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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Upland Resources Limited | LSE:UPL | London | Ordinary Share | JE00BJXN4P16 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.05 | 3.90 | 4.20 | 4.10 | 3.95 | 4.05 | 2,803,031 | 15:30:42 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -494k | -0.0007 | -57.86 | 27.81M |
From Apr 2019 to Apr 2024
TIDMUPL
RNS Number : 7224T
Upland Resources Limited
29 March 2021
29 March 2021
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
INTERIM RESULTS FOR THE SIX-MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2020
Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce its interim results for the six-month period between 1 July 2020 and 31 December 2020.
Highlights include:
-- Tunisia - the Company has made meaningful progress in the Tunisian Saouaf licence area, appointing external consultant GA.I.A. srl to undertake detailed geological and geophysical studies of the Permit area in order to prepare a lead and prospect inventory. This work has resulted in the identification of a promising sub-salt play, which is new for the Saouaf area, and is a key focus for work going forward.
-- In July the Company was pleased to announce that it had successfully raised GBP470,000 from investors, with the funds used to progress technical and commercial workstreams relating to projects in Tunisia and South East Asia.
-- In August, the Company announced that it had entered into a Memorandum of Understanding with Bruneian oil and gas industry services provider Viddacom (B) Sdn Bhd to jointly evaluate and licence oil and gas exploration opportunities within Brunei Darassalam.
-- The Company announced on 10 September that Mr. Chris Pitman was relinquishing his role as Chief Executive Officer with Mr. Bolhassan Di assuming the role of the Company's interim Chief Executive Officer.
Post period end:
-- On 20 January the Company announced that the Saouaf Prospecting Permit duration will be extended for one year, expiring on 23 December 2022. This extension allows the Company to progress its work programme in a flexible manner while facing continuing Covid-19 related travel restrictions.
-- On 15 February the Company reported on activities in its Tunisian Saouaf licence area. Several leads have been identified with the best-defined structure named 'Pyrite', a large, isolated carbonate platform interpreted to contain 1.1 TCF of recoverable gas (Prospective Resource). Assessment of all leads identified within the licence area continues
-- Further updates will be provided in due course.
For more detailed information please see the full Director's Interim Report below. The Interim Report and
Accounts will be available shortly at the Company's website www.uplandres.com
Bolhassan Di, Upland Resources Limited CEO, said:
"We have made good progress this year against an extremely difficult backdrop. In spite of the challenges posed by travel restrictions and market downturns we have pushed forward technical studies in all our key regions.
In Tunisia we have progressed our activities at a pace that is compliant with Covid-restrictions and are already seeing positive results coming out of technical studies, with several new leads identified.
We also continue to build on our existing relationships with business and government in Brunei and Sarawak, Malaysia.
Looking ahead we are optimistic about the opportunities within our portfolio and will continue to keep shareholders updated as we progress our activities."
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Hot Features
Premium
Upland Resources Limited www.uplandres.com
Bolhassan Di, CEO Tel: +60 198 861 919
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities www.optivasecurities.com
- Broker
Jeremy King Tel: _+44 (0)20 3137 1904
(Corporate Finance) jeremy.king@optivasecurities.com
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
FTI Consulting - Financial Tel: +44 (0)203 727 1065
PR ben.brewerton@fticonsulting.com
Ben Brewerton
Christopher Laing Tel: +44 (0)20 3727 1355
ch ristopher.laing @fticonsulting.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
UPLAND RESOURCES LIMITED
REPORT OF THE DIRECTORS
FOR THE SIX-MONTH PERIODED 31 DECEMBER 2020
Upland Resources ("Upland" or the "Company" or the "Group") has made
steady progress on licence activities in the second half of 2020.
On 14 July 2020, the Company announced a successful fund raise of GBP470,000
via a placing and subscription of ordinary shares. Associated warrants
were also issued on a one for two ordinary share basis. These funds
are being deployed to progress the technical studies in Tunisia and
to develop the new licence opportunities to a negotiation stage.
In August 2020, the Company announced the execution of a Memorandum
of Understanding with Viddacom (B) Sdn Bhd, a local Brunei oil services
and logistics company. This agreement is consistent with a strategy
to identify and evaluate new attractive opportunities offering significant
potential for growth. Local partners are seen to be instrumental in
the evaluation and closure of new licences and the Company continues
to engage with other prospective companies in target regions.
Recent political developments have given cause for optimism in our
pursuit of an exploration permit in Sarawak and together with positive
findings from our initial geological studies have given encouragement
to our selection of a possible licence. We now hope to be able to follow
up with the relevant authorities.
On 10 September 2020, the Company announced that Mr Christopher Pitman
relinquished his role as Chief Executive Officer to focus on sourcing
and developing new business opportunities. Mr Pitman continues to serve
as a director of the Company, with Mr Bolhassan Di assuming the role
of interim Chief Executive Officer from that date.
The Company commissioned highly experienced external consultant GA.I.A.
srl (GAIA Consulting) to undertake a detailed geological and geophysical
study of the Saouaf Permit, Tunisia, in order to prepare a lead and
prospect inventory and to assess the potential for de-risking through
the application of seismic re-processing techniques using the existing
data acquired by previous companies.
Following the appointment of GAIA Consulting, and as part of the approved
Tunisian work programme within the Saouaf licence area, the Company's
technical team have integrated geology, geophysics and geochemistry
to complete a sound geological model of the subsurface of the Saouaf
licence area. All the available vintage well and seismic data were
ingested and loaded in state-of-the-art geoseismic interpretation software
and a dedicated Geographic Information System (GIS).
Regional analyses of existing and new plays have been completed, identifying
a promising sub-salt play, new for the Saouaf area but well proven
in Algeria and Morocco. Comparisons were made with the giant gas field
of Hassi R'Mel in Algeria (85 TCF of natural gas recoverable) and the
recent gas discovery at Tendrara in North-Eastern Morocco (0.9 TCF
recoverable + 8 TCF potential).
The sub-salt play is based on the presence within the Saouaf license
area of an extensive Triassic salt formation acting as top seal and
the presence of a light oil surface seep that indicates a mature, deep
source rock active in the area, most likely the wide-spread and prolific
Silurian "Hot Shale" formation.
The next phase will include reprocessing of existing ETAP seismic data
in order to plan for the subsequent new data acquisition campaign.
The technical work plan includes final selection of some 80-100 km
of existing seismic lines for test reprocessing, which will now also
specifically aim at improving the imaging of the deep "base of salt"
reflector and at testing for the presence of any indirect indication
of gas saturated porosity below the Triassic salt formation.
In the UK, the P2478 licence group comprised of Corallian Energy Limited
(Operator), Upland Resources Limited and Baron Oil plc agreed an extension
to the previously announced Work Sharing and Confidentiality Agreement
with a large International E&P Company for the Inner Moray Firth licence
from 30 September 2020 to 31 January 2021. This extension allowed additional
time for the Interested Party to complete its regional studies and
the P2478 Joint Venture Partners agreed to continue to cease marketing
a joint farm-out until 31 January 2021.
Significant events since the end of the reporting period
On 20 January 2021, the Company announced that it had been informed
by the Direction Générale des Hydrocarbures of the Ministry
of Industry, Energy and Mines that the Saouaf Prospecting Permit duration
will be extended for one year, expiring on 23 December 2022, following
a request submitted by the Company in August 2020. It is expected that
further formal notification of this approval will be conveyed within
the Official Gazette of the Republic of Tunisia.
A 2021 work programme submitted to ETAP for approval includes the reprocessing
of specific vintage seismic lines, the acquisition of a new 300 km
2D seismic survey and multidisciplinary geological and geochemical
studies, aiming at de-risking the identified leads and prospects and
increasing the Chance of Success.
On 15 February 2021, the Company announced that as a result of work
done on the vintage exploration data, several leads had been identified,
spread over a number of different exploration plays, namely the Eocene,
Cretaceous, Jurassic and Pre-Salt plays. Studies are now ongoing to
map and define a series of new prospects and leads.
The best-defined structure is a prospect named Pyrite, which is part
of a large isolated carbonate platform developed at Lower Cretaceous-Jurassic
level. This prospect is defined by thirteen seismic lines of good quality,
most of which have been acquired in 2006 or in 2012 and subsequently
reprocessed in 2013 by a previous operator. Pyrite is a large independent
closure being part of a wide ring of carbonate build-ups of Early Cretaceous
age (Ressas formation), which has been growing on top of a carbonate
platform of Jurassic age (Nara formation). The top seal is represented
by the shale-dominated Sidi Khalif and M'Cherga formations, which cap
the carbonate build-up.
The Pyrite prospect is interpreted to contain between 0.7 and 1.6 TCF
of recoverable gas (respectively Low=P(90) and High=P(10) of Prospective
Resources), with a most likely value of 1.1 TCF (Best=P(50) ), equivalent
to approx. 183 MBoe.
Two other structures were also identified close to Pyrite, belonging
to the same Jurassic-Lower Cretaceous carbonate play, named respectively
Galena and Marcasite.
The interpretation work will continue, also on the base of additional
vintage seismic data received from ETAP after the TCM/OCM held on 12
January 2021.
The assessment of the potential of all the leads identified within
the licence area will continue including the promising structural closures
at Sub-Salt level, where four structural highs have been identified
so far. Their areal extensions of these features range from 61 km(2)
to 196 km(2) , with the largest one (Halite lead) being the best defined
on the basis of the seismic interpretation and a prominent Bouguer
gravity anomaly.
In February 2021, the P2478 Joint Venture Partners (Corallian Energy,
Baron Oil and Upland Resources) announced that the Interested Party
had completed its regional and technical studies and communicated its
decision not to enter into any subsequent farm-in discussions with
the licence group. The Joint Venture Partners are now considering their
options with regard to undertaking re-processing of the existing 3D
seismic data prior to re-launching an industry farm-out campaign to
seek a strategic partner willing to fund the continued de-risking work
programme relating to the Dunrobin and Golspie prospects.
Results for the period
The financial results for the six-month period ended 31 December 2020
are appended to this report.
Upland made a pre-tax loss of GBP367,687 for the six months to 31 December
2020, compared to a GBP516,552 loss for the comparable six months to
31 December 2019. The principal reasons for the decreased costs in
the six-month period are reduced overhead expenditure and lower costs
due to the constraints on activity as a result of Coronavirus pandemic
restrictions.
The Company plans to grow through the identification and closure of
significant new business opportunities which should facilitate access
to additional finance.
The Board of Directors expect that operating conditions in 2021 will
improve as uncertainty due to the impact of the Coronavirus pandemic
eases and the oil price continues to recover from its heavy fall in
early 2020. The gradual lifting of travel restrictions may allow work
related visits to resume during 2021. The resumption of business travel
means that the Company is now well placed to pick up the continuation
of studies and discussions during the previous lockdowns relating to
identified new licence opportunities.
Risks and uncertainties
The Group has identified the following as key risks in the second six
months of this financial year:
Sub-surface risks
Risk (1): The success of the business relies on accurate and detailed
analysis of the sub-surface. This can be impacted by poor quality data,
either historical or recently gathered, and limited coverage. Certain
information provided by external sources may not be accurate.
Mitigation: All externally provided and historical data is rigorously
examined and discarded when appropriate. New data acquisition is considered
and adequate programmes implemented, but historical data can be reviewed
and reprocessed to improve the overall knowledge base.
Risk (2): Data can be misinterpreted, leading to the construction of
inaccurate models and subsequent plans.
Mitigation: All analytical outcomes are challenged internally and peer
reviewed. Interpretations are carried out on modern geoscience software.
Corporate risks
Risk: The Group's success depends upon skilled management as well as
technical and administrative staff. The loss of service of critical
members of the Group's team could have an adverse effect on the business.
Mitigation: The Group periodically reviews the compensation and contract
terms of its staff and consultants to ensure they are competitive.
Going concern risk
Risk: There is no guarantee that the required funding will be raised
within the necessary timeframe, as a result there is an uncertainty
on the Group's ability to continue as a going concern.
Mitigation: The Group regularly monitors funding requirements, including
the requirement to raise additional capital, to ensure there is sufficient
working capital to enable it to continue its operations.
Going Concern
The interim accounts have been prepared on a going concern basis, which
assumes that the Group will continue to be able to meet its liabilities
as they fall due for the foreseeable future. The Group meets its current
day to day working capital requirements through existing cash reserves.
The Group raises finance for its exploration and appraisal activities
in discrete tranches to finance its activities for limited periods
only and further funding will be required from time to time to finance
those activities as well as ongoing administrative expenses. The Group
held cash balances of GBP763,700 as at 31 December 2020, although GBP731,948
of this is held on deposit as a condition of the Saouaf licence.
The Directors believe that the Group will be able to raise, as required,
sufficient cash or reduce its commitments to enable it to continue
its operations, including the pursuit of future exploration opportunities,
and to continue to meet its liabilities, as and when they fall due.
However, as there can be no guarantee that the required funds will
be raised within the necessary timeframe, consequently a material uncertainty
exists that may cast doubt on the Group's ability to continue to operate
as planned and to be able to meet its commitments and discharge its
liabilities in the normal course of business for a period not less
than twelve months from the date of approval of these interim accounts.
The interim accounts do not include the adjustments that would result
if the Group was unable to continue in operation.
Auditing
This interim report and accounts for the six-month period ended 31
December 2020 (the "Interim Report and Accounts") ha s not been audited
or reviewed pursuant to the Financial Reporting Council guidance on
'Review of Interim Financial Information".
Statement of Directors' Responsibilities
The Interim Report and Accounts is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing
the Interim Report and Accounts in accordance with the Disclosure and
Transparency Rules (the "DTRs") of the United Kingdom's Financial Conduct
Authority (the "FCA"). The DTRs require that the accounting policies
and presentation applied to the half yearly figures must be consistent
with those applied in the latest published annual accounts.
The Directors confirm that, to the best of their knowledge, the set
of financial statements contained in the Interim Report and Accounts,
which have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting' as adopted by the European
Union, give a true and fair view of the assets, liabilities, financial
position and profit and loss of the Group, as required by DTR 4.2.2
and in particular include a fair review of:
* the important events that have occurred during the
half of the financial year and their impact on the
set of financial statements contained in the Interim
Report and Accounts, as required by DTR 4.2.7R;
* the principal risks and uncertainties for the
remaining half of the year as required by DTR 4.2.7R;
and
* related party transactions that have taken place in
the first half of the current financial year.
The Directors of Upland Resources Limited are Bolhassan Di (Chairman
and interim Chief Executive Officer), Christopher Pitman (Non-Executive),
Dixon Kit Seng Wong (Non-Executive), Aimi Nasharuddin (Non-Executive)
and Jeremy King (Non-Executive).
Bolhassan Di
Chairman and interim CEO
28 March 2021
UPLAND RESOURCES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE INTERIM SIX-MONTH
PERIODED 31 DECEMBER 2020
6 months 6 months
to 31 December to 31 December
2020 2019
GBP GBP
Revenue - -
Exploration and evaluation expenditure - (3,922)
Administrative expenses (367,687) (512,630)
Operating loss (367,687) (516,552)
Loss before taxation (367,687) (516,552)
Taxation - -
Loss and Total Comprehensive Income for the
Period Attributable to Equity Owners of the
Parent Company (367,687) (516,552)
================ ================
Loss per share in pence - basic and diluted (0.05) (0.09)
================ ================
The results above derive wholly from continuing
operations.
UPLAND RESOURCES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
31 December
2020 30 June 2020
Note GBP GBP
Non-Current assets
Intangible assets 2 141,027 79,417
Current assets
Trade and other receivables 3 7,159 11,541
Cash and cash equivalents 763,700 823,127
770,859 834,668
-------------- ---------------
Total assets 911,886 914,085
============== ===============
Equity
Share capital - -
Share premium 8,440,232 7,989,832
Retained earnings (7,769,685) (7,450,830)
Total equity 670,547 539,002
-------------- ---------------
Current liabilities
Trade and other payables 4 241,339 375,083
Total equity and liabilities 911,886 914,085
============== ===============
UPLAND RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM SIX-MONTH
PERIODED 31 DECEMBER 2020
Premium Retained
on shares earnings Total equity
GBP GBP GBP
At 1 July 2020 7,989,832 (7,450,830) 539,002
Issue of shares 450,400 - 450,400
Share-based payment transactions - 48,832 48,832
Loss for the period - (367,687) (367,687)
At 31 December 2020 8,440,232 (7,769,685) 670,547
============ ============ =============
Premium Retained
on shares earnings Total equity
GBP GBP GBP
At 1 July 2019 7,684,962 (6,731,466) 953,496
Issue of shares 82,370 - 82,370
Loss for the period - (516,552) (516,552)
At 31 December 2019 7,767,332 (7,248,018) 519,314
============ ============ =============
UPLAND RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE INTERIM SIX-MONTH PERIODED 31 DECEMBER 2020
6 months 6 months
to 31 December to 31 December
2020 2019
GBP GBP
Cash Flows from Operating Activities
Loss from operations (367,687) (516,552)
Share-based payment expenses 48,832 -
Decrease in trade and other receivables 4,382 97,489
(Decrease)/increase in trade and other
payables (133,744) 64,679
Net cash used in operating activities (448,217) (354,384)
------------------------------ ----------------
Cash Flows from Investing Activities
Expenditures incurred on exploration and
evaluation assets (61,610) -
Net cash used in investing activities (61,610) -
------------------------------ ----------------
Cash Flows from Financing Activities
Proceeds from issue of ordinary shares,
net of issue costs 450,400 82,370
Net cash generated from financing activities 450,400 82,370
------------------------------ ----------------
Net (decrease) in cash and cash equivalents (59,427) (272,014)
Cash and cash equivalents at the beginning
of the period 823,127 1,064,601
Cash and cash equivalents at the end of
the period 763,700 792,587
============================== ================
UPLAND RESOURCES LIMITED
NOTES TO THE INTERIM ACCOUNTS
1 Accounting policies
The same accounting policies and methods of computation
are followed in these interim accounts as compared with
the most recent annual financial statements.
2 Intangible assets
Exploration and
evaluation costs
GBP
Cost
At 1 July 2019 3,397,291
Expenditure 79,417
----------------
At 1 July 2020 3,476,708
Expenditure 61,610
----------------
At 31 December 2020 3,538,318
----------------
Impairment
At 1 July 2019 (3,397,291)
Charge for the year -
----------------
At 1 July 2020 (3,397,291)
Charge for the year -
----------------
At 31 December 2020 (3,397,291)
----------------
Carrying amount
At 31 December 2020 141,027
================
At 30 June 2020 79,417
================
Trade and other
3 receivables
31 December 30 June
2020 2020
GBP GBP
Other debtors 620 6,036
Prepayments 6,539 5,505
7,159 11,541
================== ================
UPLAND RESOURCES LIMITED
NOTES TO THE INTERIM ACCOUNTS (CONTINUED)
Trade and other
4 payables
31 December 30 June
2020 2020
GBP GBP
Trade payables 116,273 147,001
Other payables 25,353 18,571
Accrued expenses 99,713 209,511
------------------ ----------------
241,339 375,083
================== ================
Related party
5 transactions
The Directors are considered to be the key management
personnel of the Company. During the interim period,
the Company paid fees to Directors amounting to GBP71,082
(year ended 30 June 2020 - GBP191,122).
During the interim period, the Company was charged fees
and commission of GBP32,942 (year ended 30 June 2020
- GBP35,000) by a company of which a Director of the
Company is also a director and shareholder.
During the interim period, the Company was charged consultancy
fees of GBP18,000 (year ended 30 June 2020 - GBP36,000)
by a Director of the Company.
6 Commitments and post balance sheet events
Upland's wholly-owned subsidiary, Upland (Saouaf) Limited
("Upland Saouaf"), has a 50% interest in the exclusive
Saouaf hydrocarbon exploration and appraisal licence
("the Licence"). The other 50% interest is held by ETAP
(the Tunisian state oil company). The Licence is to be
operated by Upland Saouaf. The terms of the Licence commit
Upland Saouaf to carry out a minimum work programme including
the acquisition of 300 km of new 2D seismic data. A $1
million bank guarantee has been put in place by Upland,
which will be reimbursed as elements of the work programme
are completed. The Licence's initial term of two years
has been extended by one year expiring on 23 December
2022, and may be converted and thereby extended in term
at Upland Saouaf's option, providing the work commitments
of the initial term have been fulfilled within the initial
period.
In addition, at the reporting date, Upland's wholly-owned
subsidiary, Upland Resources (UK Onshore) Limited ("Upland
UK") held a 25% interest in PEDL 299. A cost-sharing
arrangement has been put in place under the Joint Operating
Agreement between the co-licencees (INEOS Upstream and
Europa Oil & Gas). However, it is the Board's opinion
that under that arrangement, the Company will not incur
any costs over the remaining term of the licence.
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