Business
Sarawak Block SK334 Brunei Collaboration
Sarawak Block SK334 Brunei Collaboration.
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 \n14 July 2023\n \n \nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\n \nSarawak Block SK334 Brunei Collaboration \n \nUpland Resources Limited (LSE: UPL) is pleased to announce that Upland's local Joint Venture company, Upland Big Oil Ventures Sdn Bhd (\"UBO\") has this week met with the Petroleum Authority of Brunei Darussalam, the central authority regulating the Brunei Darussalam oil and gas industry and also separately with Brunei Energy Services & Trading (BEST) a subsidiary of Brunei's National Oil Company, to discuss collaboration on Block SK334 in Sarawak.\n \nDiscussions and key areas of focus centered on Block SK334 prospectivity, development potential and cross border data sharing with discoveries in Brunei, communications are set to continue with a focus on this mutually beneficial opportunity and data sharing of nearby discovered resources.\n \nThe Petroleum Authority of Brunei Darussalam is the regulatory body for the oil and gas industry in Brunei. Brunei Energy Services and Trading is an integrated energy company completely owned by the Government of Brunei, and serves as part of the national oil and gas company. Until July 2020, it was known as Brunei National Petroleum Company and as PetroleumBRUNEI.\n \nThe oil and gas industry is the main contributor to Brunei Darussalam's growth with a 49.6% share contribution to the country's GDP in 2021.\n \nUpland's Block SK334 has a number of areas of specific interest with analogous geological configuration and reservoir/trap/seal combinations as Brunei's nearby Belait formation which is host to a number of proven oil and gas discoveries and oilfields. All parts of the Belait structure connect with potential oil kitchens on both flanks in the Badas and Belait synclines; Upland's SK344 block being...