Subscription Announcement and Corporate Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

6 March 2020

UPLAND RESOURCES LIMITED

(“Upland” or the “Company”)

Subscription Announcement and Corporate Update

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that is has raised £250,000 via a subscription managed by its broker Optiva Securities Limited (“Optiva“). These funds will be used to progress the Company’s projects in Tunisia and for general working capital purposes.

The Company will issue 27,777,778 new ordinary shares of no par value to clients of Optiva at 0.9p per share to raise £250,000 (before expenses).

As announced on 7 January, key technical studies in conjunction with our JV partner Entreprise Tunisienne d’Activités Pétrolières (“ETAP”), are underway at the Saouaf Licence area. Upland is also examining other areas of potential interest in Tunisia. 

The Company is progressing its identification of several attractive opportunities in the Asia Pacific region. This includes looking at potential partners in the area that the Company may join with in both late life and marginal field assets.

Further operational updates will be provided in due course.

Mr Christopher Pitman, Chief Executive Officer said:-

“We are delighted to announce that we have completed this fundraise which will go towards funding existing Company projects in Tunisia as well as helping the Company secure additional asset targets in Tunisia and the Asia Pacific region.

We look forward to updating shareholders further on all projects in due course, particularly in Tunisia.”

Total Voting Rights and Share Admission

Following Admission, the Company will have 619,625,992 shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 619,625,992. This figure of 619,625,992 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

Applications have been be made to the Financial Conduct Authority (“FCA“) for the new ordinary shares to be admitted to listing on the Official List (standard listing segment) of the FCA and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange’s main market for listed securities (together “Admission“). Admission is expected to occur on Tuesday 10 March.

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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