Upland Resources (LSE:UPL) has announced a £2 million equity raise priced at 3.5p per share to support the expansion of its onshore oil and gas portfolio across Southeast Asia. The placing includes £500,000 from strategic existing shareholders, with approximately £1.5 million expected to come from directors, senior management and technical team members. The level of insider participation signals alignment with the company’s forward strategy and will provide funding for operational and regulatory initiatives.
The capital injection is earmarked for acquiring stakes in two high-impact onshore licence prospects in Indonesia’s Kutei and North Sumatra basins. One opportunity includes a discovered resource block in Kalimantan with substantial hydrocarbons in place, while the second comprises an underexplored acreage position in Northern Sumatra. Alongside three additional blocks spanning Borneo, Sarawak and Brunei, the portfolio is designed to broaden Upland’s regional exposure and strengthen its position within Southeast Asia’s upstream sector, with ambitions to transition toward mid-cap scale.
From a financial standpoint, the company continues to face headwinds. It remains pre-revenue and is reporting ongoing losses, with cash outflows increasing in 2024 — factors that underscore funding sensitivity. While the share price sits above longer-term moving averages, near-term momentum has softened. Valuation metrics also provide limited backing given the absence of earnings and no disclosed dividend yield.
More about Upland Resources
Upland Resources Limited is an independent upstream oil and gas company listed in London. The group focuses on sourcing, developing and operating high-impact onshore assets in established hydrocarbon basins across Southeast Asia. Its strategy is centred on building a scalable, multi-block portfolio that balances exploration upside with nearer-term development and production opportunities in Sarawak, Indonesia and Brunei.
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