Upland Resources : Monthly Progress Report for Shareholders - Ending 30 Apr 2023

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

(Ending April 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:
• • Ongoing laboratory works on the samples. Pending lab test result on biostratigraphy and geochemical analysis. Expected completion 3rd week of May 2023.
  • Post-fieldtrip integration and firm up prospect parameters.
  • Ongoing Deterministic and Probabilistic HC resource assessment
• Geophysical Study:
• • Continuation of works with prospects and leads depth structure maps for respective seismic horizons.
  • Preparation of seismic test line reprocessing and reconditioning. Pending consent from PETROS for disclosure of data to third party.
• FTG Study:
• • Completed 1st draft of constrained modelling works.
  • Commencement of integration works between FTG model, seismic interpretation, fieldwork lab result and regional geology.
• Engagement with PETROS:
• • Progress Update Meeting with PETROS was conducted on the 4th April 2023.

Opportunities, Issues & Challenges:

• Nil

Forward Plan:

• Continuation of integration works of FTG model with findings from fieldwork and seismic mapping.
• Conduct seismic test line, expected completion by End May 2023.
• Organize Technical Workshop with PETROS End May /Early June 2023.

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

Agreement Signing

Review of all available data/reports

Geophysical Studies

2D seismic reprocessing

FTG and Magnetic data review and interpretation

Plan	Actual

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

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

(Ending April 2023)

Page2of 2

Structure A 3D model build to estimate volumetrics.

OWC at structural spill-point (displayed as a blue plane).

Structure B 3D model build to estimate volumetrics.

OWC at structural spill-point (displayed as a blue plane).

Structure C 3D model build to estimate volumetrics.

OWC at structural spill-point (displayed as a blue plane).

Prepared by Upland Big Oil Sdn Bhd