Upland Resources 'encouraged' by unsolicited approaches

Upstream oil and gas outfit Upland Resources has received several unsolicited approaches from companies looking to pick up a stake in its Tunisian operations.

Upland told investors on Tuesday that it has had "positive meetings" regarding its Saouaf Permit, which includes the Dekrilla gas discovery, which covers 4,000 square kilometres and has been independently estimated to host gas resources of 2trn cubic feet.

The London-listed firm had also met with Petronas, Petroleum Sarawak and its partner Brooke Dockyard and Engineering Works regarding its position in Borneo.

Elsewhere, Upland applied for a "highly prospective" North Sea licence.

Chief executive Steve Staley said: "We are encouraged by industry recognition of the potential of the Saouaf Licence and that ETAP are happy to help us find mutually beneficial investments.

"Good progress continues to be made in Sarawak and we have used the knowledge we have gained in our work on the UK's Inner Moray Firth to guide us to what we believe is attractive North Sea acreage."

As of 1300 BST, Upland shares had picked up 3.38% to 1.84p.