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Upland Resources Ltd (UPL)

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Monday 07 October, 2019

Upland Resources Ltd

Directorate Change

RNS Number : 9046O
Upland Resources Limited
07 October 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

7 October 2019

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Directorate Change

Mr. Christopher Pitman Appointed as Interim CEO

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets in Tunisia, South-East Asia and the UK, announces that Dr. Stephen Staley, Chief Executive Officer of the Company, has resigned with immediate effect for personal reasons. Until further notice, Mr. Christopher Pitman, Director, will succeed Dr. Staley as interim CEO.

Mr Christopher Pitman has held chief executive and president roles within both privately and publicly owned entrepreneurial oil companies (Surestream Petroleum and Zarara Energy) and international service companies (Petroleum Geo-Services and Schlumberger). He is a petroleum geologist with over 35 years international exploration and production experience providing him with a unique and in-depth knowledge of the petroleum systems in the Asia-Pacific (APAC) and the Middle East-Africa regions (MEA).

Mr Pitman has a significant track record of leading campaigns to open up new emerging petroleum plays both through high impact exploration and with the application of technology to existing petroleum discoveries which has given him a unique insight into negotiating new licences and production contracts at the highest government levels. 

He has consistently provided both asset and corporate growth opportunities and raised substantial project funding through farm-outs, equity finance, risk sharing and reserve based lending.

Christopher Pitman, interim CEO of Upland, commented:

"I look forward to leading Upland over this interim period and intend to work with my contacts in South East Asia with a view to securing additional valuable new opportunities for the Company. We have already identified opportunities to progress with strategic partnerships involving the re-development of proven fields which are presently uneconomic for their current operators. I am also very excited about Upland's existing projects in Tunisia, Sarawak and the UK North Sea and look forward to progressing these areas over the next few months and to updating shareholders on progress".

Bolhassan Di, Chairman of Upland, commented:

"The Upland Board wishes to thank Steve for his service and the substantial contribution that he has made to the Upland Group since Upland was set up in 2012 and wishes him the best in his future endeavours."

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Contact details:

Upland Resources Limited

www.uplandres.com

Bolhassan Di, Chairman

Tel: +44 (0) 7891 677441

[email protected]

Optiva Securities Limited

www.optivasecurities.com

Jeremy King (Corporate Finance)

Tel: +44 (0) 203 137 1904
[email protected]

Christian Dennis (Corporate Broker)

Tel: +44 (0) 203 137 1903
[email protected]

FTI Consulting


Ben Brewerton

Tel: +44 (0) 203 727 1065
[email protected]

Flowcomms Ltd


Sasha Sethi

Tel: +44 (0) 7891 677441

[email protected]

 


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