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 2019 and 31 December 2019.

Highlights include:

  • Steady progress has been made on licence activities in the second half of 2019.Tunisia – on 24 December 2019, the publication of the Decree of the Minister of Industry and Small and Middle Enterprises was published in the Official Gazette of the Tunisian Republic. This marked the commencement of the initial two-year term for the Prospecting Licence in the Saouaf permit area in Tunisia.
  • Additional Tunisian opportunities have also been identified and are being progressed.
  • Sarawak – the Company is working to progress an award of new licences in  Sarawak, Malaysia where through a number of initiatives with local parties, Upland maintains a well-placed position.
  • In addition, the Company has identified a number of other opportunities in South-East Asia (both within and outside Malaysia) which offer unique and game changing potential for the Company to partner with established regional players to participate in both late life and marginal field assets.
  • On the 7 October 2019, Dr Steve Staley, resigned as CEO and was succeeded by Mr Christopher Pitman as the Interim CEO.
  • In November 2019, Optiva Securities, broker and financial advisor to Upland, exercised warrants to subscribe for 6,336,154 new shares at 1.3p per share, raising £82,370 through the subscription.
  • Pre-tax loss of £516,552 for the six months to 31 December 2019, compared to a £414,407 loss for the comparable six months to 31 December 2018. 
  • The Company has no debt and plans to grow through the identification and closure of significant new business opportunities which should facilitate access to additional finance.

Post period end

  • On 6 January 2020, the Board of Directors appointed Mr Christopher Pitman as the CEO on a permanent basis together with Mr Aimi Aizal Bin Nasharuddin (based within Malaysia) as a Non-Executive Director.
  • On 6 March 2020 the Company announced that it had successfully raised £250,000 via a subscription managed by Optiva Securities Limited.  These funds will be employed to further progress the Company’s projects in Tunisia and for general working capital purposes.
  • Further updates will be provided in due course.
  • 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

Interim results for the six-month period from 1 July to 31 December 2019 – Upland Resources Limited

 Christopher Pitman, Upland Resources Limited CEO, said:

“We are pleased by the progress that the business has continued to make particularly with licence activities in respect of the Saouaf permit area in Tunisia. In addition to these developments we have also appointed experienced additional non-executive directors to the Board.

Whilst we are aware that our industry faces challenging headwinds, we believe that our debt-free capital structure and pipeline leaves us well placed to pursue exciting portfolio opportunities, grow the business and provide value to shareholders.”

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
Christopher Pitman, CEOTel: +44 (0) 7891 677441
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
Upland is an upstream oil & gas company whose highly experienced management team has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc.