NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

03 November 2023

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

October JTS Summary

Upland Resources Limited (LSE: UPL) is pleased to announce that the current monthly shareholder progress report relating to the Sarawak Block SK334 Joint Technical Study (JTS)is now accessible on the Company's website at the following link:

https://upland.energy/presentations/

Highlights & Forward Plan

·      Geological & Geophysical Studies: prospecting strategy and exploration work programme for SK334 - Finalised  

·      Conceptual Engineering: conducted based on available regional data. Status as follows:

·      Reservoir engineering, well engineering and hydrocarbon export plan - Completed

·      Field Development Plan - Completed

·      High level cost estimates - Completed. Cost estimates for CAPEX, DRILLEX, OPEX and ABEX -Completed

·      Petroleum Exploration Economics:

·      Commenced exploration economics assessment. Results for various fiscal terms in Malaysia were generated and compared against. A series of internal reviews were conducted.

·      Sensitivity analysis - Ongoing

·      Proposal for SK334 PSC submitted and received positively by PETROS on 20 Sept 2023

·      Drafting of JTS Technical Report expected to be completed by early Nov 2023. Draft copy to be sent to PETROS for review before presenting in the final Technical Workshop expected in 3rd week of Nov 2023. Agenda includes economics assessment result, prospecting strategy and discussion on PSC

·      Rig Selection: Upland technical team made up of drilling engineers and well management specialists are scheduled to meet in Holland in early November with a view to materially advancing the SK334 drilling campaign

Bolhassan Di, Upland Chairman and CEO commented:

"We are now at the tail end of the SK334 joint technical studies with PETROS and the JTS team has worked diligently in processing seismic and other data to assess the hydrocarbon potential of Block SK334 as well as delivering upon crucial engineering and field development plans. We look forward to wrapping up the studies phase later this month and presenting the findings of the Joint Technical Studies to PETROS.

Additionally, this month our technical team is inspecting a preferred candidate rig in Holland. October was a busy period for the Company, but November is lining up to be even busier with the culmination of some key workstreams.

We continue to deliver further on these workstreams in the near term and remain committed to keeping our investors well-informed."

Joint Technical Studies Timeline

**Ends**

For further information, please contact: