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.
29 April 2024
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Operational and Financial
Update
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".
For
further information, please contact:
**ENDS**