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.

Website

http://uplandres.com

duplicate

(courtesy of doughty on advfn)

Directors:

Staley 20.5m (3.5%)
Di 16.6m (2.9%)
King 1.1m (0.2%)
Zakaria 119.6m (20.7%)

Total Directors 157.8m (27.3%)

Other major:

Tune 74.1m (12.8%)
Optiva 34.4m (5.9%)

Semi-Corporate

Jaba 15.9m (2.8%)


Total Other major & semi-corporate 124.4m (21.5%)

Total "tightly held" 282.2m (48.8%)

Total in issue 579.0m

http://uplandres.com/wp-content/uploads/2015/10/Analyst-coverage-Optiva-Securities-Company-update-May-2018.pdf

RNS Number : 4319W

Upland Resources Limited

01 August 2018

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

1 August 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

New permit - Tunisia

Upland Resources Limited (LSE:UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that its application for an exclusive licence for hydrocarbon exploration and appraisal in onshore northern Tunisia has been accepted by the Hydrocarbon Consultative Committee ("the HCC") of the Government of Tunisia.

Highlights:


-- The exclusive licence for exploration and appraisal
covers 4,004km(2) of attractive open acreage comprising
the Saouf Permit.
-- As indicated by Upland's technical work on the area,
the Company believes there is the potential for very
substantial quantities of recoverable gas within the
permit area. The Company's exploration plans are also
partly de-risked by an existing gas discovery in the
area made 50 years ago, before the advent of local gas
markets.
-- The desirability of the acreage is further enhanced
by the existing gas pipelines that cross the permit
area: these currently have spare capacity and provide
access to attractive existing local gas markets.
-- The permit also allows the Company further scope to
build on this initial acreage position.
-- Upland will act as operator and hold a majority stake
in the permit. In the event of a new discovery the state
oil company ETAP (as joint venture partner) would have
a right to "back-in" for a minority stake by paying
its share of past costs and funding its share of future
costs.
-- Upland has offered a work programme that includes an
initial new 2D seismic survey, which the Company is
fully funded to undertake, followed by drilling one
or more new wells, drilling of any wells being conditional
on the results of the seismic survey.
-- Award of the licence is subject to Upland lodging a
bank guarantee, for which the Company is also fully
funded, and final approval by the HCC.
-- The Company will provide further details of the permit
and its potential in due course.

Steve Staley, CEO of Upland Resources Limited, said:

"As a team, we have several decades of experience and knowledge of exploring in Tunisia. We believe that Saouaf will form an important part of Upland's portfolio and will be integral to our strategy of acquiring high impact, quality assets, as already illustrated by our farm-in to the Wick prospect. With the demand for gas supporting prices, I see this as an exciting opportunity for Upland and look forward to providing more details to shareholders in due course. This opportunity would fit well with the timeframe for the Wick well, which is to spud in September 2018."

poised for breaking through the 4p barrier

having another go at 4p

proving to be a stubborn resistance level

having yet another go at 4p this morning

been tapping on the door a few times now

time for a good shoulder barge on this occasion

4.1p being paid now

breaking out

experienced management here

Wick drilling results expected soon this month

5p next target