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Upland Resources Ltd on Monday said, following a recent strategic review, it will seek to prioritise the development of opportunities in Sarawak, Malaysia.
‘It is the belief of the Upland board of directors that the company is uniquely positioned in the region and that time and resources spent in adding value to the Sarawak SK334 [joint technical study] work program have potential to generate significant returns for shareholders,’ the London-based oil and gas company explained.
Upland said it will provide further updates in relation to block SK334 in the ‘near term’.
Chair & Chief Executive Officer Bolhassan Di said: ‘Block SK334 in Sarawak offers a transformational potential for a company of our size and we are looking forward to updating shareholders on SK 334 regularly. Separately, we also recognize the potential emerging from our UK North Sea P2478 Dunrobin Prospect and are working closely with the joint venture partners to realise value there as technical studies complete.’
Shares in Upland were down 4.6% at 0.50 pence each in London on Friday.
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