Business
Strategic Placement & Management Share Purchase
Upland Resources Limited announced a proposed £2.0 million placing at 3.5 pence per share to fund its Southeast Asia growth strategy, with significant insider participation of approximately £1.5 million demonstrating strong internal conviction. The capital will be used to secure participation in two high-impact onshore licence opportunities in Borneo, a Discovered Resource Opportunity with estimated P50 resources of over 500 million barrels of oil and 1.5 trillion cubic feet of gas, and Northern Sumatra, which has a Yet-To-Find potential exceeding 9 billion barrels of oil equivalent. The company also has additional blocks in Borneo, Sarawak, and Brunei, aiming to build a scalable portfolio in proven hydrocarbon basins. Disclaimer*
About this update from Upland Resources Ltd
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \n17 February 2026\nUpland Resources Limited\n(\"Upland\" or the \"Company\")\nProposed £2.0 Million Placing to Secure High-Impact Southeast Asia Growth Strategy\nSignificant Insider Participation of Approximately £1.5 Million\nUpland 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\").\n£500,000 has been committed by four strategic and existing shareholders, reflecting continued external support from long-term aligned investors.\nIn 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.\nThe 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.\nUpland 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.\n\n\n1. Kalimantan, Borneo - Large-Scale Onshore Joint Study Area\nThe 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.\nTo 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.\nThis 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:\n· >500 million 2C barrels of oil in place (P50)\n· &nb...