Upland Resource Regulatory News (UPL)

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17 March 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak February JTS Update

Upland Resources Limited (LSE: UPL) is pleased to announce the February workflow update on the SK334 Joint Technical Study ('JTS') activity in Sarawak, Malaysia.

It is the belief of the Upland Board of directors that the Company is unequally positioned in the region and that time and resources spent in adding value to the Sarawak SK334 JTS workstream have potential to generate significant returns for shareholders. 

Investors may also view details related to the Sarawak SK334 JTS workstream in the form of a Monthly Progress Report at the following link shortly:

https://uplandres.com/presentations/

In relation to this report, the Company notes the following highlights:

Geological Study:

· Ongoing regional and local geology analysis.

· Successfully conduction of geological fieldwork on 16th to 24th February 2023.

5 representatives from UBO ("Upland Big Oil") and 2 representatives from PETROS participated in fieldwork covering both Limbang and Lawas district.

12 outcrop locations were observed, discussed and analysed.

· 7 samples were taken to the laboratory for further analysis, which will be used to support, confirm and integrate into the overall interpreted model of the block's petroleum geology. Laboratory works include biostratigraphy, reservoir quality and geochemical analysis.

Geophysical Study:

· Integration of fieldwork findings and analysis with seismic interpretation. Workstation review planned to be conducted by middle of March.

· Preliminary identification of prospects and leads depth structure maps for respective seismic horizons.

· Data preparation and integration for FTG evaluation on structural styles, major & minor fault lineaments mainly in areas void of seismic.

Full Tensor Gradient (FTG) Study:

· Ongoing data modelling works.

The Company notes within Block SK334 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 extremely attractive prospectivity.  

Investor Webinar

The Company will advise of a date to hold the planned Sarawak investor webinar following the next phase of newsflow.

Bolhassan Di, Upland Chairman and CEO commented:

"Progress to date on Block SK334 is very encouraging, Integration of fieldwork findings and analysis with seismic interpretation works is now underway, with preliminary identification of prospects and leads depth structure maps for respective seismic horizons also in process.

The Joint Technical Study has identified that key elements of a working petroleum system are likely present on Block SK334 and we look forward to updating the market on the next phase of development." 

**ENDS**

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