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Upland Resources Ltd on Monday said that it is now in the formal process of assessing and contracting an onshore rig capable of developing block SK334 in the Malaysian state of Sarawak. Shares in the firm were up 24% at 0.65 pence in London on Monday at noon following the news. The London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea, said that members of the Upland Big Oil joint venture team are in Australia this week assessing the suitability of a new generation onshore rig. The rig in question is currently stacked and available for commission. Upland told investors that preliminary estimates suggest that block SK334 contains similar resources to those found in the neighbouring billion-barrel Seria field. Looking ahead, the firm added that well site locations are currently being assessed, with conceptual field development planning underway. ‘We are ahead of schedule and steadily building momentum in the operational phase of this development. In addition, I would like to acknowledge the continued support and backing from our cornerstone investors and our wider investor base. Block SK334 is a truly unique opportunity for a company of our size. I look forward to updating the market as we execute against our planned strategy in Sarawak,’ said Chief Executive Officer Bolhassan Di. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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