Upland Resources : Monthly Progress Report for Shareholders - Ending 31 May 2023

JOINT TECHNICAL STUDY BLOCK SK334, ONSHORE SARAWAK Monthly Progress Report for Shareholders

(Ending May 2023)

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Objectives of SK334 Joint Technical Study

1. Assess hydrocarbon potential and generate leads and prospects;
2. High grade and delineate prospective areas; and
3. Design new seismic acquisition plan and/or other feasible exploration tools for execution in future De-risking activities.

Project Progress Update

Progress to Date / Milestone Achieved:

• Geological Study:
• • Completed all laboratory works on the samples. Finalizing fieldwork report.
  • Ongoing Deterministic and Probabilistic HC resource assessment.
• Geophysical Study:
• • Obtained consent from PETROS for disclosure of data to third party for seismic reprocessing test line.
  • Commenced seismic reprocessing test line on Line 005 and reconditioning of Line 005 and Line 013.
  • Test line expected to be completed by end of June 2023. Reconditioning work expected to be completed by early June 2023.
• FTG Study:
• • Reviewed the draft of modelling works report. Update and finalize report ongoing.
  • Ongoing integration works between FTG model, seismic interpretation, fieldwork lab result and regional geology.

Opportunities, Issues & Challenges:

• Nil

Forward Plan:

• Continuation of prospect analysis resource assessment works.
• Organize Technical Workshop with PETROS End June 2023, subject to the completion of seismic reprocessing test line.
• Commencement of conceptual field development plan.

Project Details

Block Name	SK334, Onshore Sarawak
Block Size	6,685 sq.km
Start/Completion Date	Sept 2022 / Nov 2023
Project Duration	15 months

Key Project Team Members

Managing Director	DBD
Team Leader	FW
Project Advisor	AD
Corporate Advisor	GM
Head, Geoscience	AK
Geoscience Advisor	NT
Geoscience Advisor	Professor Dr AH
Principal Geologist	JAN
Principal Geophysicist	SH
FTG Expert	Dr AB
Geochem Expert	Dr KM
Senior Geologist	RB
Senior Geologist	Dr LL
Reservoir Engineer	GC
Front End Engineer	AZ
Head, Admin	FI
Engineer	MJ
Engineer	IN
Liaison Officer	KA
Local Coordinator	R @ NS
Legal Advisor	MBNA Solicitors & Advoc.

		2022								2023
Petroleum Activities & Timeline
1	2	3	4	5	6	7	8	9		10	11	12	13	14	15
	S	O	N	D	J	F	M	A	M	J	J	A	S	O	N
General & Administration												Plan			Actual
Agreement Signing
Review of all available data/reports
Geophysical Studies
2D seismic reprocessing
FTG and Magnetic data review and interpretation
Geological studies

Project database setup and review

Geoscience integrated interpretation (using Petrel)

Fieldwork analogue survey

Basin modelling and structural balancing and restoration

Play identification and prospect analysis

Engineering & Economics

Conceptual Field Development Plan

Petroleum Economics

Prepared by Upland Big Oil Sdn Bhd