Client News

Upland Resources Limited (LSE:UPL) is pleased to announce that the monthly shareholder progress report for March & April is now accessible on the Company’s website at the following link:

https://upland.energy/presentations/

SK334 Exploration: Progress Report & Next Steps

•  Capital Raise: Upland has successfully raised $4 million from new and existing strategic and institutional investors. These funds bolster our balance sheet and support our business plan, particularly in regard to exploration drilling.
• Drilling Preparedness: Drill crew and project teams identified with service agreements prepared for signing. Additionally, Framework Agreement signed with NRG Group for provision of well design and well integrity services.
• Rig Selection: Onshore drilling rig inspection completed as part of drill rig selection and operational preparation process. Rig Reservation Agreement, including a non-refundable deposit, with Huisman Geo BV for the LOC 400-6, a New Generation compact rig with horizontal drilling and completion capabilities.
• Joint Venture/Farm-in Agreements: Significant progress in discussions with potential partners of strategic interest regarding potential Joint Venture/Farm-in Agreements. Letters of Intent have been signed; and discussions with additional interested parties are ongoing.
• Operational Readiness: Exploration & Production Operating organigram developed, capturing key roles, and a pre-drill work programme developed for an accelerated drilling campaign is complete. An early field development strategy is under consideration.
• Engagement with Stakeholders: We have engaged in productive discussions with key stakeholders, including a briefing with the Premier of Sarawak, Deputy Premier, and State Secretary.
• Appointment of Joint Broker: Appointment of Oak Securities as Joint Broker, a specialist in natural resource sector funding and research, Oak Securities bring extensive sector experience, having raised over £1bn for their clients.

Bolhassan Di, Upland Chairman and CEO commented:

“Upland is now technically and financially well-positioned to deliver on our intended strategy. We are committed to updating the market further on our ensuing activities, including the progress of our Joint Venture discussions”.

Operational and Financial Update- 07:00:09 29 Apr- UPL News Article | London Stock Exchange