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Upland Resources Ltd on Friday said it concluded a market survey & screening exercise for seismic data processing for the SK334 joint technical study in Sarawak, Malaysia in January. The Malaysia-focused upstream oil and gas company said it notes within block SK334 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’. It added: ‘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 immediately adjacent to the Belait syncline is determined to have extremely attractive prospectivity.’ Regional and local geology analyses incorporating areas in Malaysia and Brunei are ongoing, it said, while it submitted a geological fieldwork plan to Malaysian state-owned oil and gas exploration company Petroleum Sarawak Berhad. Geological fieldwork was planned to have begun on Thursday until Friday next week. ‘Activities are certainly gathering pace and I would like to extend my thanks to all the wider technical team,’ said Chair & Chief Executive Officer Bolhassan Di. ‘Additionally, we were also very pleased with the recent positive competent person report’s on our UK North Sea P2478 Dunrobin prospect and are supporting our joint venture partners there on the farm-out process. ‘Our primary focus is now south-east Asia in Sarawak where Block SK334 in Sarawak offers us transformational potential and where we have been making excellent process on the joint technical study with Petros.’ Shares in Upland were up 4.6% to 0.52 pence each in London on Friday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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