ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce the publication of its audited annual report and financial statements for the year ended 30 June 2020 (“2020 Report”).

The Company’s 2020 Report will be posted to shareholders shortly and it will also be made available on the Company’s website at: http://uplandres.com/

In addition, a copy of the 2020 Report will be uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM

Highlights include:

  • Changed Company domicile from the British Virgin Islands to Jersey to enhance corporate governance. This migration to Jersey means that the Company has now become subject to the City code on Takeovers and Mergers.
  • Appointment of two additional non-executive directors, Mr Dixon Wong and Mr Christopher Pitman, to the Board.
  • Awarded the P2478 and P2470 ‘Innovate’ licences by the UK Oil and Gas Authority as a result of the competitive UK 31st Offshore Licensing Round along with its partners. P2470 has been relinquished, but a work sharing and confidentiality agreement has been signed with a large international E&P company in respect of P2478.
  • Successfully raised £250,000 in February via a subscription. A further £470,000 was raised in July (after the year-end) to progress the Company’s projects in Tunisia and opportunities in Sarawak and Brunei.

Post Period End:

  • On 10 September 2020, Bolhassan Di became interim CEO replacing Christopher Pitman who remains a director but will now concentrate on developing new business opportunities.
  • Commissioned highly experienced external consultant GAIA Consulting to undertake a detailed geological and geophysical study of the Saouaf Permit area in order to prepare a lead and prospect inventory and to further evaluate existing Saouaf licence area data ahead of initiating formal farm-out processes.
  • Recent political developments in Sarawak, Malaysia have given cause for optimism in a highly attractive area for new hydrocarbon plays.

Upland CEO Bolhassan Di commented:

“Against a backdrop of a particularly difficult period for the oil and gas sector and global financial markets we were pleased to be able to make  progress  in furthering our objectives to develop  the high potential Tunisian Saouaf License and to progress initiatives to secure additional highly attractive hydrocarbon plays in south-east Asia.

Following a period of data consolidation and preparation, we have recently begun to see very promising results from our work in Tunisia specifically identifying a highly promising sub-salt play, new for the Saouaf area but well proven in Algeria and Morocco. The first phase of this work is now complete, and we look forward to updating investors on further phases in the near term.

In Brunei we have entered into a Memorandum of Understanding with Bruneian oil and gas industry services provider Viddacom; this was a strategy we have been working to progress for some time. The MOU provides Upland with a strong local partner as we work hard to pursue licence applications through the Petroleum Authority of Brunei Darussalam. 

In Sarawak, Malaysia there continues to be positive progress in negotiations between the Sarawak state government and Petronas in relation to the management of oil and gas assets in Sarawak.  There are now encouraging signals that industry players may soon be able to work in the area with Petros to maximise the substantial potential of Sarawak.

It has been tough and slow time for the industry, but we are pleased to have progressed our work programme and strategy across all our operating geographies and look forward to updating shareholders further in due course.”

-ENDS-

Annual Report and Financial Statements for year ended 30th June 2020 – Upland Resources Limited

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

Upland Resources Limitedwww.uplandres.com
Bolhassan Di, Interim, CEOTel: +44 (0) 7891 677441
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Finance)Tel: 020 3137 1904
jeremy.king@optivasecurities.com
Christian Dennis (Corporate Broker)Tel: 020 3137 1903
christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton/Christopher Laingben.brewerton@fticonsulting.com
Tel: +44 (0) 20 3727 1708
christopher.laing@fticonsulting.com
Flowcomms Ltd
Sasha SethiTel: +44 (0)7891 677441
sasha@flowcomms.com