Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has entered into a Memorandum of Understanding (the “MOU”) with Brooke Dockyard and Engineering Works Corporation (“Brooke”), a Sarawak State entity, to jointly assess, explore for and develop hydrocarbon assets within the State of Sarawak, Malaysia.
This MOU with Brooke represents a unique arrangement within the Sarawak upstream oil & gas industry, being the first such public/private collaboration with a Sarawakian entity. It also comes at a time of considerable change and opportunity in the Malaysian oil sector.
This joint venture follows meetings with, and is at the behest of, the Chief Minister and State Secretary of Sarawak and so enjoys the full backing of the State of Sarawak. The skills and experience of Upland and Brooke are well-matched; Upland bringing international experience and technical expertise whilst Brooke provides excellent local contacts and experience in both the oil & gas industry and in wider Sarawakian society.
Upland and Brooke have already been working together for some time and are well advanced in their assessment of a number of upstream oil & gas opportunities.
Sarawak is one of the states in the Federation of Malaysia and is situated on the island of Borneo. Sarawak has a long history of oil production beginning with hand-dug wells at least as long ago as the 11th Century. The first oil lease was signed in 1909 and commercial oil production began in 1910 at Miri, where Shell made Malaysia’s first oil discovery and built Malaysia’s first oil refinery. Sarawak continues to have an active oil & gas sector, with most activity today being offshore.
The Upland Board believes that considerable potential exists in Sarawak for further discoveries and for the reappraisal of existing fields.
Petroleum Sarawak Berhad
As part of the State Government of Sarawak’s initiative to increase Sarawak’s participation in the upstream oil & gas sector, it has recently constituted Petroleum Sarawak Berhad (“Petros”) as a new arm of the regional government. Both Upland and Brooke enjoy good relations with Petros and are in an excellent position to assist Petros in establishing itself in its role for the mutual benefit of all parties.
Brooke is a government statutory body, wholly-owned by the State Government of Sarawak and based in Kuching. It was founded in 1912 and is currently, with the exception of Petros, the State of Sarawak’s only entity involved in the upstream oil & gas industry. Brooke is an integrated engineering corporation that is also engaged in the marine and land-based engineering sectors, including petrochemical plant fabrication, bridges and shipbuilding and
ship repair. In the upstream oil & gas industry, Brooke is involved in the fabrication and
commissioning of offshore drilling platforms, modules and subsea templates.
Steve Staley, CEO of Upland Resources Limited, said:
“We are very pleased to announce this joint venture and grateful to the Government of Sarawak and Brooke for placing their trust in Upland Resources as their chosen partner. We look forward to our continued cooperation”.
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
|Upland Resources Limited||www.uplandres.com|
|Steve Staley, CEO||Tel: 07704 974784
|Optiva Securities Limited|
|Jeremy King (Corporate Finance)||Tel: 020 3137 1904
|Christian Dennis (Corporate Broker)||Tel: 020 3137 1903
|Ben Brewerton/Molly Stewart||Tel: +44 (0) 20 3727 1708
|Sasha Sethi||Tel: +44 (0)7891 677441
Upland is an upstream oil & gas company whose highly experienced management team has a track record of creating major value for shareholders in junior oil & gas companies,
including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc. Upland is taking advantage of the low oil price to acquire quality upstream assets on attractive terms.