Bank Holiday ReadToday 12:09
a year ago, upland resources (upl: lon) still looked to many investors like a familiar kind of small oil and gas company: an ambitious southeast asian exploration story built around promising acreage, technical studies and the hope that commercial discussions would eventually become something more tangible. the market largely treated it that way.
the shares spent much of the middle of 2025 trading close to 1p before beginning a sharp climb in the autumn, briefly approaching 4p in december. by 22nd may 2026, the share price had settled back to 2.80p, leaving investors with a simple question: was the re-rating premature, or has the market stepped back just as the story is becoming more substantial?
the reason that question matters is that upland is no longer relying only on the award or progression of a single southeast asian opportunity. during 2025, the company began assembling the pieces of a wider operating model. it acquired proprietary drilling management systems and selected capability from vanguard drilling, with josh galloway appointed to lead its new drilling services operation. it then entered into a strategic partnership with us based lost soldier oil and gas, giving upland exposure to the wild mustang gas development in wyoming while creating a potential route to technical and financial support for its southeast asian ambitions.
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