TIDMUPL
RNS Number : 2762H
Upland Resources Limited
27 November 2015
27(th) November 2015
UPLAND RESOURCES LIMITED
RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
The Directors of Upland Resources Limited ("Upland" or the
"Company") are pleased to announce the results of the Company for
the financial year ended 30(th) June 2015.
The information below pertains to the financial year ended
30(th) June 2015, prior to the public listing upon the London Stock
Exchange. Since the financial year end, Upland's shares were
successfully admitted to listing on the Official List of the UK
Listing Authority ("UKLA") by way of a standard listing under
Chapter 14 of the UKLA's Listing Rules and to trading on the London
Stock Exchange's main market for listed securities on 26(th)
October 2015, accompanied by a simultaneous placing of 130,000,000
new ordinary shares of no par value which raised gross proceeds of
GBP1,300,000.
Principal activities
The Company and Group was formed for the purpose of acquiring
assets, businesses or target companies, that have operations in the
oil & gas exploration and production sector that it will then
look to develop and expand.
Business review and future developments
The past year has been an exciting one for Upland. The Company
began the year in a strong financial position with significant cash
in the bank, and with low corporate overheads.
A major fall in oil price during the reporting period has meant
that the number of opportunities available in the market has
increased as more companies seek partners for existing projects or
are forced to relinquish good assets because of financial
difficulties. Unless oil prices recover substantially, the Board
expects this trend to continue as oil price hedges, put in place by
producers before the price drop, unwind exposing them to the full
impact of markedly reduced revenues.
The Board believes that this has produced a buyers' market for
oil and gas assets which the Company intends to take full advantage
of.
New Ventures
During the year, Upland considered a number of potential
farm-ins, acquisitions and new permit applications over a range of
geographies. A number of these were in Tunisia, where good
opportunities were identified. However, the 2015 terrorist attacks
on the Bardo Museum in Tunis and on the resort of Sousse have
increased concerns about security in the country and led the
Company to not pursue these opportunities further.
In October 2014, Upland made an application for a Petroleum
Exploration and Development Licence ("PEDL") in the UK 14(th)
Onshore Oil and Gas Licensing Round. This PEDL covers the majority
of the acreage in two onshore blocks located in the East Midlands
and that we believe to have a very attractive risk/reward profile.
The majority of the hydrocarbon potential lies in conventional oil
and gas reservoirs - including a former oil field that we believe
can be rejuvenated. Upland generated the original concept but this
has been further developed with our bid partners Europa Oil &
Gas plc and Shale Petroleum (UK) Ltd. Unconventional hydrocarbon
potential also exists in the application area. As at the date of
this report, the UK Oil & Gas Authority has yet to announce the
award of the vast majority of the permits, including for those
applied for by Upland and its bid partners.
Further information extracted from the Company's audited
accounts for the financial year ended 30 June 2015 is set out
below.
Upland Resources Limited www.uplandres.com
============================ =========================================================
Steve Staley, CEO Tel: 0208 675 9685
s.staley@uplandres.com
============================ =========================================================
Optiva Securities Limited
============================ =========================================================
Jeremy King (Corporate Tel: 020 3137 1904
Finance) jeremy.king@optivasecurities.com
============================ =========================================================
Christian Dennis (Corporate Tel: 020 3411 1882 christian.dennis@optivasecurities.com
Broker)
============================ =========================================================
FlowComms Ltd www.flowcomms.com
============================ =========================================================
Sasha Sethi (Investor Tel: 0208 675 9685
Relations) sasha@flowcomms.com
============================ =========================================================
Results and dividends
The Group's loss on ordinary activities after taxation amounted
to GBP221,069 for the year (2014: loss of GBP66,474). The Directors
are unable to recommend payment of a dividend.
Key Performance Indicators ('KPIs')
The following KPIs are used by the Directors' to understand the
business:
2015 2014
GBP GBP
Operating cash
burn 216,712 41,944
Risks and uncertainties
The key risk for the Group is that no suitable investments are
identified to move the Group forward in its investment activities
and that cash burn reduces its ability to find further
opportunities in the future.
Post balance sheet events
On 26(th) October 2015, Upland's shares were admitted to listing
on the Official List of the UKLA by way of a standard listing under
Chapter 14 of the UKLA's Listing Rules and to trading on the London
Stock Exchange's main market for listed securities.
The Listing was accompanied by the issue of 130,000,000 new
ordinary shares in the Company at a price of 1 pence per share,
hence raising GBP1.3 million (before expenses). This has provided
Upland with considerable additional liquidity and access to broader
sources of capital, which will allow it to consider a wider range
of opportunities.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 JUNE 2015
Note
2015 2014
GBP GBP
Revenues - -
Administrative expenses (221,069) (66,474)
_______ _______
Operating Loss 5 (221,069) (66,474)
_______ _______
Loss before taxation (221,069) (66,474)
Taxation 7 - -
_______ _______
Loss and total Comprehensive Income
for the Period from Continuing Operations
Attributable to Equity Owners of the Parent Company
(221,069)
(66,474)
_______ _______
The Statement of Comprehensive Income has been prepared on the
basis that all operations are continuing operations.
The accompanying accounting policies and notes form an integral
part of these Financial Statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Note
2015 2014
GBP GBP
Assets
Non-Current Assets
Investments in Group undertakings 8 - -
Current Assets
Other debtors 9 642 777
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