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Pin to quick picksUpland Resource Regulatory News (UPL)

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Sarawak Block SK334 Rig Evaluation

24 Jul 2023 07:00

RNS Number : 8779G
Upland Resources Limited
24 July 2023




This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

24 July 2023




("Upland" or the "Company")


Sarawak Block SK334 Rig Evaluation 


Upland Resources Limited (LSE: UPL) is pleased to announce that the Company is now in the formal process of assessing and contracting an onshore rig capable of developing Block SK334 in Sarawak. Members of the Upland Big Oil joint venture team are in Australia this week assessing the suitability of a new generation onshore rig, which is currently stacked and available for commission.


· Preliminary estimates suggest that Block SK334 contains similar resources to those found in the neighboring billion-barrel Seria field, equivalent in scale to some of Europe's largest offshore Oil & Gas fields.


Hydrocarbon structural plays have been mapped and evaluated in the primary objective Belait Formation in the northwest (Limbang) of Block SK334. The secondary objective Meligan Formation is located in both the Limbang and northeast (Lawas) of the block. Geological interpretation and FTG modelling also indicate the presence of Belait Formation north of Lawas area.


Fig. 1 - Dome shaped four-way dip closures with the presence of potential reservoir sands. Oil water contact at structural spill-point (displayed as a blue plane).


Several oil and gas seepages were recorded in the delineated prospective areas, and hydrocarbon micro-seepage studies conducted in 2015 have confirmed the presence of an active petroleum system in the area.


Work Programme Highlights


· Seismic reprocessing and reconditioning works completed.

· On-shore rig assessment and contracting underway.

· Well site locations are being assessed.

· Conceptual field development planning is underway.



Bolhassan Di, Upland Chairman and CEO commented:


"I am in Australia this week, there is a busy schedule of events planned as we assess the suitability of rig potential and meet certain objectives with our technical team.


I am also pleased to report that we are ahead of schedule and steadily building momentum in the operational phase of this development.

In addition, I would like to acknowledge the continued support and backing from our cornerstone investors and our wider investor base.

Block SK334 is a truly unique opportunity for a company of our size. I look forward to updating the market as we execute against our planned strategy in Sarawak"





For further information, please contact:


Upland Resources Limited

Bolhassan Di, Chairman and CEO


Gerry Murray COO

Tel: +60 198 861 919


Optiva Securities - Broker

Christian Dennis (Corporate Broker)

Tel: +44 (0)20 3137 1903


IR Contacts



Tel: +44 (0)7891 677441 




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Date   Source Headline
3rd Jul 20247:00 amRNSNotice of AGM
20th Jun 20247:00 amRNSBlock SK334 Progress Report
13th Jun 20243:45 pmRNSAdmission of Shares
7th Jun 20247:00 amRNSNotification of Major Shareholding
5th Jun 20247:00 amRNSWarrant Exercise
28th May 20247:00 amRNSStrategic Investor Share Purchases
21st May 20247:46 amRNSResources Update
21st May 20247:45 amRNSRestoration of Trading
17th May 20247:00 amRNSAdmission of Shares
16th May 20247:05 amRNSAppointment of Chief Commercial Officer
16th May 20247:00 amRNSAnnual Financial Report
14th May 20241:30 pmRNSIssue of New Ordinary Shares
1st May 20247:41 amRNSRequest for Suspension
29th Apr 20247:00 amRNSOperational and Financial Update
26th Apr 20244:45 pmRNSInstitutional Placing& Appointment of Joint Broker
22nd Apr 20247:00 amRNSJoint Venture LOI & Rig Reservation Agreement
28th Mar 20247:00 amRNSShareholder Monthly Update
23rd Feb 20246:00 pmRNSWarrant Exercise
5th Feb 20247:00 amRNSStrategy/Company/Ops Update
30th Jan 20246:00 pmRNSExercise of Warrants
23rd Jan 20245:00 pmRNSExercise of warrants
22nd Jan 20243:00 pmRNSStrategy/Company/Ops Update
18th Jan 20247:00 amRNSManagement Share Purchases
5th Jan 20246:00 pmRNSWarrant Exercise
29th Dec 202312:30 pmRNSResult of AGM
15th Dec 20237:00 amRNSSarawak Drilling Rig Letter of Intent
7th Dec 20235:00 pmRNSNotice of 2023 Annual General Meeting ( 2023 AGM)
4th Dec 20232:00 pmRNSSarawak Drilling Crew Letter of Intent
28th Nov 20237:00 amRNSCompletion of Joint Technical Study
3rd Nov 20237:05 amRNSOctober JTS Summary
30th Oct 20237:08 amRNSCorporate Update
27th Oct 20235:30 pmRNSTermination of offer period
26th Oct 202311:02 amRNSForm 8.3 - UPLAND RESOURCES LIMITED
23rd Oct 20236:24 pmRNSRule 2.9 Announcement
23rd Oct 20237:00 amRNSResponse to Speculation
20th Oct 20235:00 pmRNSExercise of Warrants
20th Oct 20237:00 amRNSSeptember JTS Summary
12th Oct 20237:01 amRNSSarawak Drilling Letter of Intent
12th Oct 20237:00 amRNSExercise of Warrants and Subscription
26th Sep 202310:00 amRNSExercise of Options – Bolhassan Di
21st Sep 202310:00 amRNSWarrant Exercise – Big Oil Ventures
18th Sep 20237:06 amRNSTechnical Evaluation Committee
15th Sep 20237:00 amRNSAugust JTS Summary
23rd Aug 20237:00 amRNSSK334 Joint Technical Study Workshop Update
18th Aug 20237:00 amRNSBrunei Collaboration Update
28th Jul 20237:00 amRNSSarawak Block SK334 Rig Evaluation and Assessment
26th Jul 20237:00 amRNSManagement Share Purchases
25th Jul 20237:00 amRNSDirector, Key Management Share Purchases
24th Jul 20237:00 amRNSSarawak Block SK334 Rig Evaluation

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