RE: RNS out17 Feb 2026 07:45
Strategic Placement & Management Share Purchase
Today 07:00
RNS Number : 3161T
Upland Resources Limited
17 February 2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
17 February 2026
Upland Resources Limited
("Upland" or the "Company")
Proposed £2.0 Million Placing to Secure High-Impact Southeast Asia Growth Strategy
Significant Insider Participation of Approximately £1.5 Million
Upland Resources Limited (LSE: UPL), the oil and gas company focused on building a scalable onshore portfolio in Southeast Asia, is pleased to announce a proposed placing to raise gross proceeds of approximately £2.0 million at 3.5p (the "Placing").
£500,000 has been committed by four strategic and existing shareholders, reflecting continued external support from long-term aligned investors.
In addition, Directors, executives, senior management and members of the Company's geological team intend to participate separately in the fundraising for approximately £1.5 million, underscoring strong internal conviction in the scale, quality and value potential of the assets being advanced.
The Placing will provide growth capital to secure the Company's participation in two high-impact onshore licence opportunities in Southeast Asia, both currently under exclusive and direct negotiation with the relevant authorities. These assets represent material scale, significant oil and gas in place, and strategic positioning within proven producing basins.
Upland has undertaken substantial preliminary technical and commercial assessments on both opportunities in coordination with a reputable and experienced Indonesian oil and gas consultancy firm, ensuring alignment with applicable regulatory and industry frameworks.
1. Kalimantan, Borneo - Large-Scale Onshore Joint Study Area
The first opportunity comprises a substantial onshore Block ("JSA") located within the prolific Kutei Basin in Borneo - one of Southeast Asia's most productive hydrocarbon provinces.
To date, the basin has yielded approximately 3.9 billion barrels of recoverable oil and 64 trillion cubic feet of natural gas across 139 commercial fields.
This opportunity qualifies as a Discovered Resource Opportunity (DRO), offering a clear and ready-to-develop pathway to monetisation. A 2024 assessment by SKK Migas estimates:
· >500 million 2C barrels of oil in place (P50)
· >1.5 trillion 2C cubic feet of gas in place (P50)
within the contract area.
The block spans more than 4,000 km² and benefits from over 900 km of existing 2D seismic data, providing a robust technical foundation and enabling accelerated progression toward appraisal, development and production.
2. Northern Sumatra - High-Potential Onshore Block
The second opportunity relates to a strategically positioned onshore block in Northern Sumatra, also under exclusive and direct negotiation.
Recent basin‑wide reassessment