Corporate Update

RNS Number : 0452Z
Upland Resources Limited
07 January 2020


This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

7 January 2020


(“Upland” or the “Company”)

Corporate Update

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to provide an update on recent events.

Saouaf Licence, Tunisia

Upland is pleased to announce that on 24 December 2019, the Decree of the Minister of Industry and Small and Middle Enterprises dated 14 November 2019 in respect of the permit for the exclusive hydrocarbon exploration and appraisal licence granted to the Company’s wholly-owned subsidiary, Upland (Saouaf) Limited (the “Saouaf Licence“), onshore northern Tunisia was published in the Official Gazette of the Tunisian Republic.  The publication represents the start of the initial 2 year prospecting period of the Saouaf Licence.

Upland has now initiated key technical studies and fieldwork in conjunction with its JV partner, Entreprise Tunisienne d’Activités Pétrolières (“ETAP“), to allow a better understanding of the Saouaf Licence area.  A licence committee meeting will also be held to present and approve the 2020 work programme. To date none of the work programme under the Saouaf Licence has been carried out. Further updates will be provided in due course.

Board Changes

Upland also announces that Mr Christopher Pitman has been appointed by the Board of Directors of the Company (the “Board“) as the Company’s permanent Chief Executive Officer and Mr Aimi Nasharuddin has been appointed as an additional non-executive Director of the Company, in each case on 6 January 2020.

Mr Christopher Pitman, Chief Executive Officer

Following the appointment of Christopher Pitman as the Company’s interim Chief Executive Officer (as announced by the Company on 7 October 2019), the Board has invited Mr Pitman to take up the Chief Executive Officer role on a permanent basis – and is delighted to announce that he has accepted this invitation.  Accordingly, his role as Chief Executive Officer is now on a permanent basis and he has agreed to enter into an employment contract with the Company in due course.

Mr Aimi Aizal Bin Nasharuddin, Non-Executive Director

Mr Nasharuddin (age 53) carries over 28 years of business, corporate finance and hands-on operational experience. An accountant by profession, he started his career in Arthur Andersen & Co. as an auditor and business advisor where he was involved in mapping out strategies & implementing business processes for various sectors of corporates, including manufacturing, financial & investment, property & development, construction and oil & gas based companies.  He later gained further expertise in the corporate world at CIMB Investment Bank Berhad, the largest investment bank in Malaysia, where he was integral to some of the largest transactions involving financial restructuring, business re-engineering, take-overs, reverse take-overs, acquisitions and corporate financing.

Bolhassan Di, Chairman of Upland, said:-

“The Board is happy with the progress that Chris Pitman has made since being appointed as Chief Executive Office on an interim basis in early October 2019. Since his appointment Chris has also identified several attractive opportunities in the Asia Pacific region which offer unique and possibly game changing potential for the Company to partner with established regional players in both late life and marginal field assets. As such we are delighted now to appoint Chris as the Company’s permanent Chief Executive Officer.

In addition, Aimi Nasharuddin’s extensive experience in financial matters and in identifying business investment opportunities, makes him an excellent addition to the Group’s management team. The Board very much looks forward to working with him.”

Mr Aimi Aizal Bin Nasharuddin, – Current and previous Directorships

Mr Nasharuddin is, or has been, a member of the administrative, management or supervisory bodies (“directorships“) or a partner of the following companies or partnerships, within the period of 5 years prior to the date of this announcement:-

Current directorships and partnerships

Former directorships and partnerships

ACIF Resources Sdn Bhd (Malaysia)

Alam Teknokrat Sdn Bhd (Malaysia)

Neofission Sdn Bhd (Malaysia)

Inheath Beauty (M) Sdn Bhd (Malaysia)

Skali E-Business Solutions Sdn Bhd (Malaysia)

NZA Power Services Sdn Bhd (Malaysia)

ATA Plus Sdn Bhd (Malaysia)

M Toons Media Sdn Bhd (Malaysia)

Premier Assets Pte Ltd (British Virgin Islands)

Turnaround Hospitality Services Sdn Bhd (Malaysia)

Khalifah School Sdn Bhd (Malaysia)


Anzo Holdings Berhad (formerly Harvest Court Industries Berhad) (Malaysia)

– (a subsidiary company of TH Properties Sdn Bhd. (Malaysia)


Of the directorships referred to above, Mr Nasharuddin was an independent non-executive director from May 2015 to November 2018 of Anzo Holdings Berhad (formerly known as Harvest Court Industries Berhad) (“Anzo Holdings“), a Malaysia-incorporated company in the manufacturing, construction and interior design business, the shares and warrants of which are listed on the main market of Bursa Malaysia Securities Berhad.  Mr Nasharuddin is also chairman of the audit committee of Anzo Holdings and also sits on its nomination and remuneration committee and share issuance scheme committee.

Mr Nasharuddin is interested in 14,730,770 ordinary shares of no par value in the Company held via his company, Premier Assets Pte Ltd., a company incorporated in the British Virgin Islands.

There are no further details in respect of Mr Nasharuddin to be disclosed pursuant to LR 9.6.11, LR 9.6.12 or LR 9.6.13 of the Listing Rules published by the Financial Conduct Authority, were such Listing Rules to apply to a company with a standard listing (such as the Company).

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Contact details:-

Upland Resources Limited

Christopher Pitman, CEO

Tel: +44 (0) 7891 677441


Optiva Securities Limited

Jeremy King (Corporate Finance)

Tel: +44 (0) 20 3137 1904

Christian Dennis (Corporate Broker)

Tel: +44 (0) 20 3411 1903

FTI Consulting

Ben Brewerton

Tel: +44 (0) 203 727 1000

Flowcomms Ltd

Sasha Sethi

Tel: +44 (0) 7891 677441