Business
Completion of Joint Technical Study
Completion of Joint Technical Study.
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 \n28 November 2023\n \n \nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\n \nCompletion of Joint Technical Study\n \nUpland Resources Limited (LSE: UPL) is pleased to announce, through its joint venture company UBO, the completion of the Joint Technical Study on Block SK334 in Sarawak with our partner PETROS.\n \nThe detailed Joint Technical Study report was successfully completed and submitted to PETROS today, on time, on cost and to a high standard of quality.\n \nUpland has now commenced preparation for the SK334 exploration campaign, with news flow expected across a number of fronts, which includes, license undertaking through a Production Sharing Contract; commencement of formal farmout process; well planning and drill site preparation.\n \nResults of the 15-month JTS study have confirmed the prospectivity and enhanced our understanding of the SK334 block. Several oil & gas seepages were recorded in the delineated prospective areas, and a hydrocarbon micro seepage oil study has confirmed the presence of active petroleum systems in the area. The SK334 block shares the same geological setting and basin history with significant discoveries in the Belait, Jurdong fields and the neighboring billion barrel Seria Field in Brunei.\n \n\nProspecting map\n \nTo date, no wells were drilled on the 6,685 Sq-Km SK334 block. Three prospects (Santubong, Lesong and Lesong South) and 1 lead (South Lead) were mapped as faulted anticline closures, where the largest of the prospects has an asymmetry high relief dome. \n \nFurther pertinent information will follow in the coming weeks.\n \nBolhassan Di, Upland Chairman and CEO commented:\n \n\"This is a very busy period for the company. Having now successfully completed the Joint Technical Study and sub...