Upland Resource Regulatory News (UPL)

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2nd September 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Joint Technical Study in Sarawak, Malaysia

Upland Resources Limited (Upland) is pleased to announce that on 1st of September 2022 Upland Resources (Sarawak) Sdn Bhd (a wholly owned subsidiary of Upland), Big Oil Ventures Sdn Bhd ("BOV") and Petroleum Sarawak Berhad ("PETROS") have signed a Joint Technical Study Agreement (the "Agreement") to carry out a joint technical study on Block SK334. The study will be carried out jointly by Upland Resources (Sarawak) Sdn Bhd and BOV covering Block SK334 which has a size of approximately 6,685 sq km, located in the northern region of Onshore Sarawak, Malaysia.

PETROS is a state-owned oil and gas exploration firm established and owned by the State Government of Sarawak.

The main objectives of the joint technical study under the Agreement are to de-risk the petroleum system elements and to upgrade the understanding on the prospectivity in Block SK334, especially to:

· Assess hydrocarbon potential of Block SK334; delineate prospective areas, and identify leads and prospects in the Study Area

· Recommend and design new seismic acquisition requirements and/or identify any other feasible exploration tools for future de-risking activities.

The resources for the joint technical study will be primarily sourced from Upland Resources (Sarawak) Sdn. Bhd. and BOV. The study is expected to be completed by end of 2023.

Sedimentary basins in Sarawak are proven prolific hydrocarbons bearing basins with continuing recent discoveries. Block SK334 is bordering discovered oil fields across the border with Brunei and share similar geological settings. Oil production in this sedimentary basin has occurred for many decades and is still producing (e.g the billion-barrel Seria Field).

Upland, through its Sarawakian Chairman, Bolhassan Di will establish an operations office in Sarawak to commence preparatory works for the joint technical study.

Bolhassan Di, Upland Resources Chairman, commented:

"The Joint Technical Study Agreement for Block SK334 represents a significant event for the Upland. We believe that the outcome of the Joint Technical Study will give Upland an advantage for the subsequent stages in Block SK334.

Upland Resources (Sarawak) Sdn Bhd is very encouraged about the potential of significant hydrocarbon present in the study area (Block SK334).

Upland is looking forward to starting the Joint Technical Study immediately, and is optimistic about the results to be obtained, considering that the Block SK334 is located next to a prolific petroleum basin which has witnessed oil production since 1929."

-ENDS-

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

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