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."