13 June, 2018 – Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets is pleased to announce that it has conditionally placed 120,000,000 new shares of no par value in the Company (the “Placing Shares“) with institutional and other investors at 2.5p per share (the “Placing Price“) to raise £3,000,000 (before expenses). The placing was oversubscribed.
These funds, when combined with the Company’s existing cash reserves, will be used to fund the Wick well (which is due to spud in the third quarter of this year), on potential new ventures in Sarawak and North Africa and on the ongoing costs of running the business.
Upland Resources CEO, Stephen Staley. commented:-
“I am very pleased to announce this oversubscribed placing; it leaves the business very well capitalised as we enter a busy period for the Company.
“2018 will be a very exciting time for Upland with the spudding of the high impact Wick well on the UKCS later this year. I also expect continued good progress on new opportunities in Sarawak and North Africa.
“I would like to thank new and existing shareholders for their support in backing the business and I look forward to updating the market as to our progress as we execute on our strategy of building a geographically diversified oil and gas business.”
Full announcement at http://uplandres.com