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Upland Resources Ltd - London-based oil and gas company - Notes completion of joint venture between its subsidiary Upland Resources (Sarawak) Sdn Bhd and Big Oil Ventures Sdn Bhd. JV is called Upland Big Oil Sdn Bhd. Both Upland and Big Oil will fund a joint technical study for a project in Malaysia, with Upland's outlay towards the completion of the study expected to be $250,000.
The study is expected to be completed by the end of next year. It is intended to de-risk the petroleum system elements and upgrade understanding of the prospectivity of Block SK334 in Sarawak state in Malaysia.
Upland Resources Chair Bolhassan Di says: ‘Completion of the joint venture agreement represents a significant event for the company, Upland is looking forward to starting the joint technical study immediately, and is optimistic about the results to be obtained, considering that the Block SK334 is in a prolific sedimentary petroleum basin, bordering discovered oil fields in Brunei that share similar geological settings’.
Current stock price: 0.26 pence, up 14% on Monday
12-month change: down 52%
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