Upland Resources Ltd - London-based oil and gas company with assets in Malaysia, Tunisia and the UK North Sea - Raises GBP447,460, after it received a notice to exercise 61.6 million shares, as well as a placing of 9.8 million shares with strategic partner.
Also says it has signed a letter of intent for the provision of well planning and drilling services in 2024 with an established and proven upstream partner, NRG Group. "This is a critical step forward in the process," it says.
Chair & Chief Executive Bolhassan Di says: "The interest and support we are receiving from various corners is very encouraging, it validates our strategy and affords the company the option to choose the strategic investors who we think are important to our success in the longer term. These alongside recent exercises further strengthen our existing cash position into 2024."
Current stock price: 2.63 pence, up 5.2% on Thursday afternoon
12-month change: up from 0.28p
By Sophie Rose, Alliance News reporter
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Upland Resource (UPL)