Upland Resources Limited Corporate Update (6876R)
October 30 2023 - 2:08AM
UK Regulatory
TIDMUPL
RNS Number : 6876R
Upland Resources Limited
30 October 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
FOR IMMEDIATE RELEASE
30 October 2023
Upland Resources Limited
("Upland" or the "Company")
Corporate Update
Further to the recent announcements concerning the offer period
for Upland Resources Limited (LSE:UPL), the Company provides the
following corporate update. The approach was dismissed by the board
due to the value assigned.
Following the receipt of an offer from a potential offeror,
Upland, in full compliance with the Takeover Code, liaised with its
advisors and the Takeover Panel and consequently the Company was
deemed to be in an 'Offer Period'. RNS announcements were
formulated and/or vetted by our Rule 3 advisors and lawyers (SP
Angel & Hill Dickinson respectively) and subsequently reviewed
by the Takeover Panel. Following the UK procedure for takeovers,
all communications were necessitated by and aligned with
requirements of the Takeover Code to ensure adherence with legal
and fiduciary standard practice.
Subsequent to the 'Offer Period' beginning, the 'Potential
Offeror' became unengaged and failed to sustain communications with
Upland. Further investigation and evidence eventually led to the
conclusion that the 'Potential Offeror' was not bona fide. This was
confirmed by the Takeover Panel and subsequently announced.
The Board will seek further advice on any action to be taken and
support any investigations by the relevant authorities.
The Company considers matters pertaining to this Offer Period
closed and is now focused on executing its defined strategy of
exploring, appraising and developing Block SK334 in Sarawak.
Upland's Chairman and CEO, Bolhassan Di, has had regular
meetings with the Company's Joint Technical Study partner in
Sarawak, Petroleum Sarawak Berhad PETROS. It is a long-standing
relationship built over several years. They are fully supportive of
Upland Resources and recognise the Company's long-term commitment
to developing Block SK334.
Upland is advanced in the process of securing the Production
Sharing Contract of Block SK334, onshore Sarawak. Block SK334 is
frontier exploration acreage that is adjacent to large hydrocarbon
reserves in Brunei and Sarawak. Through a close working
relationship with the local regulator PETROS, we are confident that
on completion of the Joint Technical Study, Upland will be in the
best position to progress the Block SK334 Production Sharing
Contract with PETROS. Preparation for the first exploration well
will begin in 2024.
From a global resource perspective, Upland is also uniquely
positioned to open new plays in Block SK334 in Sarawak and return
very significant value to investors.
We are fully focused on building significant value for our
investors through the execution of our defined strategy being the
successful development of Block SK334.
In late November, Upland's Executive and Board have scheduled to
meet PETROS in Sarawak. Upland is in an advanced stage of technical
due diligence with a view to commence preparatory work on the SK334
drilling campaign in 2024.
The company are in the final stages of rig selection, our
technical team, made up of drilling engineers and well management
specialists are scheduled to meet in Holland in early November with
a view to materially advancing the SK334 drilling campaign.
Bolhassan Di, Upland Chairman and CEO commented:
"The Company's full focus is on the SK334 PSC and developing the
asset. The Upland team have spent many years working to progress
Block SK334 in Sarawak and to countenance any premature,
preliminary offers is not part of this particular Company's
strategy. Upland Resources as an entity is fully committed to
unlocking the full value potential of something we consider to be
unique amongst the world's remaining high potential lower risk oil
and gas exploration plays.
We can assure shareholders that this has not detracted the
company from the task at hand, fundamentally the business is in the
strongest position it has ever been in and operationally we are now
ready to finalise the Joint Technical Study and progress towards
the SK334 onshore drilling campaign with preparatory work
commencing in 2024.
We are grateful for the guidance of our advisors and the
Takeover panel through this period but now we look forward to
executing upon our objectives and to keeping shareholders abreast
of news flow over the coming weeks and months."
**ENDS**
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandbigoil.com.my
Gerry Murray, COO gerry.murray@upland.energy
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
Christian Dennis christian.dennis@optivasecurities.com
(Corporate Broker) www.optivasecurities.com
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END
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