Upland Resources shares rise on $8.6 million strategic partnership
Upland Resources Ltd on Monday said it has entered into a strategic partnership and framework agreement with Lost Soldier Oil and Gas II Master Series LLC.
Shares in Upland, a Jersey-based oil and gas company focused on Sarawak, Malaysia, rose 14% to 3.30 pence on Monday afternoon in London.
Upland said the agreement involves an approximately $8.6 million bilateral strategic investment through a mutual stock subscription.
Lost Soldier will subscribe for £3.3 million of new ordinary shares in Upland at 3.3p per share, while Upland will make a corresponding investment of approximately $4.3 million into the Lost Soldier private placement.
Upland said it ‘will gain access to near-term and long-term revenue, through production sales, lifetime overriding royalty interests, and future well participation rights.’
Casper, Wyoming-based company Lost Soldier is focused on developing Wyoming’s Bison Basin oil and gas resources.
Following an assessment of Upland’s targeted Southeast Asian assets, Lost Soldier expressed its intention to participate through farm-in agreements, according to Upland.
‘This strategic partnership with Lost Soldier is a significant milestone for Upland. Lost Soldier have a proven track record with the drilling and development of high pressure gas discoveries. These capabilities align perfectly with the growing requirement throughout Southeast Asia to develop high pressure gas fields and unconventional resources,’ said Chair and Chief Executive Bolhassan Di.
‘This agreement positions Upland to accelerate project development, optimise operations, and deliver decades of recurring cash flow and shareholder value,’ Di added.
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