Upland Resources Advances Opportunities in Brunei and Malaysia
Why we think this is neutral
The RNS provides an update on Upland Resources' progress in advancing its initiatives in Brunei and Malaysia, but lacks financial and operational performance details, making it difficult to assess the overall health and progress of the business. While the company has made some positive developments, such as receiving acknowledgment from the Brunei authorities and being shortlisted for a bidding round, there is no certainty that its application for Block L will be successful. Additionally, the company is operating in regions with potential political and jurisdictional risks, which warrants a cautious approach.
Key Points
- Upland Resources received formal acknowledgment from the Petroleum Authority of Brunei for its interest in Block L
- Upland Big Oil, in which Upland Resources holds a 45% stake, has been shortlisted for the Brunei 2025 Offshore Blocks (shallow water) bidding round
- Upland Resources is working on advancing partnerships and technical collaborations in the region, including a workshop in Kuala Lumpur and planned discussions in Brunei
- The company is working closely with its drilling and well management partners
Summary
Upland Resources Limited (LSE: UPL) has reported progress in advancing its hydrocarbon development initiatives across Southeast Asia. The company received formal acknowledgment from the Petroleum Authority of Brunei (PAB) for its interest to enter into a production sharing contract for Block L in Brunei, though there is no certainty that the application will be successful. Additionally, Upland Big Oil, the joint venture vehicle in which Upland Resources holds a 45% stake, has been successfully shortlisted for the Brunei 2025 Offshore Blocks (shallow water) bidding round. The company is also working on advancing partnerships and technical collaborations in the region, including a workshop in Kuala Lumpur and planned discussions in Brunei.