TIDMUPL
RNS Number : 0452Z
Upland Resources Limited
07 January 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
7 January 2020
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Corporate Update
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to provide an update on recent events.
Saouaf Licence, Tunisia
Upland is pleased to announce that on 24 December 2019, the
Decree of the Minister of Industry and Small and Middle Enterprises
dated 14 November 2019 in respect of the permit for the exclusive
hydrocarbon exploration and appraisal licence granted to the
Company's wholly-owned subsidiary, Upland (Saouaf) Limited (the
"Saouaf Licence"), onshore northern Tunisia was published in the
Official Gazette of the Tunisian Republic. The publication
represents the start of the initial 2 year prospecting period of
the Saouaf Licence.
Upland has now initiated key technical studies and fieldwork in
conjunction with its JV partner, Entreprise Tunisienne d'Activités
Pétrolières ("ETAP"), to allow a better understanding of the Saouaf
Licence area. A licence committee meeting will also be held to
present and approve the 2020 work programme. To date none of the
work programme under the Saouaf Licence has been carried out.
Further updates will be provided in due course.
Board Changes
Upland also announces that Mr Christopher Pitman has been
appointed by the Board of Directors of the Company (the "Board") as
the Company's permanent Chief Executive Officer and Mr Aimi
Nasharuddin has been appointed as an additional non-executive
Director of the Company, in each case on 6 January 2020.
Mr Christopher Pitman, Chief Executive Officer
Following the appointment of Christopher Pitman as the Company's
interim Chief Executive Officer (as announced by the Company on 7
October 2019), the Board has invited Mr Pitman to take up the Chief
Executive Officer role on a permanent basis - and is delighted to
announce that he has accepted this invitation. Accordingly, his
role as Chief Executive Officer is now on a permanent basis and he
has agreed to enter into an employment contract with the Company in
due course.
Mr Aimi Aizal Bin Nasharuddin, Non-Executive Director
Mr Nasharuddin (age 53) carries over 28 years of business,
corporate finance and hands-on operational experience. An
accountant by profession, he started his career in Arthur Andersen
& Co. as an auditor and business advisor where he was involved
in mapping out strategies & implementing business processes for
various sectors of corporates, including manufacturing, financial
& investment, property & development, construction and oil
& gas based companies. He later gained further expertise in the
corporate world at CIMB Investment Bank Berhad, the largest
investment bank in Malaysia, where he was integral to some of the
largest transactions involving financial restructuring, business
re-engineering, take-overs, reverse take-overs, acquisitions and
corporate financing.
Bolhassan Di, Chairman of Upland, said:-
"The Board is happy with the progress that Chris Pitman has made
since being appointed as Chief Executive Office on an interim basis
in early October 2019. Since his appointment Chris has also
identified several attractive opportunities in the Asia Pacific
region which offer unique and possibly game changing potential for
the Company to partner with established regional players in both
late life and marginal field assets. As such we are delighted now
to appoint Chris as the Company's permanent Chief Executive
Officer.
In addition, Aimi Nasharuddin's extensive experience in
financial matters and in identifying business investment
opportunities, makes him an excellent addition to the Group's
management team. The Board very much looks forward to working with
him."
Mr Aimi Aizal Bin Nasharuddin, - Current and previous
Directorships
Mr Nasharuddin is, or has been, a member of the administrative,
management or supervisory bodies ("directorships") or a partner of
the following companies or partnerships, within the period of 5
years prior to the date of this announcement:-
Current directorships and partnerships Former directorships and partnerships
ACIF Resources Sdn Bhd (Malaysia) Anzo Holdings Berhad (formerly
Alam Teknokrat Sdn Bhd (Malaysia) Harvest Court Industries Berhad)
Neofission Sdn Bhd (Malaysia) (Malaysia)
Inheath Beauty (M) Sdn Bhd (Malaysia) - (a subsidiary company of TH
Skali E-Business Solutions Sdn Properties Sdn Bhd. (Malaysia)
Bhd (Malaysia)
NZA Power Services Sdn Bhd (Malaysia)
ATA Plus Sdn Bhd (Malaysia)
M Toons Media Sdn Bhd (Malaysia)
Premier Assets Pte Ltd (British
Virgin Islands)
Turnaround Hospitality Services
Sdn Bhd (Malaysia)
Khalifah School Sdn Bhd (Malaysia)
======================================
Of the directorships referred to above, Mr Nasharuddin was an
independent non-executive director from May 2015 to November 2018
of Anzo Holdings Berhad (formerly known as Harvest Court Industries
Berhad) ("Anzo Holdings"), a Malaysia-incorporated company in the
manufacturing, construction and interior design business, the
shares and warrants of which are listed on the main market of Bursa
Malaysia Securities Berhad. Mr Nasharuddin is also chairman of the
audit committee of Anzo Holdings and also sits on its nomination
and remuneration committee and share issuance scheme committee.
Mr Nasharuddin is interested in 14,730,770 ordinary shares of no
par value in the Company held via his company, Premier Assets Pte
Ltd., a company incorporated in the British Virgin Islands.
There are no further details in respect of Mr Nasharuddin to be
disclosed pursuant to LR 9.6.11, LR 9.6.12 or LR 9.6.13 of the
Listing Rules published by the Financial Conduct Authority, were
such Listing Rules to apply to a company with a standard listing
(such as the Company).
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.
Contact details:-
Upland Resources Limited
Christopher Pitman, CEO Tel: +44 (0) 7891 677441
E-mail: chris.pitman@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Tel: +44 (0) 20 3137 1904
Finance) E-mail: jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0) 20 3411 1903
Broker) E-mail: christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton Tel: +44 (0) 203 727 1000
E-mail: uplandresources@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: +44 (0) 7891 677441
E-mail: sasha@flowcomms.com
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END
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