Upland Resources has successfully completed a £2.0 million fundraise at 3.5 pence per share, with £0.5 million from strategic and existing shareholders and £1.5 million from directors and management, to secure participation in high-impact onshore licence opportunities in Borneo and Northern Sumatra. The company also secured a US$100 million strategic funding commitment for asset advancement.
The Borneo opportunity involves a large-scale onshore joint study area in the Kutei Basin with estimated resources exceeding 500 million barrels of oil and 1.5 trillion cubic feet of gas, while the Northern Sumatra opportunity targets a high-potential onshore block with a yet-to-find resource potential of over 9 billion barrels of oil equivalent.
Proceeds will be used for strategic participation, technical advancement, commercial and regulatory progression, and general working capital.
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Source: Upland Resources
