INTERIM RESULTS FOR THE SIX-MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2018

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 2018 and 31 December 2018. 

Highlights include:

Awarded an exclusive licence to explore the onshore Saouaf permit area (the “Saouf Licence”) following approval by the Hydrocarbon Consultative Committee (the “HCC“) of the Government of Tunisia. The licence covers 4,004km2 of attractive open acreage comprising the Saouf Licence.
Commissioned an independent competent person’s report (“CPR”) for the Saouf Licence. CPR estimates that the Saouf Licence area holds an estimated 1.96 TCF (trillion cubic feet) recoverable gas plus 42 MMbbl (millions of barrels) oil, totalling a recoverable resource of 380 MMboe (millions of barrels of oil equivalent) in 13 leads and prospects.
Good progress continues on the Company’s ongoing discussions in Sarawak, Malaysia. Through a number of initiatives with both national and local players, Upland maintains its role as a high-profile player whilst the new oil and gas regime is put in place.  
Following the farm-in with Corallian Energy for a working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) in the Inner Moray Firth drilling commenced on the Wick-1 well.
Bolhassan Di announced as the new Company Chairman replacing Norza Zakaria, who stepped down from the Board due to his new responsibilities as President of the Olympic Council of Malaysia.
In October 2018, Optiva Securities, broker and financial advisor to Upland, exercised warrants to subscribe for 6,500,000 new shares in the Company.
Pre-tax loss of £414,407 for the six months to 31 December 2018.  The principal reasons for the increased costs are the legal, accounting and regulatory costs incurred in preparing supplementary prospectuses (including a competent person’s report in respect of the Saouaf Licence) and announcements, to satisfy the requirements of the Prospectus Rules.

 

Post Period End:

It was announced in January 2019 that the £3.5 million convertible loan note facility, put in place in March 2018, lapsed on 31 December 2018 without the Company having needed to call on it.
Also announced in January 2019, the Wick -1 exploration well had encountered a good quality Beatrice Sandstone reservoir, but that it was unfortunately water bearing. The well was therefore plugged and abandoned.

 

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 www.uplandres.com

Upland Resources Limited Interim Results 1st July to 31st December 2018

Steve Staley, Upland Resources Limited CEO, said:

“We are pleased that Upland continues to make progress in Tunisia through the award of the Saouaf Licence and completion of the Competent Person’s report in December last year.  Additionally, our initiatives in Sarawak are continuing and we are very encouraged by the progress being made in country.

We will continue to focus on these areas as we believe both opportunities provide a very exciting growth prospect for the Company. We are well placed to take advantage of this and look forward to updating shareholders in due course.”

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
Steve Staley, CEOTel: 07704 974784
s.staley@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/Molly StewartTel: +44 (0) 20 3727 1708
molly.stewart@fticonsulting.com
Flowcomms Ltd
Sasha SethiTel: +44 (0)7891 677441
sasha@flowcomms.com