By Christian Moess Laursen
Upland Resources shares rose 14% on Monday after it said development of its oil block in Sarawak, Malaysia, is progressing ahead of schedule.
At 0802 GMT, shares were up 0.07 pence at 0.60 pence.
The oil-and-gas company said it has begun assessing and contracting an onshore rig capable of developing its oil block SK334 in Sarawak.
Preliminary estimates indicate that the block contains similar resources to those found in the neighbouring billion-barrel Seria field, which is equivalent in scale to some of Europe’s largest offshore oil-and-gas fields, the company said.
“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,” Chief Executive Bolhassan Di said.
Write to Christian Moess Laursen at [email protected]
Read the full article here
