For Immediate Release
Upland Resources Limited
(“Upland” or the “Company”)
Successful Fundraising
US$1,750,000 raised through subscription by US-based private investor group
Upland Resources Limited (LSE: UPL), the upstream oil and gas company focused on the development of high-impact assets across Southeast Asia, is pleased to announce the successful completion of a fundraising, through direct subscription by small group of investors based in the United States, raising gross proceeds of approximately US$1,750,000 (approximately £1.3 million) through the issue of 42,451,935 new ordinary shares at 3.10 pence per share (the “Fundraising”).
Key Elements:
• Gross proceeds of US$1,750,000 (approximately £1.3 million) raised from a US-based private investor group.
• 42,451,935 new ordinary shares issued at 3.10 pence per share.
Strategic Context
The interest shown by US-based investors in this Fundraising is a direct validation of Upland’s strategy. The Company’s primary focus is the development of a material upstream portfolio across Southeast Asia, underpinned by the US$100 million Strategic Funding Commitment from Lost Soldier Oil and Gas and a growing pipeline of high-impact licence opportunities. Through that same partnership, Upland holds a participation interest in the Wild Mustang Federal Unit in Wyoming – regarded as one of the largest natural gas discoveries in the western United States in several decades, with estimated resources of approximately 6 Tcf and first commercial gas sales targeted for Q4 2026, providing near-term cashflow exposure in a geopolitically stable jurisdiction.
The Fundraising builds on the Framework Agreement announced on 24 November 2025 and the US$100 million Strategic Funding Commitment announced on 23 January 2026.
US$100m Strategic Funding Commitment – Upland
Admission and Total Voting Rights
Application will be made for the 42,451,935 new ordinary shares to be admitted to trading on the Main Market of the London Stock Exchange (“Admission”), expected on or around 25th and 26th of March. The new shares will rank pari passu in all respects with the Company’s existing ordinary shares. Following Admission, the Company’s total issued share capital will comprise 1,726,552,840 ordinary shares of no-par value, representing the total number of voting rights.
Use of Proceeds
The net proceeds will be applied toward progressing the Company’s Southeast Asian licencing and technical workstreams, supporting progression of existing upstream opportunities and for general working capital.
Investor Options
The Company will issue investor options with an aggregate of 15 million shares, exercisable at 5 pence per share, vesting upon the Company’s share price achieving 12 pence, by 31 December 2030 subject to the terms of the option deed.
Management Commentary
Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:
“The support from this group of US-based investors is a direct validation of the strategy we are executing. Southeast Asia is our core focus and the scale of what we are pursuing there is increasingly recognised internationally. The Wild Mustang project and our new OTCQB listing provide a strong foundation for that North American investor base to grow alongside us.”
For further information, please contact:
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Upland Resources Limited |
Tel: +60 198 861919 |
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Bolhassan Di, Chairman and CEO |
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Gerry Murray, COO |
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Josh Galloway, Head of Drilling |
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Hill Dickinson LLP – Legal Advisers |
Tel: +44 (0)20 7283 9033 |
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20 Primrose Street, London, EC2A 2EW. |
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Inside Information (UK MAR)
This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation (EU) No. 596/2014, which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”). This information is disclosed in accordance with the Company’s obligations under Article 17 of UK MAR.
FCA and Prospectus Disclaimer
This announcement does not constitute, and should not be construed as, a prospectus, admission document or offering memorandum, nor an offer to sell or the solicitation of an offer to buy any securities in the Company. No securities of the Company are being offered pursuant to this announcement. This announcement has not been reviewed or approved by the Financial Conduct Authority or any other regulatory authority.
Forward-Looking Statements
This announcement includes forward-looking statements, including statements relating to prospective resources, exploration and appraisal programmes, drilling plans, funding availability, farm-in arrangements, regulatory outcomes and future operations. Forward-looking statements are based on current expectations, assumptions and estimates and involve risks and uncertainties that could cause actual results or developments to differ materially from those expressed or implied.
Forward-looking statements are not guarantees of future performance. Factors that could cause actual outcomes to differ materially include, but are not limited to, licence awards, regulatory approvals, subsurface risk, commodity price volatility, operational risks, availability of capital, counterparty performance and changes in fiscal or governmental regimes. The Company undertakes no obligation to update any forward-looking statements except as required by applicable law or regulation.
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