Upland Resource Regulatory News (UPL)

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20 December 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak Update

Upland Resources Limited (LSE: UPL) is pleased to announce the November 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:

https://uplandres.com/presentations/

In relation to this report, the Company notes the following highlights from the November workflow update:

· Established regional tectonic framework by incorporating all available geological data from Limbang and Brunei area. 

· Established structural framework of tectonic model to reflect local geological setting - integration between SAR, FTG and seismic interpretation as work progresses for consistency. 

· Finalized objectives of geology fieldwork. Detailed trip plan on primary and secondary objectives are currently being developed. 

· Seismic interpretation works ongoing: 3 regional horizons completed while 2 regional horizons is on-going. 

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

· Document preparation for market survey to seismic processing company. 

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.  

The Company will provide further updates and information in relation to block SK334 in the near term and will also advise further of a planned investor webinar focusing upon Sarawak.

Bolhassan Di, Upland Non-Executive Chairman and CEO commented:

"Block SK334 in Sarawak offers transformational potential for a company our size, we have identified three main structural trends in the seismic interpretation work, and confirmed through the correlation with surface geology and regional analogues. We steadily build momentum across a number of fronts, and we are looking forward to updating shareholders on some emerging areas of interest and value creation in the near term.

Separately, we also recognize the potential emerging from our UK North Sea P2478 Dunrobin Prospect and are working closely with the joint venture partners to realise value there as technical studies complete."

**ENDS**

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