Upland Resources jumps after LSE debut

Shares in Upland Resources rose sharply on Monday, as the oil and gas group made its debut on the London Stock Exchange’s Main Market.

The group, which is currently awaiting the result of the 14th UK Onshore Oil and Gas Licensing round, in which it has bid along with two other firms for a licence in the East Midlands, raised £1.3m via the issue of 130m shares priced at 1p each.

The company’s directors believe that the recent climate of lower oil prices has created particularly advantageous conditions for companies such as Upland, which has excellent bid partners and has submitted a strong application for what it considers to be attractive, low risk, low cost plays in a proven hydrocarbon system.

In a statement, the company said in addition to its UK onshore bid and North African discussions, it was assessing other potential acreage positions in Western Europe.

Upland shares were up 5.92% to 1.26p at 1525 BST on Monday.