7th Jan 2020 15:40
(Alliance News) - Upland Resources Ltd on Tuesday said it has initiated key technical studies and fieldwork to allow "better understanding" of the Saouaf licence area, onshore northern Tunisia.
The move follows a publication of the permit on Christmas Eve, secured by Upland Resources' subsidiary Upland Saouaf Ltd, for the exclusive hydrocarbon exploration and appraisal of Saouaf. The publication represents the start of the initial two-year prospecting period of Saouaf.
Upland Resources on Tuesday said it will hold a licence committee meeting, in conjunction with its joint venture partner Entreprise Tunisienne d'Activites Petrolieres, to present and approve the 2020 work programme.
To-date none of the work programme under the Saouaf licence has been carried out, Upland Resources noted.
In addition, the oil & gas company said it appointed Christopher Pitman as permanent chief executive, while Aimi Nasharuddin will join the company's board as an additional non-executive director. Both appointments were effective Monday.
"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," said Chair Bolhassan Di. "As such we are delighted now to appoint Chris as the company's permanent chief executive officer."
Pitman replaced Stephen Staley, who resigned after seven years at Upland Resources since 2012 for "personal reasons".
Turning to Nasharuddin, he carries over 28 years of business, corporate finance and hands-on operational experience, Upland Resources said.
"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," said Di.
Upland Resources shares were trading 13% higher in London on Tuesday afternoon at 1.52 pence each.
By Evelina Grecenko; [email protected]
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