Upland Resources, the upstream oil and gas and natural resources development company, has entered into a Memorandum of Understanding ("MoU") with PT Pembangunan Aceh ("PEMA"), the Aceh provincial government-owned energy and mineral investment authority.

Formal exchange of signed documents between Upland and PEMA representatives in Aceh

The MoU establishes a structured collaboration framework for the preparation of a joint feasibility study covering technical, financial, legal and risk evaluation related to the potential development of two Blocks in Aceh Province (together, the "area"). Preliminary internal assumptions identify the potential for a structured production ramp-up targeting approximately 20,000 boe/d (~120 MMscf/d) over a 5-year period. The MoU covers the Tamiang Sub Basin of East Aceh, with stated yet to find resources of 1.4 billion barrels of oil equivalent, in exploration potential.

The feasibility and development plan comprises:

• Block MY1, an onshore licence area within a proven producing petroleum basin containing existing developed fields and an identified discovered accumulation, which tested at approximately 25 MMscf/d with publicly stated recoverable resource estimates of 100-400 Bcf, yet to be developed; and
• Block MY2, an onshore licence area within the same petroleum system, identified for technical evaluation, potential development and high-impact exploration across deeper structural and stratigraphic targets.

East Aceh Basin - Integrated Rejuvenation and High-Impact Exploration Strategy

Under the MoU framework, the parties will undertake a structured joint feasibility study designed to evaluate:

• Production optimisation and recovery enhancement across existing developed fields within Block MY1;
• Subsurface re-evaluation and potential reserve enhancement across known accumulations;
• Targeted workover and infill drilling opportunities;
• Appraisal of the identified discoveries within Block MY1;
• High-impact exploration and appraisal potential across both Block's MY1 and MY2; and
• Phased development concepts integrating redevelopment with scalable exploration opportunities.

Block MY1 contains established production infrastructure and identified discovered accumulations that remain subject to further technical evaluation and potential appraisal. The feasibility programme will assess opportunities to enhance production performance, refine resource definition and evaluate appraisal drilling requirements, subject to regulatory approval.

Block MY2 provides exposure to additional exploration potential within the same petroleum system. The integrated approach combines near-term production optimisation with disciplined evaluation of higher-impact exploration opportunities capable of materially expanding the resource base.

Provincial Alignment and Strategic Positioning

PEMA is the principal energy investment arm of the Aceh Provincial Government and plays a central role in regional upstream participation and development initiatives.

Establishing this formal collaboration framework with PEMA provides a constructive platform for long-term engagement within Aceh's devolved upstream governance structure, aligning Upland with provincial strategic objectives while maintaining adherence to national regulatory processes.

Regional Resource Context and Geological Analogues

Aceh forms part of the prolific North Sumatra petroleum system, one of Southeast Asia's historically productive hydrocarbon provinces. Recent basin-wide assessments of the North Sumatra Basin indicate:

• Approximately 244 million barrels of estimated undiscovered recoverable oil resources (P50 basis);
• Approximately 34 trillion cubic feet (Tcf) of estimated undiscovered recoverable gas resources (P50 basis);
• Equivalent to approximately 5.9 billion barrels of oil equivalent (Bboe) on a recoverable basis; and
• An estimated 7.3 Bboe of remaining gross basin potential. 

KeyFacts Energy news: New Kid on the Block