Business
2019 Interim Results
2019 Interim Results.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \n \n RNS Number : 6299H\n Upland Resources Limited\n 26 March 2020\n \n \n \n \n \n \n \n 26 March 2020 \n \n \n UPLAND RESOURCES LIMITED\n \n \n (\"Upland\" or the \"Company\")\n \n \n INTERIM RESULTS FOR THE SIX-MONTH PERIOD FROM 1 JULY TO 31 DECEMBER 2019\n \n \n Upland 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 2019 and 31 December 2019. \n \n \n \n \n \n Highlights include: \n \n \n \n \n \n · \n Steady progress has been made on licence activities in the second half of 2019. \n \n \n · \n Tunisia - on 24 December 2019, the publication of the Decree of the Minister of Industry and Small and Middle Enterprises was published in the Official Gazette of the Tunisian Republic. This marked the commencement of the initial two-year term for the Prospecting Licence in the Saouaf permit area in Tunisia. \n \n \n · \n Additional Tunisian opportunities have also been identified and are being progressed.\n \n \n ·\n Sarawak - the Company is working to progress an award of new licences in Sarawak, Malaysia where through a number of initiatives with local parties, Upland maintains a well-placed position.\n \n \n ·\n In addition, the Company has identified a number of other opportunities in South-East Asia (both within and outside Malaysia) which offer unique and game changing potential for the Company to partner with established regional players to participate in both late life and marginal field assets.\n \n \n ·\n On the 7 October 2019, Dr Steve Staley, resigned as CEO and was succeeded by Mr Christopher Pitman as the Interim CEO.\n \n \n · \n In November 2019, Optiva Securities, broker and financial advisor to Upland, exercised warrants to subscribe for 6,336,154 new shares at 1.3p per share, raising £82,370 through the subscription. \n \n \n · \n Pre-tax loss of £516,552 for the six months to 31 December 2019, compared to a £414,407 loss for the comparable six months to 31 December 2018. \n \n \n ·\n The Company has no debt and plans to grow through the identification and closure of significant new business opportunities which should facilitate access to additional finance.\n \n \nPost period end · On 6 January 2020, the ...