Upland Resource Regulatory News (UPL)

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7 October 2019

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Directorate Change

Mr. Christopher Pitman Appointed as Interim CEO

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets in Tunisia, South-East Asia and the UK, announces that Dr. Stephen Staley, Chief Executive Officer of the Company, has resigned with immediate effect for personal reasons. Until further notice, Mr. Christopher Pitman, Director, will succeed Dr. Staley as interim CEO.

Mr Christopher Pitman has held chief executive and president roles within both privately and publicly owned entrepreneurial oil companies (Surestream Petroleum and Zarara Energy) and international service companies (Petroleum Geo-Services and Schlumberger). He is a petroleum geologist with over 35 years international exploration and production experience providing him with a unique and in-depth knowledge of the petroleum systems in the Asia-Pacific (APAC) and the Middle East-Africa regions (MEA).

Mr Pitman has a significant track record of leading campaigns to open up new emerging petroleum plays both through high impact exploration and with the application of technology to existing petroleum discoveries which has given him a unique insight into negotiating new licences and production contracts at the highest government levels. 

He has consistently provided both asset and corporate growth opportunities and raised substantial project funding through farm-outs, equity finance, risk sharing and reserve based lending.

Christopher Pitman, interim CEO of Upland, commented:

"I look forward to leading Upland over this interim period and intend to work with my contacts in South East Asia with a view to securing additional valuable new opportunities for the Company. We have already identified opportunities to progress with strategic partnerships involving the re-development of proven fields which are presently uneconomic for their current operators. I am also very excited about Upland's existing projects in Tunisia, Sarawak and the UK North Sea and look forward to progressing these areas over the next few months and to updating shareholders on progress".

Bolhassan Di, Chairman of Upland, commented:

"The Upland Board wishes to thank Steve for his service and the substantial contribution that he has made to the Upland Group since Upland was set up in 2012 and wishes him the best in his future endeavours."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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