(Alliance News) - Upland Resources Ltd on Monday said it has signed a letter of intent for a potential joint venture agreement with an unnamed "partner of strategic interest".
The Jersey-based oil and gas company said the partner is an established player who brings "strong financial capacity and a wealth of technical capability."
Upland added that it has continued to receive unsolicited JV or farm-in approaches.
Chair Bolhassan Di said: "We are delighted with the level of interest shown in our current operations, this is an extremely busy period for the company which we believe has the potential to be truly transformational."
Shares in Upland were up 5.0% at 4.20 pence each in London on Monday afternoon.
By Sabrina Penty, Alliance News reporter
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Upland Resource (UPL)