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【SMM Flash News】Upland Resources and PEMA Partner for Oil & Gas Development in Aceh

Published: Feb 26, 2026 23:41
London-listed Upland Resources Limited (LSE: UPL) has signed a strategic Memorandum of Understanding (MoU) with PT Pembangunan Aceh (PEMA) to conduct a joint feasibility study for Blocks MY1 and MY2 in Aceh Province. The agreement, signed on February 26, 2026, focuses on the high-potential Tamiang Sub-Basin, which is estimated to hold "yet-to-find" resources of 1.4 billion barrels of oil equivalent (boe). Block MY1 alone contains discovered gas resources estimated between 100–400 Bcf. The partnership aims for a structured production ramp-up targeting 20,000 boe/d within five years. This project is supported by a $100 million funding commitment from Upland's strategic partner, Lost Soldier Oil & Gas.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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