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Upland Resources Ltd on Tuesday said a capital raise through a placing will be used to progress mining activities on its Sarawak licence in Malaysia.
The London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea, has raised £310,000 before expenses through a placing of new ordinary shares.
The fundraising was completed at zero discount to the closing bid price on October 25, and was arranged by Optiva Securities Ltd.
The company will issue 124.0 million new shares at 0.25 pence each.
Upland Resources shares were trading 10% higher at 0.30p each in London on Monday afternoon.
The company said the funds will be used to progress activities in Sarawak on Block SK334, namely a technical study funded by a joint venture agreement recently drawn through its subsidiary, Upland Resources Sarawak Sdn Bhd, with Big Oil Ventures Sdn Bhd.
Upland's outlay towards the completion of the study is expected to be $250,000.
Block SK334, which covers 6,685 square kilometres, is in the northern region of Onshore Sarawak, Malaysia, and borders pre-discovered oil fields across the border with Brunei.
"The company continues to be run as a relatively low-cost operation, this fundraise more than covers our commitments to the joint technical study and adds to existing capital to maintain other commitments," said Chair Bolhassan Di.
"All those involved are very encouraged about the potential of significant hydrocarbons present in the study area (Block SK334) and we hope to be updating further in due course."
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