UPLAND RESOURCES LIMITED
RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
The Directors of Upland Resources Limited (“Upland” or the “Company”) are pleased to announce
the results of the Company for the financial year ended 30th June 2015.
The information below pertains to the financial year ended 30th June 2015, prior to the public listing upon the London Stock Exchange. Since the financial year end, Upland’s shares were successfully admitted to listing on the Official List of the UK Listing Authority (“UKLA”) by way of a standard listing under Chapter 14 of the UKLA’s Listing Rules and to trading on the London Stock Exchange’s main market for listed securities on 26th October 2015, accompanied by a simultaneous placing of
130,000,000 new ordinary shares of no par value which raised gross proceeds of £1,300,000.
The Company and Group was formed for the purpose of acquiring assets, businesses or target
companies, that have operations in the oil & gas exploration and production sector that it will then
look to develop and expand.
Business review and future developments
The past year has been an exciting one for Upland. The Company began the year in a strong financial position with significant cash in the bank, and with low corporate overheads. A major fall in oil price during the reporting period has meant that the number of opportunities available in the market has increased as more companies seek partners for existing projects or are forced to relinquish good assets because of financial difficulties. Unless oil prices recover substantially, the Board expects this trend to continue as oil price hedges, put in place by producers before the price drop, unwind exposing them to the full impact of markedly reduced revenues.
The Board believes that this has produced a buyers’ market for oil and gas assets which the Company intends to take full advantage of.
During the year, Upland considered a number of potential farm-ins, acquisitions and new permit applications over a range of geographies. A number of these were in Tunisia, where good opportunities were identified. However, the 2015 terrorist attacks on the Bardo Museum in Tunis and on the resort of Sousse have increased concerns about security in the country and led the Company to not pursue these opportunities further. In October 2014, Upland made an application for a Petroleum Exploration and Development Licence
(“PEDL”) in the UK 14th Onshore Oil and Gas Licensing Round. This PEDL covers the majority of the acreage in two onshore blocks located in the East Midlands and that we believe to have a very attractive risk/reward profile. The majority of the hydrocarbon potential lies in conventional oil and gas reservoirs – including a former oil field that we believe can be rejuvenated. Upland generated the original concept but this has been further developed with our bid partners Europa Oil & Gas plc and Shale Petroleum (UK) Ltd. Unconventional hydrocarbon potential also exists in the application area. As at the date of this report, the UK Oil & Gas Authority has yet to announce the award of the vast majority of the permits, including for those applied for by Upland and its bid partners. Further information extracted from the Company’s audited accounts for the financial year ended 30 June 2015 is set out below
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|Upland Resources Limited||www.uplandres.com|
|Steve Staley, CEO||Tel: 07704 974784
|Optiva Securities Limited|
|Jeremy King (Corporate Finance)||Tel: 020 3137 1904
|Christian Dennis (Corporate Broker)||Tel: 020 3137 1903
|Ben Brewerton/Molly Stewart||Tel: +44 (0) 20 3727 1708
|Sasha Sethi||Tel: +44 (0)7891 677441