New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (UK£49.2m market cap, or US$66.5m). Annonce • Mar 18
Upland Resources Limited has completed a Follow-on Equity Offering in the amount of £1.31601 million. Upland Resources Limited has completed a Follow-on Equity Offering in the amount of £1.31601 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,451,935
Price\Range: £0.031 Annonce • Feb 26
Upland Resources Limited Appoints Dr Ngakan Alit Ascaria as Technical Committee Member, Effective February 26, 2026 Upland Resources Limited announced the appointment of Dr Ngakan Alit Ascaria, Ph.D. as Technical Committee Member to the Company with immediate effect (26 February 2026). Dr Ascaria is a highly accomplished petroleum geoscientist with more than 35 years of experience in exploration, regional basin analysis, carbonate reservoir characterisation and new venture development across Southeast Asia and internationally. His expertise includes play-based exploration, petroleum systems analysis, prospect generation and maturation, static reservoir modelling, and block acquisition evaluation. He currently serves as a senior geoscience adviser to Indonesia's Ministry of Energy and Mineral Resources (ESDM) and SKK Migas, where he contributes to national exploration acceleration initiatives and the technical review of prospective oil and gas blocks for upcoming licensing rounds. As part of government-appointed study teams, he has authored and co-authored comprehensive regional exploration reports covering frontier, deep-water and mature basins across Eastern and Western Indonesia, including the Natuna, Makassar Strait, Sumatra and Papua regions. Dr Ascaria is also a Senior Lecturer at Institut Teknologi Bandung (ITB), where he teaches seismic interpretation, carbonate sedimentology and reservoir modelling. He has supervised and advised over one hundred postgraduate research projects and has acted as co-promotor for doctoral dissertations in petroleum geology and reservoir characterisation. During his industry career, Dr Ascaria has held senior technical and leadership roles with several international and national energy companies, including: Repsol - Exploration Adviser; Talisman Energy - Exploration Manager, New Ventures & Business Development; Premier Oil - New Venture Manager; Pertamina E&P - Senior Geoscientist & Team Leader; Conoco Indonesia Inc. - Regional Geologist; BP Indonesia - Geologist. Throughout his career he has contributed to multiple oil and gas discoveries, including both clastic and carbonate plays, and has led basin-scale evaluations and prospect rankings across Indonesia, Malaysia, Sarawak, Vietnam and the broader Southeast Asia region. His experience spans both conventional and non-conventional plays, fracture basement reservoirs, and deep-water carbonate systems. Dr Ascaria holds a Ph.D. in Geology and an MPhil in Petroleum Geoscience from University College London, United Kingdom. He is widely recognised as a carbonate reservoir specialist, with numerous peer-reviewed publications and conference papers presented at Indonesian Petroleum Association (IPA), EAGE and international industry forums. He was awarded Geoscientist of the Year by Pertamina in 2000. Annonce • Feb 18
Upland Resources Limited has completed a Follow-on Equity Offering in the amount of £2 million. Upland Resources Limited has completed a Follow-on Equity Offering in the amount of £2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: £0.035
Transaction Features: Subsequent Direct Listing Annonce • Feb 17
Upland Resources Limited has filed a Follow-on Equity Offering in the amount of £2 million. Upland Resources Limited has filed a Follow-on Equity Offering in the amount of £2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: £0.035
Transaction Features: Subsequent Direct Listing New Risk • Dec 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.6m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£59.4m market cap, or US$79.0m). New Risk • Oct 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.6m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£35.5m market cap, or US$47.2m). Annonce • Jun 17
Upland Resources Limited, Annual General Meeting, Jul 28, 2025 Upland Resources Limited, Annual General Meeting, Jul 28, 2025. Location: the offices of hill dickinson llp, 8th floor, the broadgate tower, 20 primrose street, ec2a 2ew, london United Kingdom New Risk • May 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.5m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (UK£12.5m market cap, or US$16.7m). Annonce • May 10
Upland Resources Limited Announces Termination of Appointment of Dixon Kit Seng Wong as A Director, Effective May 8, 2025 Upland Resources Limited announced that the appointment of Mr. Dixon Kit Seng Wong as a Director of the Company was terminated with immediate effect on May 8, 2025. New Risk • Apr 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (UK£14.9m market cap, or US$19.1m). New Risk • Feb 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (UK£23.3m market cap, or US$29.4m). Annonce • Feb 21
Upland Resources Ltd. Appoints Razak Damit as Non-Executive Director Upland Resources Ltd. announced the appointment of Dr. Razak Damit as a Non-Executive Director to the Board, effective immediately. Dr. Damit's expertise has made him a sought-after technical advisor in the industry, contributing to projects with prominent institutions and governments. He has made a significant contribution to defining and unlocking some of the largest discoveries in the region. Proven track record - Brunei Shell Petroleum: Dr. Damit's career includes a significant tenure at Brunei Shell Petroleum, where he played pivotal roles in exploration, development, and drilling operations, including the development of the offshore Billion Barrel Champion West field and the innovative use of advanced drilling technologies such as the "snake" and "smart" well systems. He also contributed to major discoveries like the Danau-Bubut and the north flank of the Billion Barrel Seria Field, which added 120 million barrels of oil, enhancing the company's portfolio and overall production. Regulatory oversight & government PSC licencing: In addition to his work with Brunei Shell Petroleum, Dr. Damit spent nine years with PetroleumBRUNEI in both technical and leadership roles, including managing exploration and production activities, overseeing geoscience data acquisition programs, and driving international business development strategies. He was also appointed Country Manager for Petroleum BRUNEI, leading the successful entry into Myanmar, Malaysia, and Canada. Education: Dr. Razak Damit is a seasoned geologist with more than 35 years of experience in the upstream oil and gas industry, having worked across various exploration and development projects globally. He holds a BSc (Hons) from Portsmouth University, an MSc in Sedimentology from the Post-Graduate Research Institute for Sedimentology (PRIS), Reading University, and a PhD in Geology from Aberdeen University. New Risk • Dec 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (UK£15.4m market cap, or US$19.7m). Annonce • May 23
Upland Resources Limited Provides to the Market Further Detail on Preliminary Resource Indicators for Block SK334 Upland provided to the market further detail on preliminary resource indicators for Block SK334. Block SK334 is an area directly adjoining Brunei covering an area of 6,685km2. It hasanalogous geological configuration and reservoir/trap/seal combinations as the Brunei's nearby Belait formation which is host to a number of proven oil and gas discoveries and oilfields such as the billion barrel Seria and Champion fields. All parts of the Belait structure connect with potential oil kitchens on both flanks in the Badas and Belait synclines. Hence, Upland's SK344 block being immediately adjacent to the Belait syncline is determined to have attractive prospectivity. Two technical studies have been conducted on SK334. The first was commissioned by Upland and Brooke Dockyard & Engineering as part of the PETRONAS 2018 Bid round. The second, a joint technical study (JTS) undertaken by Upland and PETROS - the Sarawak state energy company. During the course of the JTS, PETROS provided 2D seismic data, airborne gravity (FTG) and magnetic data, various technical and analogue well reports. These wereinterpreted and integrated with data from field studies. Albeit there are small differences both studies confirm the prospectivity of SK334 and in particular the initial target sites for exploration and appraisal drilling. Each of the studies has shown strong correlation between seismic interpretation and the surface geology. In addition, several oil and gas seepages were recorded at the delineated prospective areas. Hydrocarbon micro-seepage studies conducted previously have also confirmed the presence of active petroleum systems in the area. Both studies and field work conducted show a first estimate of exploration risk as medium to low. Three geological structures have been identified by Upland for initial exploration drilling locations - A (depth 1100-1500 m), B (depth 1000-1500 m), C (depth 1900-2400 m). Structure B, which Upland has named Santubong, will be the first site to be drilled. The three structures, combined have yet-to-find unrisked median hydrocarbon resources that are in the same range as those in the Seria and Champion fields. The hydrocarbon type are expected to be oil prone but may still have a significant amount of gas. Upland intends to conduct a Competent Persons Report (CPR) in the near term. To date, only preliminary investigations have been made for other parts of SK334 - the Lawas area. The lead area in Lawas may be in the North-West section closest to the shoreline where Full Tensor Gradiometry data interpretation indicates the strongest reading. Board Change • May 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Additional Non-Executive Director Dixon Wong was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • May 17
Upland Resources Limited Appoints Albert May as Chief Commercial Officer Upland Resources Limited announced the appointment of Albert May as Chief Commercial Officer of the company. Albert joined the senior management team on May 1, 2024. Albert's principal role will be to drive the company's commercial success as it goes through the various stages of exploration, appraisal and early production across its assets, both existing and those that may arise in the future. Amongst his responsibilities will be financial strategies, promoting institutional engagement, investor and public relations and commercial risk management. Albert is a strategist and financial markets specialist that has worked all over the world. He has a wide range of experience across many different cultures & business sectors having been a C-Suite consultant for over 40 years. Amongst his prior roles he was a former KPMG London consulting partner. He has successfully established a variety of business start-ups, assisted in restructuring a number of globally significant central banks and managed information technology and renewable energy, companies in the UK, Asia, Middle East and Africa. Finally, Albert is a Cambridge University postgraduate and Harvard Business School alumni. New Risk • Mar 31
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-UK£206k). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (UK£40.0m market cap, or US$50.4m). Annonce • Jan 23
Upland Resources Limited Announces the Formation of a Finance and Investment Committee Upland Resources Limited announced the formation of a Finance and Investment Committee responsible for advising the Upland Board of Directors on activities related to the Company's assets. Members of the Finance and Investment Committee: Bolhassan Di - Chairman; Dixon Wong; Aimi Nasharuddin; John Forrest and Gerard Murray - Secretary. Board Change • Jan 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Additional Non-Executive Director Dixon Wong was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • Dec 08
Upland Resources Limited, Annual General Meeting, Dec 29, 2023 Upland Resources Limited, Annual General Meeting, Dec 29, 2023, at 11:00 Coordinated Universal Time. Location: Dunstan Den room at the Canopy by Hilton 11-15 Minories Street London EC3N 1AX - London United Kingdom Annonce • Oct 25
Upland Resources Responses to Speculation The Board of Upland Resources Limited (LSE:UPL) noted the recent media speculation concerning the possibility of an offer being made for the entire issued and to be issued share capital of Upland. The Board of Upland confirms that it has received an unsolicited, very preliminary approach regarding a possible offer for Upland at an indicative price of 14p from a potential offeror referred to in the approach as SEC Capital ("Potential Offeror"). The Board has unequivocally rejected the approach as it believes it significantly undervalues the current potential of the Company. As a consequence of this announcement, an "Offer Period" has commenced in respect of Upland in accordance with the rules of the Takeover Code. In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers ("Code"), Potential Offeror is required, by not later than 5:00 p.m. (London time) on 20 November 2023, being 28 days after today's date, to either announce a firm intention to make an offer for Upland in accordance with Rule 2.7 of the Code, or announce that it does not intend to make an offer for Upland, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. There can be no certainty that a firm offer will be made for Upland nor as to the terms on which any offer might be made. New Risk • Oct 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-UK£206k). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (UK£37.5m market cap, or US$45.5m). Annonce • Sep 19
Upland Resources Limited Announces Formation of Technical Evaluation Committee Upland Resources Limited announced the formation of a Technical Evaluation Committee responsible for advising the Upland Resources Board of directors on technical activities related to the Company's assets. The Technical Committee's mandate encompasses a wide range of critical functions, including, resource estimation, qualifying and advising on exploration initiatives. The committee is made up of industry experts with both international and regional experiences and company specific in-depth project knowledge of Upland Resources' assets. Members of the Technical Committee: a. Bolhassan Di - Chairman; b. Thomas Nyanat; c. Roberto Bencini; d. Prof Andrew Hurst; e. Gerard Murray - Secretary. Annonce • Aug 18
Upland Resources Limited Provides Brunei Collaboration Update Upland Resources Limited announced that, through its collaborative discussions with the Petroleum Authority of Brunei Darussalam, the Company has recently been advised that gas was discovered in two previously unknown reservoirs in the neighbouring block in Brunei, which is located close to, and has a similar geological context to prospective areas in Block SK334. High pressure, material gas discovery where gas flared at surface level with further additional formations yet to be tested. This is a significant derisk to future exploration and significantly enhances prospectivity in Block SK334. Upland is actively evaluating all available data from these wells to help constrain technical risk in Block SK334. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Additional Non-Executive Director Dixon Wong was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Chris Pitman was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.