REG - Upland Resources Ltd - Corporate Announcement

Upland ResourcesAnnouncement

23/01/2026 07:02

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RNS Number : 0859Q  Upland Resources Limited  23 January 2026

Upland Resources Ltd ("LSE")

US$100m Strategic Funding Commitment to Support Southeast Asia Growth
(2026-2030)

London - 23 January 2026 - Upland Resources Ltd ("Upland" or the "Company")
announces that it has received a letter of Financial Commitment from Wild
Mustang Midstream LLC a subsidiary of Lost Soldier Oil and Gas II Master
Series LLC ("Lost Soldier"), pursuant to which Wild Mustang Midstream LLC has
issued a formal Letter of Commitment confirming its intention to make
available One hundred million dollars (US$100 million) to support Upland's
upstream oil and gas activities across its targeted Southeast Asian portfolio
during the period 2026 to 2030.

The funding commitment is to support targeted assets in exploration, appraisal
and development in Sarawak (Malaysia), Brunei Darussalam and Indonesia, and is
to be deployed through farm-in arrangements, whereby Lost Soldier may
participate in specific licences by funding agreed work programmes.

Funding Framework - Highlights

●     US$100 million of funding capacity targeted for deployment between
2026 and 2030

●     Funding to be deployed through asset-level farm-in arrangements,
funding agreed exploration, appraisal and development work programmes

●     Portfolio targeting a multi-year drilling programme of up to 10
wells

●     Opportunities assessed comprise in excess of 5 billion boe of
gross unrisked prospective and 2C contingent resources, based on internal
technical evaluations and third-party data

Framework Agreement with Lost Soldier

The Letter of Financial Commitment is built upon the Framework Agreement
entered into between Upland and Lost Soldier on 24 November 2025, which
established the basis for a long-term strategic partnership between the
parties.

https://upland.energy/framework-agreement-and-bilateral-investment-with-lost-soldier-oil-and-gas-ii-master-series-llc/
(https://upland.energy/framework-agreement-and-bilateral-investment-with-lost-soldier-oil-and-gas-ii-master-series-llc/)

Under the Framework Agreement, Upland and Lost Soldier agreed a structure
for ongoing collaboration, reciprocal strategic investment and project-level
cooperation, with a focus on aligning capital availability, technical
capability and operational execution. The agreement contemplated a phased
approach to engagement, enabling Lost Soldier to evaluate Upland's targeted
assets and participate through structured transactions aligned with specific
assets and work programmes.

The Framework Agreement also provided for closer technical and operational
collaboration, including cooperation on subsurface evaluation, drilling
execution and development planning, and established the foundations for
future farm-in and funding arrangements to be progressed on a
project-by-project basis.

The current Letter of Commitment reflects the continued development of this
relationship and represents a further step in translating the Framework
Agreement into practical, project-aligned funding support for Upland's
targeted Southeast Asian portfolio.

https://upland.energy/media/ (https://upland.energy/media/)

Resource Potential and Development Strategy

This partnership materially enhances Upland's technical maturity, operational
depth, and financial agility, enabling multiple regional workstreams to
progress in parallel - a key differentiator for an emerging upstream operator.

Resource Scale

Upland in partnership with Lost Soldier, is assessing and targeting in excess
of 5 billion barrels of oil equivalent ("boe") of gross unrisked prospective
resources and 2C contingent resources, based on internal technical evaluations
and third-party data where available.

 

Development Programme

The parties envisage an initial multi-year exploration and appraisal programme
of up to ten wells, (10) to be phased in line with regulatory approvals,
subsurface results and prudent capital allocation.

 

Sector Outlook

Growing recognition of the potential for unconventional oil and gas resources
in under-explored Southeast Asian basins, combined with improved fiscal terms
and strong regional demand, provides a favourable environment for Upland and
Lost Soldier to apply proven unconventional expertise, while also targeting
stacked conventional plays that sit above these unconventional horizons.

Operational Readiness and Execution Capability

As part of the strategic cooperation agreement, provision is being made by the
parties for the securing of an onshore drilling rig to support the planned
exploration and appraisal programme.

It is envisaged that such a rig would be operated under Upland Borneo
Drilling Services, providing operational control, scheduling flexibility and
potential cost efficiencies for the joint work programme.

Please see the link below outlining some of the Group capabilities

 

https://upland.energy/drilling-services/
(https://upland.energy/drilling-services/)

 

Strategic Rationale

Upland continues to pursue a disciplined strategy to build a scalable and
material upstream portfolio in Southeast Asia, underpinned by technical
capability, regional presence and access to capital.

The partnership with Lost Soldier provides:

●     Access to substantial medium-term project funding capacity

●  A clear and structured pathway to advance assets from exploration
through appraisal and into development

●     Alignment with a technically capable and well-capitalised
strategic partner

●    Enhanced execution capability through integrated midstream and
drilling infrastructure, reflecting Lost Soldier's ownership of a pipeline
company and onshore drilling rigs, supporting improved cost control,
scheduling certainty and operational efficiency

●     Deep technical expertise in unconventional drilling into complex
geological settings

Management Commentary

Bolhassan Di, Chairman and CEO of Upland Resources Ltd, commented:

"This strategic cooperation with Lost Soldier represents an important
milestone for Upland as we continue to build a material, scalable upstream
position in Southeast Asia. Securing access to long-term, project-aligned
funding significantly enhances our ability to progress high-impact exploration
and appraisal opportunities in a disciplined and phased manner.

The combination of capital availability, technical readiness and regional
engagement positions Upland to move efficiently from licence award through
execution, while maintaining strict capital discipline and value focus."

Marc Bruner, CEO of Lost Soldier Oil and Gas Ltd, added:

"We see Upland as a technically capable and regionally focused partner with a
compelling portfolio and exclusive opportunities across Southeast Asia. Our
commitment reflects confidence in the quality of the identified prospects, the
scale of the resource potential and Upland's disciplined approach to
exploration and development.

Lost Soldier looks forward to working closely with Upland, deploying capital
through structured farm-in arrangements that align risk, reward and long-term
value creation for all stakeholders."

 For further information, please contact:

 Upland Resources Limited                                                                                                                                                                                                       Tel: +60 198 861919
 Bolhassan Di, Chairman and CEO                                                                                                                                                                                                 bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)

 Gerry Murray, COO                                                                                                                                                                                                              gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

 Josh Galloway, Head of                                                                                                                                                                                                         Josh.galloway@upland.energy (mailto:Josh.galloway@upland.energy)
 Drilling

                                                                                                                                                                                                                                www.upland.energy (http://www.upland.energy)
 OAK Securities - Broker                                                                                                                                                                                                        Tel: +44 (0)20 3973 3678
 Jerry Keen                                                                                                                                                                                                                     jerry.keen@oak-securities.com (mailto:jerry.keen@oak-securities.com)

 Henry Clarke                                                                                                                                                                                                                   henry.clarke@oak-securities.com (mailto:henry.clarke@oak-securities.com)

                                                                                                                                                                                                                                www.oak-securities.com (http://www.oak-securities.com)

Inside Information (UK MAR)

This announcement contains inside information for the purposes of Article 7
of the UK Market Abuse Regulation (EU) No. 596/2014, which forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
This information is disclosed in accordance with the Company's obligations
under Article 17 of UK MAR.

FCA and Prospectus Disclaimer

This announcement does not constitute, and should not be construed as, a
prospectus, admission document or offering memorandum, nor an offer to sell or
the solicitation of an offer to buy any securities in the Company. No
securities of the Company are being offered pursuant to this announcement.
This announcement has not been reviewed or approved by the Financial Conduct
Authority or any other regulatory authority.

Forward-Looking Statements

This announcement includes forward-looking statements, including statements
relating to prospective resources, exploration and appraisal programmes,
drilling plans, funding availability, farm-in arrangements, regulatory
outcomes and future operations. Forward-looking statements are based on
current expectations, assumptions and estimates and involve risks and
uncertainties that could cause actual results or developments to differ
materially from those expressed or implied.

Forward-looking statements are not guarantees of future performance. Factors
that could cause actual outcomes to differ materially include, but are not
limited to, licence awards, regulatory approvals, subsurface risk, commodity
price volatility, operational risks, availability of capital, counterparty
performance and changes in fiscal or governmental regimes. The Company
undertakes no obligation to update any forward-looking statements except as
required by applicable law or regulation.

END

 

 

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