UK-listed upstream junior Upland Resources is actively building a portfolio of onshore oil and gas assets in Southeast Asia, supported by a strategic project funding partnership with US-based Lost Soldier Oil & Gas, which provides access to $100 million.

New High-Impact Opportunities in Indonesia

The company has identified two new high-impact opportunities in Indonesia. The first is a substantial onshore block in the prolific Kutei basin, covered by a joint study agreement. This block qualifies as a Discovered Resource Opportunity with a clear development pathway. An assessment by Indonesia's regulator SKK Migas two years ago estimated mean contingent resources of over 1.5 trillion cubic feet of gas and more than 500 million barrels of oil in place. The block spans over 4,000 square kilometres and has over 900 line kilometres of existing 2D seismic data.

The second opportunity is an onshore block in northern Sumatra, also under exclusive and direct negotiation. Recent basin-wide reassessments indicate the North Sumatra basin remains materially underexplored. Independent analysis supports a yet-to-find resource potential exceeding 9 billion barrels of oil equivalent. Upland has conducted substantial preliminary technical and commercial assessments on both opportunities with a reputable Indonesian consultancy.

Strategic Positioning and Company Vision

CEO Bolhassan Di stated the company is entering a transformational phase, having engaged with relevant authorities. The scale of the blocks is exceptional for a company of Upland's size, with the Sumatra opportunity offering basin-wide upside in a region attracting supermajor interest. In partnership with Lost Soldier, Upland is assembling the technical capability and regional execution strength needed to unlock this potential. The clear objective is to build scale rapidly and position for substantial long-term value creation on the path to mid-cap status.

Recent Fundraising and Portfolio Advancement

The company recently completed a placing, raising approximately £2 million gross at 3.5 pence per share. A quarter was subscribed by strategic and existing shareholders, with directors, executives, and senior geological team members participating for about £1.5 million. This growth capital is intended to secure participation in the two Indonesian onshore assets, which offer material scale, significant resources, and strategic positioning in proven basins.

Upland is also advancing three other targeted assets in Borneo, Brunei, and Block SK 334 in Sarawak, Malaysia. The company retains an exclusive strategic advantage and a uniquely positioned interest in one of these blocks, providing a material competitive edge within its broader regional portfolio.