Upland Resources Ltd - Operational Update

For immediate release

9 May 2025

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Upland Resources Advances Opportunities in Brunei and Malaysia

London, UK - Upland Resources Limited (LSE: UPL) is pleased to report progress in advancing its hydrocarbon development initiatives across Southeast Asia.

Onshore Brunei - Block L

On 8 May 2025, following a period of technical review by Upland Resources Ltd, the Company received formal acknowledgment of receipt of its interest to enter into a production sharing contract in respect of Block L from the Petroleum Authority of Brunei (PAB), Block L is located in the East of Brunei across the border from Block SK334 in Sarawak. The Company cannot at this stage provide any estimates of how long the Brunei authorities will take to review the Company's interest. The company is encouraged by recent engagement, however there is also no certainty that the Company's application will be successful. 

                           Fig 1 Regional O&G map Brunei/Sarawak

Brunei 2025 Offshore Blocks (shallow water) bidding round

On 9 May 2025, Upland Big Oil, the joint venture vehicle in which Upland Resources holds a 45% stake received notification that Upland Big Oil had been successfully shortlisted for the Brunei 2025 Offshore Blocks (shallow water) bidding round organised by the Petroleum Authority of Brunei (PAB). https://www.pa.gov.bn/brunei-offshore-licensing/ aimed to unlock the remaining hydrocarbon potential of the area. We are pleased that the PAB is considering Upland on these awards which is recognition for the technical capabilities we have built up in Upland Big Oil and the efforts we have made to build relationships in Brunei.

Partnership advancements Sarawak - Brunei

As part of its strategic development activities, the Upland team will be in Kuala Lumpur next week led by the Chairman to participate in a technical and commercial workshop over three days with a prospective partner for onshore development in the region. Key participants in the workshop will include, Professor Andrew Hurst, Dr. Razak Damit, Thomas Nyanat, Gerry Murray and members of the extended Sarawak, Block SK334 Joint Technical Study Team. Following the Kuala Lumpur engagement, select team members including the Chairman have planned to travel to Brunei to continue discussions with a key Brunei-based stakeholder in preparation for potential collaboration in the region.

Rig & Drill Crew

The company is working closely with our partners Vanguard Drilling Energy Services, partnership agreements with NRG Well Management and Huisman Drilling remain firmly in place.

Upland Resources remains committed to building a meaningful presence in Southeast Asia through disciplined growth, robust technical planning, and long-term collaboration with local partners and stakeholders.

Bolhassan Di, Upland Chairman and CEO commented:

The company is greatly encouraged by the recent development in Malaysia and Brunei. Considerable effort has been made by the entire team. We look forward to updating the market appropriately on developments which have been years in the making.

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