Upland Resources today announced the appointment of Prof. Andrew Hurst and Gerard Murray to the Upland Big Oil (“UBO”) SK334 Joint Technical Study committee as Geological Governance Lead and Corporate Advisor respectively. UBO is the Sarawakian joint venture entity jointly owned by Upland Resources’ wholly owned subsidiary Upland Resources Sarawak Sdn Bhd in its joint venture with local partner Big Oil Ventures Sdn Bhd (“BOV”).

The study is being carried out jointly by Upland Big Oil Sdn Bhd and Petroleum Sarawak Berhad (“PETROS”) covering Block SK334 which has a size of approximately 6,685 sq km, located in the northern region of Onshore Sarawak, Malaysia.

Andrew Hurst, Technical Director commented:
“Progress to date has been excellent on Block SK334. Following recent engagement with the UBO team, it is clear the highly skilled team has a wealth of regional geological knowledge and understanding of proven petroleum systems adjacent to SK334. I look forward to increased engagement with the UBO team as the joint technical study develops and progresses toward identification of the most prospective areas and develops an appropriate exploration strategy. SK334 has the potential to have world class assets.

To date, the Joint Technical Study has identified that key elements of a working petroleum system are likely present on Block SK334. Immediate goals are to constrain the critical geological risks; our data and comparisons with analogue data indicates that mature source rocks and active hydrocarbon migration occur, and that recognised seals and traps are present and analogous to onshore and offshore fields and discoveries.”

Gerard Murray, Chief Operating Officer commented:
“Operations in South East Asia have reached a significant milestone for Upland. Block SK334 offers a low cost, high impact, onshore development in a known geopolitically supportive region. Headquartered in Kuching Sarawak, Upland has unique access to opportunities, leveraging a strong network of industry ties and partnerships. I look forward to increased market engagement as we begin to scale up operations in South East Asia.”

Background

On the 1st of September 2022 Upland Resources (Sarawak) Sdn Bhd (a wholly owned subsidiary of Upland), Big Oil Ventures Sdn Bhd (“BOV”) and Petroleum Sarawak Berhad (“PETROS”) signed a Joint Technical Study Agreement to carry out a joint technical study on Block SK334.

The study will be carried out jointly by Upland Resources (Sarawak) Sdn Bhd and BOV covering Block SK334 which has a size of approximately 6,685 sq km, located in the northern region of Onshore Sarawak, Malaysia.

The main objectives of the joint technical study under the Agreement are to de-risk the petroleum system elements and to upgrade the understanding on the prospectivity in Block SK334, especially to:

Assess hydrocarbon potential of Block SK334; delineate prospective areas, and identify leads and prospects in the Study Area
Recommend and design new seismic acquisition requirements and/or identify any other feasible exploration tools for future de-risking activities.

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