Upland Resource Regulatory News (UPL)

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14 July 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak Block SK334 Brunei Collaboration 

Upland Resources Limited (LSE: UPL) is pleased to announce that Upland's local Joint Venture company, Upland Big Oil Ventures Sdn Bhd ("UBO") has this week met with the Petroleum Authority of Brunei Darussalam, the central authority regulating the Brunei Darussalam oil and gas industry and also separately with Brunei Energy Services & Trading (BEST) a subsidiary of Brunei's National Oil Company, to discuss collaboration on Block SK334 in Sarawak.

Discussions and key areas of focus centered on Block SK334 prospectivity, development potential and cross border data sharing with discoveries in Brunei, communications are set to continue with a focus on this mutually beneficial opportunity and data sharing of nearby discovered resources.

The Petroleum Authority of Brunei Darussalam is the regulatory body for the oil and gas industry in Brunei. Brunei Energy Services and Trading is an integrated energy company completely owned by the Government of Brunei, and serves as part of the national oil and gas company. Until July 2020, it was known as Brunei National Petroleum Company and as PetroleumBRUNEI.

The oil and gas industry is the main contributor to Brunei Darussalam's growth with a 49.6% share contribution to the country's GDP in 2021.

Upland's Block SK334 has a number of areas of specific interest with analogous geological configuration and reservoir/trap/seal combinations as Brunei's nearby Belait formation which is host to a number of proven oil and gas discoveries and oilfields. All parts of the Belait structure connect with potential oil kitchens on both flanks in the Badas and Belait synclines; Upland's SK344 block being immediately adjacent to the Belait syncline is determined to have attractive commercial prospectivity.

Key areas of focus as outlined above will be further discussed with the Petroleum Authority of Brunei Darussalam and Brunei Energy Services and Trading in due course. 

Photos from the recent engagements will be published on the Upland Resources website.

Bolhassan Di, Upland Chairman and CEO commented:

"We look forward to developing this relationship in Brunei further, Block SK334 in Sarawak offers transformational potential, sedimentary basins in Sarawak and Brunei are proven prolific hydrocarbon bearing basins. We are steadily building momentum into the next stage of development, final technical workshops and assessment of prospective resources.

Separately, we also recognize the two-year extension from our UK North Sea P2478 Dunrobin Prospect, we are working closely with the joint venture partners to realise its inherent value."

**ENDS**

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