REG - Upland Resources Ltd - Acquisition Agreement Vanguard Drilling

Upland ResourcesAnnouncement

Wed 07:00

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RNS Number : 5067B  Upland Resources Limited  01 October 2025

 

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

Upland Resources Limited

(LSE: UPL)

1 October 2025

Asset acquisition agreement signed with Vanguard Drilling Limited

Acquisition of Proprietary Drilling IP, Systems and integration of Senior
Personnel

Upland Resources Limited ("Upland" or the "Company") is pleased to announce
that it has signed an Asset Acquisition Agreement with Vanguard Drilling
Limited ("Vanguard") regarding the proposed acquisition of Vanguard's
proprietary intellectual property, advanced drilling management systems, and
the integration of select senior personnel into Upland's operational
structure.

This agreement represents a significant development in Upland's evolution
into a fully integrated, technically capable operator in Southeast Asia.
Vanguard's Chief Executive Officer, Mr. Josh Galloway, will join Upland
as Head of Drilling Services, leading the creation of Upland Drilling
Services Sarawak (UDSS) under the umbrella of Upland Big Oil (UBO).

Transaction Highlights

·      Acquisition of the Vanguard Business Management System (VBMS):

A comprehensive drilling safety and management platform incorporating
operating procedures, drilling manuals, risk frameworks, and competency
development modules.

·      Acquisition of Vanguard's Mission Control Project Management
Software:

A Salesforce-based AI project management suite delivering real-time oversight
of costs, schedules, logistics, and risk mitigation.

·      Integration of Key Vanguard Personnel (when required):

Select senior drilling specialists, engineers, and project leaders from
Vanguard will be seconded into Upland's flagship projects, as required,
ensuring operational excellence and continuity of expertise without
unnecessary overheads.

·      Appointment of Josh Galloway:

The Vanguard Chief Executive Officer to lead Upland's global drilling services
function and spearhead operational delivery in Southeast Asia.

·      Aligned Consideration Structure:

Structured as performance-based milestone payments, directly aligning
Vanguard's long-term value creation with Upland shareholders and stakeholders.

·      Formation of UDSS:
Establishment of Upland Drilling Services Sarawak (UDSS) as Upland's
regional operational hub, structured to provide scalable drilling and related
technical services across Upland's prospective PSC portfolio. UDSS will also
serve as a strategic platform enabling Upland to secure project and license
equity in return for services rendered.

Upland Drilling Services Sarawak (UDSS)

Operating under Upland Big Oil, UDSS will form the cornerstone of Upland's
operational capability in Southeast Asia, with the following mandate:

·      Operational Backbone: Delivering end-to-end drilling and
workover campaigns on time, on budget, and with best-in-class operational
performance and safety.

·      Digital Integration: Deploying VBMS and Mission Control across
Upland projects to enhance cost control, logistics optimisation, and drilling
efficiency.

·      Strategic Personnel Placement: Vanguard's senior drilling and
operations specialists will be embedded in select Upland projects in Sarawak,
Brunei, and Indonesia, ensuring continuity of expertise and knowledge
transfer.

·      Local Content & Training: Rolling out Vanguard's competency
frameworks to accelerate local workforce development and fulfil national
participation commitments.

·      Scalability: Positioning Upland not only as an upstream
operator, but also as a potential regional leader in drilling services and
technology provision. This scalability provides a mechanism for Upland to
secure project and licence equity in return for services, while strengthening
its profile as a value-adding partner to host governments and joint venture
participants.

Strategic Rationale

This agreement materially enhances Upland's technical depth and execution
capability ahead of anticipated licensing and PSC awards:

·      Immediate Operator Readiness: Fully deployable drilling
management systems with built-in compliance, safety, and risk management.

·      Digital & AI Advantage: Real-time oversight of drilling
performance, cost visibility, and predictive risk management across multiple
projects.

·      Human Capital Integration: Placement of Vanguard's most senior
operational leaders into Upland's drilling programmes ensures seamless
execution and rapid knowledge transfer.

·      Rig Operations: Since 2017, Vanguard has operated a fleet of
onshore LOC rigs, including the Huisman LOC 400 #6 ("LOC 6"), a
high-specification and compact drilling unit engineered for efficiency and
safety. LOC 6 is under consideration as one of the rigs that Upland may deploy
in its forthcoming work programmes.

·      Commercial Transparency: Enhanced forecasting, scheduling, and
cost optimisation via Mission Control's AI-driven platform.

·      Regional Growth Platform: UDSS creates a scalable operating base
for Upland, capable of servicing internal projects and offering third-party
services in return for production and project equity.

 

Chairman's Comment

Datuk Bolhassan Di, Chairman of Upland Resources, commented:

 "This agreement marks an important milestone for Upland at a pivotal and
transformative stage in our development. By acquiring Vanguard's intellectual
property and integrating its senior personnel into our operations, we are
significantly enhancing our ability to deliver projects to the highest
international standards. The establishment of Upland Drilling Services Sarawak
positions us not only as an operator, but as a recognised regional specialist.
Importantly, it also positions Upland uniquely in what is a high-growth
region. For investors, this is a clear and confident statement: Upland is
building a platform for growth, operational excellence, and long-term value
creation in Southeast Asia's energy sector."

 

Comment from Vanguard CEO

Josh Galloway, CEO of Vanguard Drilling Limited, added:

"Vanguard has always prided itself on operational discipline and safety
leadership. Integrating with Upland allows us to apply those strengths on a
larger scale, in some of the most exciting growth markets in the world. Over
recent months, my team and I have been working closely with Upland and are
genuinely excited by the emerging potential. I have also participated in a
number of constructive engagements with regulators and government
representatives, which has reinforced the strong alignment between Upland and
its stakeholders. I am delighted to join Upland as Head of Drilling Services,
where we will ensure the successful execution of Upland's projects. Together,
we are building an operator with distinctive capabilities and a compelling
growth profile for shareholders."

 

 

Further Information

Please see the link below to view a presentation outlining the Group's
capabilities

 

https://upland.energy/wp-content/uploads/2025/09/VES-UR-Company-Profile-4.pdf
(https://upland.energy/wp-content/uploads/2025/09/VES-UR-Company-Profile-4.pdf)

Next Steps

The parties will now move forward with definitive agreements. The transaction
is expected to close within thirty days. A further update will be provided
once binding contracts are executed.

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)

                                 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                    h (mailto:henry.clarke@oak-securities.com) enry.clarke@oak-securities.com

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

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

 

 

 
END

 

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