Upland Resource Regulatory News (UPL)

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16 January 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak Update

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

· A progress Update Meeting with PETROS was conducted on 19th December 2022. PETROS is satisfied with the progress achieved to date.

Geological Study:

· Ongoing regional and local geology analyses incorporating Bruneian and Malaysian areas. Received new, additional dataset from neighboring Offshore Sabah, including seismic and well log.

· Finalised and presented objectives and detailed programme for geological fieldwork to PETROS.

Geophysical Study:

· Seismic interpretation works ongoing: 4 regional horizons completed with 1 regional horizon is on-going. Fault interpretation and detailing ongoing.

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

· Completed market survey document for seismic reprocessing.

Full Tensor Gradient (FTG) Study:

· Data Quality Control (QC) and data conditioning ongoing.

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 Chairman and CEO commented:

"Block SK334 in Sarawak offers transformational potential for a company our size, sedimentary basins in Sarawak are proven prolific hydrocarbons bearing basins. We are encouraged by the continuing recent discoveries in surrounding blocks and we look forward to updating shareholders as we steadily build momentum into the next stage of development. 

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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