REG - Upland Resources Ltd - Strategic Placement & Management Share Purchase

Upland ResourcesAnnouncement

17/02/2026 07:00

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RNS Number : 3161T  Upland Resources Limited  17 February 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

 

17 February 2026

Upland Resources Limited

("Upland" or the "Company")

Proposed £2.0 Million Placing to Secure High-Impact Southeast Asia Growth
Strategy

Significant Insider Participation of Approximately £1.5 Million

Upland Resources Limited (LSE: UPL), the oil and gas company focused on
building a scalable onshore portfolio in Southeast Asia, is pleased to
announce a proposed placing to raise gross proceeds of approximately £2.0
million at 3.5p (the "Placing").

£500,000 has been committed by four strategic and existing shareholders,
reflecting continued external support from long-term aligned investors.

In addition, Directors, executives, senior management and members of the
Company's geological team intend to participate separately in the fundraising
for approximately £1.5 million, underscoring strong internal conviction in
the scale, quality and value potential of the assets being advanced.

The Placing will provide growth capital to secure the Company's participation
in two high-impact onshore licence opportunities in Southeast Asia, both
currently under exclusive and direct negotiation with the relevant
authorities. These assets represent material scale, significant oil and gas in
place, and strategic positioning within proven producing basins.

Upland has undertaken substantial preliminary technical and commercial
assessments on both opportunities in coordination with a reputable and
experienced Indonesian oil and gas consultancy firm, ensuring alignment with
applicable regulatory and industry frameworks.

1. Kalimantan, Borneo - Large-Scale Onshore Joint Study Area

The first opportunity comprises a substantial onshore Block ("JSA") located
within the prolific Kutei Basin in Borneo - one of Southeast Asia's most
productive hydrocarbon provinces.

To date, the basin has yielded approximately 3.9 billion barrels of
recoverable oil and 64 trillion cubic feet of natural gas across 139
commercial fields.

This opportunity qualifies as a Discovered Resource Opportunity (DRO),
offering a clear and ready-to-develop pathway to monetisation. A 2024
assessment by SKK Migas estimates:

·      >500 million 2C barrels of oil in place (P50)

·      >1.5 trillion 2C cubic feet of gas in place (P50)

within the contract area.

The block spans more than 4,000 km² and benefits from over 900 km of existing
2D seismic data, providing a robust technical foundation and enabling
accelerated progression toward appraisal, development and production.

2. Northern Sumatra - High-Potential Onshore Block

The second opportunity relates to a strategically positioned onshore block in
Northern Sumatra, also under exclusive and direct negotiation.

Recent basin‑wide reassessments, integrating licensed national datasets,
operator technical studies, and industry‑standard commercial intelligence,
indicate that the North Sumatra Basin remains materially underexplored across
several key sub‑basins. Independent pool‑size distribution analysis
supports a Yet‑To‑Find (YTF) resource potential exceeding 9 billion
barrels of oil equivalent, consistent with established geological principles
and regulator‑recognized evaluation methodologies.

This block complements the Borneo opportunity and strengthens Upland's
strategy of assembling a portfolio of material, high-impact onshore assets
within proven petroleum systems.

Additional Borneo Opportunities

In addition to the two Blocks described above, Upland is advancing its three
additional blocks in Borneo, Sarawak and Brunei, further expanding the
Company's footprint across hydrocarbon-proven jurisdictions

These additional opportunities enhance Upland's strategic positioning and
support its ambition to establish a scalable, multi-block core position across
key Southeast Asian basins, combining:

·      High-impact exploration targets

·      Material discovered resource upside

·      Near-term appraisal and development potential

·      Portfolio diversification across multiple petroleum systems

·      Strategic regional scale capable of underpinning long-term growth

Upland also retains an exclusive strategic advantage and uniquely positioned
interest in one of these blocks, providing a material competitive edge within
the broader regional portfolio.

Use of Proceeds

The net proceeds of the Placing are expected to be applied as follows:

Strategic Participation

·      Securing participation in prospective onshore assets in Borneo
and Northern Sumatra.

·      Supporting performance guarantee arrangements associated with
anticipated minimum work programme commitments.

Technical Advancement

·      Advancing technical studies and associated evaluation work
programmes.

Commercial & Regulatory Progression

·      Progressing regulatory, commercial and partnership workstreams.

Corporate Purposes

·      Providing general working capital.

The participation is expected to materially strengthen the Company's financial
position as it advances its Southeast Asia growth strategy.

Board Statement

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

"We have engaged discreetly and constructively with the relevant authorities
regarding the aforementioned assets and are now entering a transformational
phase for Upland.

We have identified a portfolio of onshore Southeast Asian assets combining
material oil and gas in place, significant exploration upside and credible
development pathways within proven producing basins.

The scale of the Blocks is exceptional for a company our size, and the
Northern Sumatra opportunity further expands our basin-wide upside in one of
Indonesia's most prospective underexplored regions, now drawing marked
interest from super-majors.

Equally important is the decision by our Directors, executives, senior
management and geological team to invest approximately £1.5 million alongside
external investors. This level of internal participation reflects strong
alignment and conviction in the long-term value creation potential of these
opportunities.

In partnership with Lost Soldier Oil and Gas, we are assembling the technical
capability and regional execution strength required to unlock this potential.
Our objective is clear: to build scale rapidly and position Upland for
substantial long-term value creation as we progress toward mid-cap status."

The Placing

The Company intends to raise approximately £2.0 million (gross) by way of a
placing of new ordinary shares (the "Placing Shares") at a price of 3.5 pence
per Placing Share (the "Issue Price") (the "Placing"). The Placing will
comprise the issue of 57,142,857 new ordinary shares.

The Placing is conditional, inter alia, upon the admission of the Placing
Shares to the Official List of the Financial Conduct Authority and to trading
on the Main Market of the London Stock Exchange ("Admission").

Application will be made for the Placing Shares to be admitted to the Official
List and to trading on the Main Market of the London Stock Exchange. Admission
is expected to occur on or around 24th to 27th of February.

The Placing Shares will, when issued, be credited as fully paid and will rank
pari passu in all respects with the Company's existing ordinary shares,
including the right to receive all dividends and other distributions declared,
made or paid after the date of issue.

Following Admission, the Company's issued ordinary share capital will comprise
1,684,100,905 ordinary shares of no-par value. The Company does not hold any
ordinary shares in treasury. Accordingly, the total number of voting rights in
the Company following Admission will be 1,684,100,905.

About Upland Resources Limited

Upland Resources Limited (LSE: UPL) is an independent upstream oil and gas
company focused on acquiring, developing and operating high-impact onshore
licences in Southeast Asia. The Company's strategy is to build a scalable,
multi-block portfolio in proven hydrocarbon basins, combining exploration
upside with near-term development and production potential.

Upland brings together a multidisciplinary team of technical experts,
geoscientists and operational professionals and leverages partnerships with
regional operators to deliver exploration, appraisal and development success.
The Company is headquartered in Jersey JE4 9WG, with its regional office in
Kuching, Sarawak, and a representative office in Jakarta, and maintains active
operations across Sarawak, Indonesia, and Brunei.

Company Contacts

Upland Resources Limited

Bolhassan Di, Chairman & CEO

Email: bolhassan@upland.energy (mailto:bolhassan@upland.energy)

Gerry Murray, Chief Operating Officer

Email: gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

Josh Galloway, Head of Drilling

Email: josh.galloway@upland.energy (mailto:josh.galloway@upland.energy)

 

 

Hill Dickinson LLP - Legal Advisers
20 Primrose Street, London, EC2A 2EW.

Tel: +44 (0)20 7283 9033

Forward-Looking Statements

This announcement contains forward-looking statements. Forward-looking
statements involve risks, uncertainties and assumptions and are subject to
change at any time. Actual results may differ materially from those expressed
or implied. Factors that could cause actual results to differ include, but are
not limited to, risks related to exploration, development and production
activities, commodity price fluctuations, operational risks, regulatory
changes and general market conditions. No representation or warranty, express
or implied, is made as to the accuracy or completeness of any forward-looking
statement.

 

END

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