Upland Resources Lands US$100m Funding Commitment to Advance Southeast Asia Growth Strategy

Upland Resources Ltd (LSE:UPL) has secured a US$100 million strategic funding commitment from Wild Mustang Midstream, a subsidiary of Lost Soldier Oil and Gas II Master Series, to support its upstream oil and gas activities across Southeast Asia from 2026 to 2030. The funding is intended to underpin farm-in transactions across selected assets in Sarawak, Brunei and Indonesia, forming part of a multi-year drilling programme targeting up to 10 wells.

The programme spans more than 5 billion barrels of oil equivalent of gross unrisked prospective resources alongside 2C contingent resources, and builds on an expanded strategic framework agreement covering capital provision, technical cooperation and operational delivery. By combining Upland’s regional asset base with Lost Soldier’s access to capital, drilling rigs and midstream infrastructure, the partnership is expected to materially enhance execution capability, financial flexibility and scale as the company positions itself as a growing operator in the region. The strategy aligns with improving fiscal terms and renewed upstream interest across Southeast Asia, driven by strong regional energy demand and increasing focus on both unconventional and stacked conventional plays.

Despite the strategic progress, Upland’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and widening cash outflows reported in 2024, which continue to imply elevated funding risk. Technical indicators offer only partial support, with the share price trading above longer-term averages but showing softer near-term momentum. Valuation metrics provide limited reassurance, given the negative price-to-earnings ratio and the lack of dividend yield.

More about Upland Resources

Upland Resources Ltd is an upstream oil and gas company focused on building a scalable asset portfolio across Southeast Asia. The group targets exploration, appraisal and development opportunities in Sarawak (Malaysia), Brunei Darussalam and Indonesia, seeking to combine regional expertise, technical capability and access to integrated drilling and midstream infrastructure to advance conventional and unconventional hydrocarbon prospects in under-explored basins.