Upland Resources Limited October JTS Summary (2650S)
03 Novembre 2023 - 8:05AM
UK Regulatory
TIDMUPL
RNS Number : 2650S
Upland Resources Limited
03 November 2023
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0 3 November 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
October JTS Summary
Upland Resources Limited (LSE: UPL) is pleased to announce that
the current monthly shareholder progress report relating to the
Sarawak Block SK334 Joint Technical Study (JTS)is now accessible on
the Company's website at the following link:
https://upland.energy/presentations/
Highlights & Forward Plan
-- Geological & Geophysical Studies: prospecting strategy
and exploration work programme for SK334 - Finalised
-- Conceptual Engineering : conducted based on available regional data. Status as follows:
-- Reservoir engineering, well engineering and hydrocarbon export plan - Completed
-- Field Development Plan - Completed
-- High level cost estimates - Completed. Cost estimates for
CAPEX, DRILLEX, OPEX and ABEX -Completed
-- Petroleum Exploration Economics:
-- Commenced exploration economics assessment. Results for
various fiscal terms in Malaysia were generated and compared
against. A series of internal reviews were conducted.
-- Sensitivity analysis - Ongoing
-- Proposal for SK334 PSC submitted and received positively by PETROS on 20 Sept 2023
-- Drafting of JTS Technical Report expected to be completed by
early Nov 2023. Draft copy to be sent to PETROS for review before
presenting in the final Technical Workshop expected in 3rd week of
Nov 2023. Agenda includes economics assessment result, prospecting
strategy and discussion on PSC
-- Rig Selection: Upland technical team made up of drilling
engineers and well management specialists are scheduled to meet in
Holland in early November with a view to materially advancing the
SK334 drilling campaign
Bolhassan Di, Upland Chairman and CEO commented:
"We are now at the tail end of the SK334 joint technical studies
with PETROS and the JTS team has worked diligently in processing
seismic and other data to assess the hydrocarbon potential of Block
SK334 as well as delivering upon crucial engineering and field
development plans. We look forward to wrapping up the studies phase
later this month and presenting the findings of the Joint Technical
Studies to PETROS.
Additionally, this month our technical team is inspecting a
preferred candidate rig in Holland. October was a busy period for
the Company, but November is lining up to be even busier with the
culmination of some key workstreams.
We continue to deliver further on these workstreams in the near
term and remain committed to keeping our investors
well-informed."
Joint Technical Studies Timeline
**Ends**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandbigoil.com.my
Gerard Murray, COO gerry.murray@upland.energy
Optiva Securities - Broker Tel: +44 (0)20 3981 4778
D aniel Ingram daniel.ingram@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
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