Business
2017 Interim Results
2017 Interim Results.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \nRNS Number : 7195F Upland Resources Limited 23 February 2018 \n\n23 February 2018\nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\n \nINTERIM RESULTS FOR THE SIX MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2017\nUpland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce its interim results for the six month period between 1 July 2017 and 31 December 2017. The Company continued to make excellent progress in the second half of 2017 and has been able to announce the conditional Farm-in Agreement for a working interest in the UK Seaward Production Licence P2235 which contains the Wick Prospect. Since 31 December 2017 the Company also announced Tune Assets Limited as a new cornerstone investor for the business.\nHighlights include:\n\n\n\n\n· \n\n\nEntering into a conditional Farm-In Agreement with Corallian Energy Limited for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) in the Inner Moray Firth, containing the Wick Prospect.\n\n\n\n\n· \n\n\nOutside the UK, strong progress continues to be made in business development activities in Malaysia and North Africa.\n\n\n\n\n· \n\n\nPre-tax loss of £337,839 for the six months to 31 December 2017, compared to a £416,442 loss for the comparable six months to 31 December 2016. The reason for the decreased costs is the absence of the one-off expenditures relating to fundraising activities incurred in the comparative period.\n\n\n\n\n· \n\n\nThe Company continues to be well placed to capitalise on the returning confidence in the sector and remains committed to keeping investors and the market up to date on continued activities.\n\n\n\n\n \nPost-period end\n\n\n\n\n· \n\n\nFormal completion of the investment by Tune Asset Limited (\"Tune\") of £1,000,000 in new ordinary shares at a price of 1.35p per share. Alongside Tune's investment in the Company, Tune holds major interests in a range of entities including Queens Park Rangers Football Club, Caterham Cars and AirAsia. \n\n\n\n\n· \n\n\nThe environmental survey work of the area surrounding the proposed location for the forthcoming Wick well was s...