INTERIM RESULTS FOR THE SIX-MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2020

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 2020 and 31 December 2020. 

Highlights include:  

  • Tunisia – the Company has made meaningful progress in the Tunisian Saouaf  licence area, appointing external consultant GA.I.A. srl to undertake detailed  geological and geophysical studies of the Permit area in order to prepare a  lead and prospect inventory. This work has resulted in the identification of a  promising sub-salt play, which is new for the Saouaf area, and is a key focus  for work going forward. 
  • In July the Company was pleased to announce that it had successfully raised  £470,000 from investors, with the funds used to progress technical and  commercial workstreams relating to projects in Tunisia and South East Asia.  
  • In August, the Company announced that it had entered into a Memorandum  of Understanding with Bruneian oil and gas industry services provider  Viddacom (B) Sdn Bhd to jointly evaluate and licence oil and gas exploration  opportunities within Brunei Darassalam. 
  • The Company announced on 10 September that Mr. Chris Pitman was relinquishing his role as Chief Executive Officer with Mr. Bolhassan Di assuming the role of the Company’s interim Chief Executive Officer. 

Post period end: 

  • On 20 January the Company announced that the Saouaf Prospecting Permit  duration will be extended for one year, expiring on 23 December 2022. This  extension allows the Company to progress its work programme in a flexible  manner while facing continuing Covid-19 related travel restrictions.  
  • On 15 February the Company reported on activities in its Tunisian Saouaf  licence area. Several leads have been identified with the best-defined  structure named ‘Pyrite’, a large, isolated carbonate platform interpreted to  contain 1.1 TCF of recoverable gas (Prospective Resource). Assessment of all  leads identified within the licence area continues 
  • 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 www.uplandres.com

Interim results for the six-month period from 1 July to 31 December 2020 – Upland Resources Limited

Bolhassan Di, Upland Resources Limited CEO, said: 

“We have made good progress this year against an extremely difficult backdrop. In spite of the challenges posed by travel restrictions and market downturns we have  pushed forward technical studies in all our key regions.  

In Tunisia we have progressed our activities at a pace that is compliant with Covid restrictions and are already seeing positive results coming out of technical studies,  with several new leads identified. 

We also continue to build on our existing relationships with business and government  in Brunei and Sarawak, Malaysia. 

Looking ahead we are optimistic about the opportunities within our portfolio and will continue to keep shareholders updated as we progress our activities.” 

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 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