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Upland Resources Shares Up As It Starts Trading In London (ALLIPO)

LONDON (Alliance News) - Upland Resources Ltd shares traded sharply higher on Monday as it debuted on the London Stock Exchange's Main Market.

Upland raised GBP1.3 million via the issue of 130.0 million shares at 1.0 pence per share. Shares in the company were up 33% to 1.325 pence on Monday.

The oil and gas investment company is currently awaiting the result of the 14th UK Onshore Oil and Gas Licensing round, in which it is part of a three-party consortium bidding for a licence in the East Midlands.

The company is headed by Chief Executive Stephen Staley, the founding chief executive of Fastnet Oil & Gas PLC, which earlier this year transformed into a healthcare-focused investment company having previously been focused on the oil and gas industry. He was also founding managing director of AIM-listed Independent Resources PLC.

Upland is chaired by Norza Zakaria, a director of a number of listed companies in Malaysia. He also held senior positions with Malaysian state oil and gas company Petronas and the Central Bank of Malaysia in the past.

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