Upland Resource Regulatory News (UPL)

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23 August 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

SK334 Joint Technical Study (JTS) Technical Workshop Update

Upland Resources Limited (LSE: UPL) is pleased to announce that the planned Technical Workshop for the Joint Technical Study (JTS) on Block SK334, Onshore Sarawak was successfully conducted with Sarawak's state oil company Petroleum Sarawak Berhad (PETROS) in conjunction with Upland's joint venture partner in Sarawak, Big Oil Ventures sdn bhd (together "Upland Big Oil" or "UBO") on 17th August 2023.

Highlights

· Focus now on Production Sharing Contract phase with PETROS 

· Preliminary volumetric resource estimates assessed and exceeding expectations

· Identification of prospective drill targets on Block SK334 and presentation of proposed exploration strategy

Final reports for FTG modelling, lab test result and findings for fieldwork samples, and seismic reprocessing & conditioning results were presented to PETROS. Prospect maps and preliminary resource estimates were assessed and deliberated with PETROS with results exceeding expectations.

The proposed prospecting strategy and work commitment for a Production Sharing Contract over Block SK334 Contract were presented to PETROS and received positive and encouraging feedback.

In summary, PETROS have indicated to the Joint Venture Partners that they were pleased with the progress of the JTS. The JTS team is confident that all scope of works for the JTS will be completed on-time and on-budget.

Professor Andrew Hurst, Upland Technical Director commented:

"To date progress on Block SK334 has been excellent - high-quality work on-time and on-budget. Continued engagement with the UBO team has demonstrated the value of their highly skilled team endowed with regional geological knowledge and a deep understanding of proven petroleum systems adjacent to Block SK334. I look forward to increased engagement with the UBO team as we progress with PETROS to the Production Sharing Contract (PSC) stage while finalising the Joint Technical Study.

The most likely prospective areas of Block SK334 have been identified, and an appropriate exploration strategy is in development. SK334 has the potential to have world class assets."

Bolhassan Di, Upland Chairman and CEO commented:

"With the Production Sharing Contract (PSC) now firmly in focus, we are delighted with the feedback we have received from PETROS during our recent Joint Technical Study workshop. Amongst our discussions was the recent volumetric resource analysis which has greatly exceeded our expectations, and we look forward to updating our shareholders on further progress in the near term."

**ENDS**

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