Business
Brunei Collaboration Update
Brunei Collaboration Update.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \nThis announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.\n\n18 August 2023\n \n \nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\nBrunei Collaboration Update\nUpland Resources Limited (LSE: UPL) is pleased to announce that, through its collaborative discussions with the Petroleum Authority of Brunei Darussalam, the Company has recently been advised that gas was discovered in two previously unknown reservoirs in the neighbouring block in Brunei, which is located close to, and has a similar geological context to prospective areas in Block SK334.\n \nHigh pressure, material gas discovery where gas flared at surface level with further additional formations yet to be tested.\n \nThis is a significant derisk to future exploration and significantly enhances prospectivity in Block SK334. Upland is actively evaluating all available data from these wells to help constrain technical risk in Block SK334.\n \nProfessor Andrew Hurst, Upland Technical Director commented:\n \n\"The presence of previously unrecognised reservoirs and proof of gas migration and trapping in the adjacent Brunei block are key positive indicators of broader hydrocarbon prospectivity in the area.\"\n \nBolhassan Di, Upland Chairman and CEO commented:\n\"We view this development as a material upgrade to Block SK334, correlating key characteristics and understanding of the adjacent block prospectivity, further strengthening our position.\n \nAdditionally, gas is a core pillar and major catalyst in Sarawak's roadmap to sustainability. We look forward to updating the market of any further developments.\"\n \n**ENDS**\n \nFor further information, please contact:\n \n\n\n\n\nUpland Resources Limited\nBolhassan Di, Chairman and CEO\n\n\nTel: +60 198 861 919\[email protected]\[email protected]\nwww.uplandres.com\n \n\n\n\n\nOpti...