Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce its interim results for the six month period between 1 July 2017 and 31 December 2017. The Company continued to make excellent progress in the second half of 2017 and has been able to announce the conditional Farm-in Agreement for a working interest in the UK Seaward Production Licence P2235 which contains the Wick Prospect. Since 31 December 2017 the Company also announced Tune Assets Limited as a new cornerstone investor for the business.

Highlights include:

  •  Entering into a conditional Farm-In Agreement with Corallian Energy Limited for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) in the Inner Moray Firth, containing the Wick Prospect.
  • Outside the UK, strong progress continues to be made in business development activities in Malaysia and North Africa.
  • Pre-tax loss of £337,839 for the six months to 31 December 2017, compared to a £416,442 loss for the comparable six months to 31 December 2016. The reason for the decreased costs is the absence of the one-off expenditures relating to fundraising activities incurred in the comparative period.
  • The Company continues to be well placed to capitalise on the returning confidence in the sector and remains committed to keeping investors and the market up to date on continued activities.

Post-period end

  • Formal completion of the investment by Tune Assets Limited (” Tune “) of £1,000,000 in new ordinary shares at a price of 1.35p per share. Alongside Tune’s investment in the Company, Tune holds major interests in a range of entities including Queens Park Rangers Football Club, Caterham Cars and AirAsia.
  • The environmental survey work of the area surrounding the proposed location for the forthcoming Wick well was successfully completed earlier this month.
  • Following the decision by North Lincolnshire District Council to reject Egdon Resources UK Limited’s applications for the development of the Wressle Oil Field (PEDLs 180 and 182) for a second time and the Planning Inspectorate’s rejection of two of the three appeals made by Egdon (the operator of PEDLs 180 and 182) against these rejections, Upland Resources (UK Onshore) Limited (” Upland UK “) terminated its agreement to acquire a 10% stake in the field. Upland UK has been fully reimbursed its £160,000 deposit from Europa Oil & Gas Limited and has no further obligations in respect to the farm-in.
  • The Company appointed Crowe Clarke Whitehill LLP as its new auditors, replacing Wilkins Kennedy LLP.

Steve Staley, Upland Resources Limited CEO, said:

“Our interim results show the continued progress we are making towards executing our strategy. We are seeing good headway being made toward drilling of the Wick Prospect and the recent, successful completion of the environmental survey is an encouraging development as we look towards spudding the well later this year.

I am expecting the next few months to be an exciting time for the Company, and believe we are well placed to take advantage of the opportunities available to us. I am therefore looking forward to updating our shareholders on our progress over the coming weeks.”   

For more detailed information please see the full Director’s Interim Report below. The Interim Report and Accounts will be available shortly at the Company’s website

Upland Resources Limited Interim Results 23rd February 2018

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

For further information, please contact:

Upland Resources
Steve Staley, CEOTel: 07704 974784
Optiva Securities Limited
Jeremy King (Corporate Finance)Tel: 020 3137 1904
Christian Dennis (Corporate Broker)Tel: 020 3137 1903
FTI Consulting
Ben Brewerton/Molly StewartTel: +44 (0) 20 3727 1708
Flowcomms Ltd
Sasha SethiTel: +44 (0)7891 677441