Upland Resources Ltd - London-based oil and gas company with assets in Malaysia, Tunisia and the UK North Sea - Expects in early November to complete drafting of a joint technical study technical report, for the production sharing contract regarding onshore Block SK334 in Sarawak, Malaysia. Draft will be sent for review by its state-owned partner Petroleum Sarawak Berhard or Petros. Evaluation of potential drilling targets is ongoing. Upland notes that its proposal for the SK334 PSC was submitted and ‘received positively’ by Petros on September 20.

Chair and Chief Executive Officer Bolhassan Di says: ‘[September] has been and is a busy period for the company across a number of fronts. Having successfully completed our geological and geophysical works, our focus is now firmly on the SK334 [PSC]...The fact that our PSC application has been positively received by the regulator is welcomed as we continue on a precise pathway.’

Current stock price: 3.19 pence, down 3.5% in London on Friday

12-month change: up from 0.30 pence on Oct 25, 2022

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