, Malaysia.
Upland Resources is a London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea. Its shares rose 5.1% to 2.47 pence each in London on Friday morning.
It said it has 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.
Upland noted that there "is a significant derisk to future exploration and significantly enhances prospectivity in block SK334."
It is actively evaluating all available data from these wells to help constrain technical risk in block SK334.
Chair & Chief Executive Bolhassan Di said: "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."
By Sophie Rose, Alliance News reporter
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