Upland Resources executes contracts regarding Vanguard assets purchase

(Alliance News) - Upland Resources Ltd on Friday said it has executed binding contracts relating to its acquisition of Vanguard Drilling Ltd's assets.

Shares in the Jersey-based oil and gas company focused on Sarawak, Malaysia rose 4.7% to 2.52 pence on Friday afternoon in London.

Earlier this month, Upland agreed to purchase Vanguard Drilling's intellectual property and drilling management systems. The company said it will integrate "select senior personnel" into its own operational structure.

On Friday, Upland said the execution of the contracts formalises its enhanced operational capability, operator readiness and scalability across Southeast Asia.

"Signing these binding contracts marks a significant milestone for Upland. Engagement is already underway across Borneo, underscoring the company's commitment to rapid and disciplined execution," said Chair Datuk Di.

"These agreements further strengthen Upland's operational capabilities and position the company to deliver projects to the highest international standards, while advancing our strategic objectives with confidence and momentum."

By Christopher Ward, Alliance News reporter

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