REG - Upland Resources Ltd - Strategic Investment by US investor group

Upland ResourcesAnnouncement

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RNS Number : 0213X  Upland Resources Limited  17 March 2026

For Immediate Release

Upland Resources Limited

("Upland" or the "Company")

Successful Fundraising

US$1,750,000 raised through subscription by US-based private investor group

 

Upland Resources Limited (LSE: UPL), the upstream oil and gas company focused
on the development of high-impact assets across Southeast Asia, is pleased to
announce the successful completion of a fundraising, through direct
subscription by small group of investors based in the United States, raising
gross proceeds of approximately US$1,750,000 (approximately £1.3 million)
through the issue of 42,451,935 new ordinary shares at 3.10 pence per share
(the "Fundraising").

Key Elements:

•      Gross proceeds of US$1,750,000 (approximately £1.3 million)
raised from a US-based private investor group.

•      42,451,935 new ordinary shares issued at 3.10 pence per share.

Strategic Context

The interest shown by US-based investors in this Fundraising is a direct
validation of Upland's strategy. The Company's primary focus is the
development of a material upstream portfolio across Southeast Asia,
underpinned by the US$100 million Strategic Funding Commitment from Lost
Soldier Oil and Gas and a growing pipeline of high-impact licence
opportunities. Through that same partnership, Upland holds a participation
interest in the Wild Mustang Federal Unit in Wyoming - regarded as one of the
largest natural gas discoveries in the western United States in several
decades, with estimated resources of approximately 6 Tcf and first commercial
gas sales targeted for Q4 2026, providing near-term cashflow exposure in a
geopolitically stable jurisdiction.

The Fundraising builds on the Framework Agreement announced on 24 November
2025 and the US$100 million Strategic Funding Commitment announced on 23
January 2026.

US$100m Strategic Funding Commitment - Upland
(https://upland.energy/us100m-strategic-funding-commitment/)

Admission and Total Voting Rights

Application will be made for the 42,451,935 new ordinary shares to be admitted
to trading on the Main Market of the London Stock Exchange ("Admission"),
expected on or around 25(th) and 26(th) of March. The new shares will rank
pari passu in all respects with the Company's existing ordinary shares.
Following Admission, the Company's total issued share capital will comprise
1,726,552,840 ordinary shares of no-par value, representing the total number
of voting rights.

Use of Proceeds

The net proceeds will be applied toward progressing the Company's Southeast
Asian licencing and technical workstreams, supporting progression of existing
upstream opportunities and for general working capital.

Investor Options

The Company will issue investor options with an aggregate of 15 million
shares, exercisable at 5 pence per share, vesting upon the Company's share
price achieving 12 pence, by 31 December 2030 subject to the terms of the
option deed.

 

Management Commentary

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

"The support from this group of US-based investors is a direct validation of
the strategy we are executing. Southeast Asia is our core focus and the scale
of what we are pursuing there is increasingly recognised internationally. The
Wild Mustang project and our new OTCQB listing provide a strong foundation for
that North American investor base to grow alongside us."

For further information, please contact:

 Upland Resources Limited               Tel: +60 198 861919
 Bolhassan Di, Chairman and CEO         bolhassan@upland.energy
 Gerry Murray, COO                      gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)
 Josh Galloway, Head of Drilling        josh.galloway@upland.energy (mailto:josh.galloway@upland.energy)
                                        www.upland.energy (http://www.upland.energy)

 Hill Dickinson LLP - Legal Advisers    Tel: +44 (0)20 7283 9033
 20 Primrose Street, London, EC2A 2EW.

 

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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