Corporate Strategy

The Company was incorporated in the British Virgin Islands in March 2012 and was formed for the purpose of acquiring target companies, businesses or assets operating in the oil & gas exploration and production sector which it will then look to develop and expand. The Company may also apply to the relevant governmental authorities for licences or permits to explore, appraise and/or develop oil & gas assets.

The Company has been assessing various opportunities and is now seeking to execute its business plan. The Directors (Stephen Staley, Norza Zakaria and Jeremy King) believe that today's oil & gas industry presents multiple attractive investment opportunities.

Established with the aim of taking advantage of the team's knowledge and experience, the current low oil price and stressed nature of some incumbents, the Company aims to assemble a portfolio of assets with:

· Attractive risk : reward balance
· Low-cost entry and cheap work programme costs
· Robust economics

In particular, the Directors of the Company strongly believe that the recent climate of lower oil prices has created particularly advantageous conditions for companies such as Upland, with access to capital and knowledge.


Existing application within 14th UK Onshore Oil and Gas licensing round

Upland Resources is presently awaiting the result of its application as part of a three party consortium (the "Consortium") for a UK petroleum exploration and development licence ("PEDL") covering an area of about 175 km2 in two highly prospective blocks in the East Midlands. This application was submitted in October 2014 as part of the 14th Onshore Licensing Round organised by the UK Oil and Gas Authority.

The Company believes that it has excellent bid partners and has submitted a strong application for what it considers to be attractive, low risk, low cost plays in a proven hydrocarbon system.

Note that an independent Competent Person's Report ("CPR") was prepared by Blackwatch Petroleum Services over the application area as part of the listing process. This CPR validates Upland's assessment of the hydrocarbon potential of these blocks.

The following summary table shows the unrisked, recoverable hydrocarbon volumes ascribed to the acreage in the CPR:

North African Onshore and other Opportunities

The Company has significant experience in North Africa and, strongly believing that there are excellent overlooked onshore opportunities within the region, reports that it is currently appraising additional opportunities with a view to acquiring high impact, low-cost production and / or exploration assets which may provide strong opportunities to create value for shareholders.

In addition to its UK onshore bid and North African discussions, the Company is assessing other potential acreage positions in Western Europe and, seeking to leverage its global knowledge and experience, the Company will not exclude other geographic regions where there are opportunities to make appropriate acquisitions.

4.1p being paid now

breaking out

experienced management here

Wick drilling results expected soon this month

5p next target