(Alliance News) - Upland Resources Ltd on Monday said it has formed a Finance & Investment Committee to boost its workstream management.
Upland Resources is a London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea.
Upland announced the formation of a Finance & Investment Committee responsible for advising the its directors on activities related to the company's assets.
Upland said that this underscored its commitment to effective management on workstreams such as Block SK334.
"The Finance & Investment Committee's mandate encompasses a number of critical functions, including the oversight of joint venture funding offers which the company has received, preparation and oversight of formal farm-out proceedings, reviewing strategic interest on Block SK334 and unsolicited funding/farm-in offers," the company said.
Upland also said it is now in the clarification stage of the PSC process, and that pre-drill activities have commenced.
Upland Resources said it is "well financed" to meet its work commitments.
Chair & Chief Executive Bolhassan Di said: "The timely formation of the Financial & Investment Committee underlines the need to address the growing interest from corporate and institutional entities, this coupled with the anticipated PSC works leads to what is a busy period ahead.
"We look forward to outlining our current work-streams and build up towards the production profile of block SK334, in Sarawak."
Shares in Upland Resources were down 0.9% at 3.82 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News senior reporter
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Upland Resource (UPL)