Upland Resources, the energy company focused on the development of oil and gas assets in Southeast Asia and the United States, has submitted an application for its ordinary shares to be quoted for trading on the OTCQB Venture Market in the United States, operated by OTC Markets Group Inc.
The Company's ordinary shares will continue to trade on the Main Market of the London Stock Exchange under the ticker UPL.
The Directors believe that quotation on the OTCQB will enhance the Company's visibility among targeted North American investors and provide improved access for U.S. investors seeking to trade the Company's shares in U.S. dollars during U.S. market hours.
OTCQB Market Quotation
The OTCQB quotation will operate as a cross-trading facility and will not involve the issue of new shares.
The Company believes that an OTCQB quotation would:
- Expand the Company's visibility within the North American energy investment community;
- Complement the Company's existing London Stock Exchange listing; and
- Enhance the Company's ability to engage with U.S. capital markets and energy-focused investors.
The application reflects the Company's growing exposure to the United States energy sector through its strategic partnership with Lost Soldier Oil and Gas, which provides Upland with participation in the Wild Mustang Federal Unit in Wyoming, United States. The Wild Mustang project is a large-scale natural gas discovery with significant resource potential and forms part of the Company's strategy to diversify its portfolio through high-impact opportunities in geopolitically stable jurisdictions.
Subject to completion of the OTC Markets review process and customary procedural requirements, the Company currently expects the OTCQB quotation to become effective within approximately six weeks.
Source: Upland Resources
