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This 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.
16th May 2024
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
PSC, Joint Venture & LOI's Update
Following the meeting with key heads of Sarawak State in London on April 23rd Upland is pleased to confirm that a number of meetings have been held in Kuching throughout the week commencing May 13th with key officials of Sarawak State and with Petros. Discussions have been to finalise Upland's application for a Petroleum Sharing Contract (PSC).
While the Company awaits the PSC award Upland also confirms that it is now in discussions/negotiations with five established E&P companies, including Oil & Gas Majors to participate in the Exploration and Production of Block SK334.
Upland has signed two Letters of Intent on potential Joint Venture, Farm-In Agreements, with discussions progressing to Exploration Strategy & Field Development Planning (FDP), with one party, including progression into investment appraisal and campaign planning review.
At this stage it would be prejudicial to our negotiations to name the interested parties. The Upland Financial & Investment Committee, announced on Jan 22nd 2024, is actively determining which of the current options will provide the best shareholder value.
Bolhassan Di, Upland Chairman and CEO commented:
"As we would expect the potential of SK334 is attracting a lot of attention and we already have some very serious alternatives to consider. We do expect there to be a lot more interest and as a Company we will make sure that the options we choose move us ahead but also are in the long-term interests of all our stakeholders."
For further information, please contact:
| Upland Resources Limited Bolhassan Di Chairman and CEO Gerry Murray COO Albert May CCO | Tel: +60 198 861919 albert.may@upland.energy |
| Optiva Securities - Joint Broker Vishal Balasingham | Tel: +44 (0)20 3137 1903 |
| OAK Securities - Joint Broker Jerry Keen Henry Clarke Dillon Anadkat | Tel: +44 (0)20 3973 3678 henry.clarke@oak-securities.com dillon.anadkat@oak-securities.com www.oak-securities.com |
**ENDS**
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