Upland Resources (LSE:UPL) Limited said its subsidiary Upland Resources (LSE:UPL) Sdn Bhd, Big Oil Ventures Sdn Bhd and Petroleum Sarawak Berhad signed an agreement to carry out a joint technical study on Block SK334.
Block SK334 is an area of approximately the size 6,685 sq km which is located in the northern region of Onshore Sarawak, Malaysia, according to the oil and gas exploration company.
The study will be carried out by Upland Resources and Big Oil Ventures with the objective to de-risk the petroleum system elements and to upgrade the understanding of the prospect.
According to a statement, the study will also assess hydrocarbon potential of Block SK334, delineate prospective areas, and identify leads and prospects in the study area.
Upland also said the study will recommend and design new acquisition requirements and possibly identify any other feasible exploration tools for future de-risking activities.
The resources for the joint technical study will be primarily sourced from Upland Resources (Sarawak) Sdn. Bhd. and Big Oil Ventures. The study is expected to be completed by the end of 2023.