(LSE: UPL ), has announced its Half Year results for the six-month period to 31 December 2019 revealing steady progress on its licence activities under new CEO, Christopher Pitman.
On 24 December 2019, the Decree of the Minister of Industry and Small and Middle Enterprises was published in the Official Gazette of the Tunisian Republic. This marked the commencement of the initial two-year term for the Prospecting Licence in the Saouaf permit area in Tunisia. Additional Tunisian opportunities have also been identified and are being progressed.
South East Asia
The Company is working to progress an award of new licences in Sarawak, Malaysia where through a number of initiatives with local parties, Upland maintains well-placed to acquire strategic assets.
Further afield, the Company has identified a number of other opportunities in the South-East, which offer unique and game changing potential for the Company to partner with established regional players to participate in both late life and marginal field assets.
Pre-tax loss of £516,552 for the six months to 31 December 2019 (1H19: £414,407 loss)
In November 2019, Optiva Securities, broker and financial advisor to Upland, exercised warrants to subscribe for 6,336,154 new shares at 1.3p per share, raising £82,370 through the subscription.
The Company has no debt and plans to grow through the identification and closure of significant new business opportunities, which should facilitate access to additional finance.
Post period end
On 6 January 2020, the Board of Directors appointed Mr Christopher Pitman as the CEO on a permanent basis together with Mr Aimi Aizal Bin Nasharuddin (based within Malaysia) as a Non-Executive Director.
On 6 March 2020 the Company announced that it had successfully raised £250,000 via a subscription managed by Optiva Securities Limited. These funds will be employed to further progress the Company's projects in Tunisia and for general working capital purposes.
Christopher Pitman, Upland Resources Limited CEO, said: "We are pleased by the progress that the business has continued to make particularly with licence activities in respect of the Saouaf permit area in Tunisia. In addition to these developments we have also appointed experienced additional non-executive directors to the Board.
Whilst we are aware that our industry faces challenging headwinds, we believe that our debt-free capital structure and pipeline leaves us well placed to pursue exciting portfolio opportunities, grow the business and provide value to shareholders."
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