UK-listed junior Upland Resources has entered into a strategic partnership and framework agreement with US-based Lost Soldier Oil & Gas II Master Series LLC, significantly advancing Upland's upstream ambitions in Southeast Asia. This commercial bilateral investment establishes intended farm-in arrangements and a broader operational partnership, strengthening Upland's financial and technical capabilities for developing its Southeast Asian interests.

Bilateral Investment Structure

The companies have agreed to a balanced bilateral investment structure totaling approximately $8.6 million through mutual stock subscriptions. Lost Soldier will subscribe for £3.3 million ($4.32 million) of new ordinary shares in Upland at 3.3 pence per share, while Upland will make a corresponding $4.3 million investment into Lost Soldier's private placement. This gives Upland direct exposure to Lost Soldier's Wild Mustang Federal Unit in Wyoming through a newly established US corporation.

Wild Mustang Asset Exposure

Upland gains significant exposure to what it describes as "one of the largest unconventional discoveries in the western USA in 40 years," with an estimated 6 trillion cubic feet gas discovery. The development plan includes drilling additional wells commencing in 2026, installation of an 8.5-kilometer pipeline, and expected first gas production in the fourth quarter of 2026. Upland will access near-term and long-term revenue through production sales, lifetime overriding royalty interests, and future well participation rights, with an option to participate in future wells and an expected project lifespan exceeding 30 years.

Southeast Asian Farm-In Arrangements

Following its review of Upland's targeted Southeast Asian assets, Lost Soldier has indicated its intention to participate through farm-in agreements, subject to board approval, satisfactory due diligence, and regulatory approval. Key elements include options for Lost Soldier to farm in for up to 20% project equity interest and for its CEO Marc Bruner to farm in for up to 10% interest. The partnership provides Upland with substantial financial, technical, and operational support for its Southeast Asian development projects.

Operational Integration and Governance

The collaboration includes updating Upland's technical oversight committee to coordinate integrated planning, development optimization, and operational governance. Upland has already deployed selected personnel to the US to witness Lost Soldier's operations and conduct discussions with key managerial and technical personnel. The partnership synergizes Lost Soldier's experience in large-scale unconventional gas development and drilling capabilities with Upland's high-quality Southeast Asian targets, particularly aligning with the region's growing requirement to develop high-pressure gas fields and unconventional resources.

Strategic Benefits and Value Creation

The agreement positions Upland to accelerate project development, optimize operations, and deliver decades of recurring cash flow and shareholder value. It provides Upland with direct exposure to world-class unconventional gas resources, long-term revenue streams, and substantial operational capability while unlocking near-term cash flows. The partnership represents a transformative investment that combines Lost Soldier's proven track record in drilling and developing high-pressure gas discoveries with Upland's exclusive position in Southeast Asian opportunities.