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 2020 and 31 December 2020.
Highlights include:
- Tunisia – the Company has made meaningful progress in the Tunisian Saouaf licence area, appointing external consultant GA.I.A. srl to undertake detailed geological and geophysical studies of the Permit area in order to prepare a lead and prospect inventory. This work has resulted in the identification of a promising sub-salt play, which is new for the Saouaf area, and is a key focus for work going forward.
- In July the Company was pleased to announce that it had successfully raised £470,000 from investors, with the funds used to progress technical and commercial workstreams relating to projects in Tunisia and South East Asia.
- In August, the Company announced that it had entered into a Memorandum of Understanding with Bruneian oil and gas industry services provider Viddacom (B) Sdn Bhd to jointly evaluate and licence oil and gas exploration opportunities within Brunei Darassalam.
- The Company announced on 10 September that Mr. Chris Pitman was relinquishing his role as Chief Executive Officer with Mr. Bolhassan Di assuming the role of the Company’s interim Chief Executive Officer.
Post period end:
- On 20 January the Company announced that the Saouaf Prospecting Permit duration will be extended for one year, expiring on 23 December 2022. This extension allows the Company to progress its work programme in a flexible manner while facing continuing Covid-19 related travel restrictions.
- On 15 February the Company reported on activities in its Tunisian Saouaf licence area. Several leads have been identified with the best-defined structure named ‘Pyrite’, a large, isolated carbonate platform interpreted to contain 1.1 TCF of recoverable gas (Prospective Resource). Assessment of all leads identified within the licence area continues
- Further updates will be provided in due course.
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
Interim results for the six-month period from 1 July to 31 December 2020 – Upland Resources Limited
Bolhassan Di, Upland Resources Limited CEO, said:
“We have made good progress this year against an extremely difficult backdrop. In spite of the challenges posed by travel restrictions and market downturns we have pushed forward technical studies in all our key regions.
In Tunisia we have progressed our activities at a pace that is compliant with Covid restrictions and are already seeing positive results coming out of technical studies, with several new leads identified.
We also continue to build on our existing relationships with business and government in Brunei and Sarawak, Malaysia.
Looking ahead we are optimistic about the opportunities within our portfolio and will continue to keep shareholders updated as we progress our activities.”
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
| Upland Resources Limited | www.upland.energy |
| Bolhassan Di, Chairman and CEO | Tel: +60 198 861 919 [email protected] [email protected] www.upland.energy |
| Optiva Securities Limited | |
| Christian Dennis (Corporate Broker) | Tel: 020 3137 1903 [email protected] www.optivasecurities.com |
| Flowcomms Ltd | |
| Sasha Sethi | Tel: +44 (0)7891 677441 [email protected] https://www.flowcomms.com/ |