Upland Resources has signed a Memorandum of Understanding with PEMA, the Aceh provincial government-owned energy and mineral investment authority, to conduct a joint feasibility study for the potential development of Blocks MY1 and MY2 in Aceh Province.
Preliminary internal assumptions suggest a production ramp-up targeting approximately 20,000 boe/d over five years, with Block MY1 containing discovered resources of 100-400 Bcf and the Tamiang Sub Basin having stated yet-to-find resources of 1.4 billion barrels of oil equivalent.
Upland's regional strategy is supported by a US$100 million funding commitment from its strategic partner, Lost Soldier Oil & Gas.
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Source: Upland Resources
