Upland Resource Regulatory News (UPL)

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This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

2 January 2019

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

CONVERTIBLE LOAN NOTES FACILITY ALLOWED TO LAPSE

Upland Resources Limited (LSE: UPL announces that the £3,500,000 Convertible Loan Notes Facility (the "Facility", as referred to in the Company's announcements of 8 March 2018 and 20 March 2018) lapsed on 31 December 2018 (in accordance with its terms) and without the Company calling on the Facility Providers of such Facility to subscribe for any of the £3,500,000 Convertible Loan Notes.

The successful £3,000,000 (gross) fundraising conducted in June 2018 when added to Upland's existing cash resources leads the Board of Directors of the Company to consider that the Company is now unlikely to need to have this facility available to it. The lapse of the Facility now, without Upland having made any call on it, means the Company will incur no further costs associated with the Facility.

As a result of the lapse of the Facility, no Convertible Loan Notes will be issued pursuant to the Facility and therefore no new shares of nil par value in the Company are capable of being issued on conversion of any such Convertible Loan Notes. The 'relevant period' (for the purposes of section 87(G)(3)(b) of the Financial Services and Markets Act 2000) in relation to the prospectus of the Company published on 18 June 2018 (the "Prospectus") has therefore come to an end and the Company is no longer under any obligation to publish any further supplementary prospectus in respect of the Prospectus even if a significant new factor or a material mistake or inaccuracy relating to the information included in the Prospectus (or any supplementary prospectus published in relation to it) arises or is noted after 31 December 2018.

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

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Notes

Upland Resources Limited is an upstream oil & gas company whose highly experienced management team has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc.