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LONDON (Alliance News) - Upland Resources Ltd, the oil and gas company which listed on London's AIM in October, on Wednesday said it is considering opportunities onshore UK and could extend its area of interest to Malaysia.
"Upland is presently evaluating a number of other attractive high-quality opportunities onshore UK and is also leveraging strong regional contacts to extend the potential acquisition focus to Malaysia, a jurisdiction we consider extremely attractive," Chief Executive Officer Stephen Staley said in a statement.
Upland, which raised GBP1.3 million before expenses in its initial public offering, said it made a pretax loss of GBP200,249 in the six months ended December 31, compared to a GBP221,069 loss for the full-year ended June 30.
"The principal reason for the increased costs and losses in the six month period are the one-off expenditures associated with the listing of the company's shares," Upland said.
Upland has no debt and "continues to be in a strong position to finance its obligations," the company said.
Upland noted that it stands ready to progress field development plans at Hardstoft in the East Midlands, pending the official award of license 299.
Shares in Upland were down 7.0% at 1.00 pence on Wednesday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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