Upland Resources Ltd (UPL) released its audited annual report and financial statements today for a period ending on June 30th 2018.
The report reflected a positive year for UPL, an oil and gas exploration and production company founded in 2012. Most notably, the report indicates that UPL share prices rose from 1.4p on June 30th 2017 to 3.35p on June 29th 2018.
Clear in the report is the fact that UPL’s strategy of building a portfolio of assets that deal primarily with the exploration and initial stages of production is paying off.
Among UPL’s new upstream assets is a 40% working interest in UK Seaward Production license. The asset, located off the shores of Scotland, contains the Wick Project, “a high relief structural feature that the Company believes is prospective in oil.”
Tune Assets Ltd, which holds major interests in entities such as the Queens Park Rangers and AirAsia, invested £1mln in new Upland ordinary shares at a price of 1.35p a share.
Looking forward, it seems UPL is happy to continue building its portfolio in this manner and is searching for new assets.
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