31st Oct 2016 15:39
LONDON (Alliance News) - Upland Resources Ltd said Monday it is well-funded for its current financial year as it looks to develop its first licensed oil asset and scout for more.
Upland Resources booked a GBP420,556 pretax loss for the financial year ended June 30, widened from GBP221,069 the year before. The company does not yet produce any revenue.
Upland Resource had GBP1.0 million in cash at the end of the period, increased from GBP134,184 the year prior. During its financial year the company booked a GBP329,832 net cash outflow from operating activities, widened from GBP216,712 the year before.
After the year end Petroleum Exploration & Development Licence 299, awarded to Upland and its bid partners last year, was executed by the UK Department of Energy and Climate Change. Upland has a 25% interest in the licence, which includes the Hardstoft oil field and the Hardstoft East prospect, located in the East Midlands region of the UK.
"The year ending 30 June 2016 has been a difficult one for the oil and gas industry. Oil prices remain well below the levels seen two years ago; though at the time of writing prices appear to be holding firm. However, following the successful fund-raising last year, Upland is well-funded for its work obligations and has relatively low overheads. Its recent listing gives it access to additional sources of funds that should enable it to take advantage of the market and to add further attractive assets to its portfolio," said Norza Zakaria, chairman.
Shares in Upland Resources were up 9.0% at 1.53 pence Monday.
By Adam Clark; [email protected]
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