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 2016 and 31 December 2016. The Company continued to make excellent progress in the second half of 2016 and has now put into action the first phase of its strategy, whilst laying the foundations for the second phase.
Highlights include:
• A successful £2.2 million gross fundraising through the issue of 169,230,770 new ordinary shares in the Company at 1.3p, a 30% premium to the IPO price of little more than a year before.
• The Company has no debt and continues to be in a strong position to finance its obligations and growth opportunities.
• Pre-tax loss of £416,442 for the six months to 31st December 2016, compared to a £200,249 loss for the comparable six months to 31st December 2015. This is due to the costs of the 2016 fundraising.
• Formal award by the UK Oil & Gas Authority of PEDL 299 to Upland’s wholly-owned subsidiary and its partners. PEDL 299, situated in the East Midlands, and includes the Hardstoft Oil Field which Upland intends to rejuvenate using modern technology.
• Entered into conditional agreement with Europa Oil & Gas to acquire a 10% stake in PEDLs 180 and 182, in Lincolnshire, which includes three separate reservoirs within the Wressle Field: the Ashover Grit, the Wingfield Flags and the Penistone Flags.
• Continued to assess a number of opportunities in the Far East, Morocco and elsewhere with a view to farm in, or acquisition of the rights to the acreage from the relevant government.
• Welcomed Bolhassan Di to the board as a non-executive director in July 2016.
• The Company is well placed to take advantage of opportunities and secure potentially transformational assets.
Steve Staley, Upland Resources CEO, said:
“The Interim Report and Accounts show Upland’s two-tiered strategy is progressing well and beginning to bear fruit. A successful fundraising brought in gross £2.2 million, which significantly strengthens the balance sheet and enables us to execute deals such as our 10% farm-in to the Wressle Field. Confidence in our existing assets was further validated by the independent report commissioned from Blackwatch Petroleum Services as part of the fundraising. The second half of the year has already started well and we look forward to further growth opportunities in 2017.”
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.upland.energy
| Upland Resources Limited | www.upland.energy |
| Steve Staley, CEO | Tel: 07704 974784 [email protected] |
| Optiva Securities Limited | |
| Jeremy King (Corporate Finance) | Tel: 020 3137 1904 [email protected] |
| Christian Dennis (Corporate Broker) | Tel: 020 3137 1903 [email protected] |
| FTI Consulting | |
| Ben Brewerton/Molly Stewart | Tel: +44 (0) 20 3727 1708 [email protected] |
| Flowcomms Ltd | |
| Sasha Sethi | Tel: +44 (0)7891 677441 [email protected] |
Notes
Upland is an upstream oil & gas company whose highly experienced management 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.
INTERIM RESULTS FOR THE SIX MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2016