Upland Resources Limited (LSE: UPL), the oil and gas company focused on building a scalable onshore portfolio in Southeast Asia, is pleased to announce that it has successfully completed a placing raising gross proceeds of approximately 锟�2.0 million at 3.5p per share. Admission is expected to occur on or around 24th to 27th of February.
锟�500,000 was subscribed by four strategic and existing shareholders, reflecting continued external support from long-term aligned investors.
In addition, Directors, executives, senior management and members of the Company锟絪 geological team participated in the fundraising for approximately 锟�1.5 million, underscoring strong internal conviction in the scale, quality and value potential of the assets being advanced.
Purpose 锟� High-Impact Borneo and Northern Sumatra Opportunities
The Placing provides growth capital to secure the Company锟絪 participation in two high-impact onshore licence opportunities in Southeast Asia, both currently under exclusive and direct negotiation with the relevant authorities. These assets represent material scale, significant oil and gas in place, and strategic positioning within proven producing basins.
Upland has undertaken substantial preliminary technical and commercial assessments on both opportunities in coordination with a reputable and experienced Indonesian oil and gas consultancy firm, ensuring alignment with applicable regulatory and industry frameworks.
US$100 Million Strategic Project Funding Partner Secured
Upland has secured a US$100 million strategic funding commitment to support the advancement and development of its high-impact onshore licence opportunities. This funding commitment significantly strengthens the Company锟絪 financial position and provides substantial backing for the execution of its growth strategy.
US$100m Strategic Funding Commitment 锟� Upland
These assets represent significant oil and gas in place, material scale, and strategic positioning within proven producing basins.
1- Kalimantan, Borneo 锟� Large-Scale Onshore Joint Study Area
The first opportunity comprises a substantial onshore Block (锟絁SA锟�) located within the prolific Kutei Basin in Borneo 锟� one of Southeast Asia锟絪 most productive hydrocarbon provinces.
To date, the basin has yielded approximately 3.9 billion barrels of recoverable oil and 64 trillion cubic feet of natural gas across 139 commercial fields.
This opportunity qualifies as a Discovered Resource Opportunity (DRO), offering a clear and ready-to-develop pathway to monetisation. A 2024 assessment by SKK Migas estimates:
- >500 million 2C barrels of oil in place (P50)
- >1.5 trillion 2C cubic feet of gas in place (P50)
within the contract area.
The block spans more than 4,000 km锟� and benefits from over 900 km of existing 2D seismic data, providing a robust technical foundation and enabling accelerated progression toward appraisal, development and production.
2- Northern Sumatra 锟� High-Potential Onshore Block
The second opportunity relates to a strategically positioned onshore block in Northern Sumatra, also under exclusive and direct negotiation.
Recent basin-wide reassessments, integrating licensed national datasets, operator technical studies, and industry-standard commercial intelligence, indicate that the North Sumatra Basin remains materially underexplored across several key sub-basins. Independent pool-size distribution analysis supports a Yet-To-Find (YTF) resource potential exceeding 9 billion barrels of oil equivalent, consistent with established geological principles and regulator-recognized evaluation methodologies.
This block complements the Borneo opportunity and strengthens Upland锟絪 strategy of assembling a portfolio of material, high-impact onshore assets within proven petroleum systems.
Additional Borneo Opportunities
In addition to the two Blocks described above, Upland is advancing its three additional blocks in Borneo, Sarawak and Brunei, further expanding the Company锟絪 footprint across hydrocarbon-proven jurisdictions.
These additional opportunities enhance Upland锟絪 strategic positioning and support its ambition to establish a scalable, multi-block core position across key Southeast Asian basins, combining:
- High-impact exploration targets
- Material discovered resource upside
- Near-term appraisal and development potential
- Portfolio diversification across multiple petroleum systems
- Strategic regional scale capable of underpinning long-term growth
Upland also retains an exclusive strategic advantage and uniquely positioned interest in one of these blocks, providing a material competitive edge within the broader regional portfolio.
Use of Proceeds
The net proceeds of the Placing will be applied as follows:
Strategic Participation
- Securing participation in prospective onshore assets in Borneo and Northern Sumatra.
- Supporting performance guarantee arrangements associated with anticipated minimum work programme commitments.
Technical Advancement
- Advancing technical studies and associated evaluation work programmes.
Commercial & Regulatory Progression
- Progressing regulatory, commercial and partnership workstreams.
Corporate Purposes
- Providing general working capital.
The successful completion of the Placing materially strengthens the Company锟絪 financial position as it advances its Southeast Asia growth strategy.
Board Statement
Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:
锟絎e have engaged discreetly and constructively with the relevant authorities regarding the aforementioned assets and are now entering a transformational phase for Upland.
The successful completion of this fundraise marks a significant milestone for the Company. We have identified a portfolio of onshore Southeast Asian assets combining material oil and gas in place, significant exploration upside and credible development pathways within proven producing basins.
The scale of the Blocks is exceptional for a company our size, and the Northern Sumatra opportunity further expands our basin-wide upside in one of Indonesia锟絪 most prospective underexplored regions, now drawing marked interest from super-majors.
Equally important is the decision by our Directors, executives, senior management and geological team to invest approximately 锟�1.5 million alongside external investors. This level of internal participation reflects strong alignment and conviction in the long-term value creation potential of these opportunities.
In partnership with Lost Soldier Oil and Gas, we are assembling the technical capability and regional execution strength required to unlock this potential. Our objective is clear: to build scale rapidly and position Upland for substantial long-term value creation as we progress toward mid-cap status.锟�
The Placing
The Company has raised approximately 锟�2.0 million (gross) by way of a placing of 57,142,857 new ordinary shares (the 锟絇lacing Shares锟�) at a price of 3.5 pence per Placing Share (the 锟絀ssue Price锟�).
The Placing is conditional, inter alia, upon the admission of the Placing Shares to the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange (锟紸dmission锟�).
Application has been made for the Placing Shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange. Admission is expected to occur on or around 24th to 27th of February.
The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the Company锟絪 existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Following Admission, the Company锟絪 issued ordinary share capital will comprise 1,684,100,905 ordinary shares of no-par value. The Company does not hold any ordinary shares in treasury. Accordingly, the total number of voting rights in the Company following Admission will be 1,684,100,905.