Highlights

  • Upland shares surged 9.49% on 23 January 2026, delivering ~193.64% returns over the past year.
  • The company has secured USD 100M funding from Lost Soldier to support Southeast Asia growth (2026–2030).
  • The Partnership will strengthen capital base, technical capability, and execution capacity.
  • Funding will be used for exploration, appraisal, and development via farm-in arrangements.
  • Strategic funding positions Upland to accelerate growth across its Southeast Asian portfolio.

Upland Resources Ltd (LSE:UPL) shares jumped by ~9.49% to GBX 3.23 during the morning session on 23 January 2026, delivering yearly returns of ~193.64%. The surge in the share price is followed by company’s significant step towards expanding its upstream oil and gas operations in Southeast Asia, securing a USD 100 million funding commitment from Wild Mustang Midstream LLC, a subsidiary of Lost Soldier Oil and Gas II Master Series LLC.

The commitment comes as part of a broader strategic partnership, initially established through a Framework Agreement with Lost Soldier in November 2025, which set the foundation for long-term collaboration.

Funding and Development Plan

Upland has secured USD 100 million in medium-term funding to support its upstream activities from 2026 through 2030. This capital will be deployed via structured farm-in arrangements, enabling targeted exploration, appraisal, and development programmes across its Southeast Asian portfolio.

The company plans an initial multi-year drilling programme of up to ten wells, phased in line with regulatory approvals and subsurface results. The portfolio targets over 5 billion boe of gross unrisked prospective resources and 2C contingent resources, based on internal evaluations and third-party data.

In addition, Upland will leverage integrated midstream and drilling infrastructure, including onshore rigs operated under Upland Borneo Drilling Services, providing enhanced operational control, scheduling flexibility, and potential cost efficiencies for the joint work programme.

Strategic Rationale and Sector Opportunity

The partnership with Lost Soldier strengthens Upland’s capital base, technical capability, and operational depth. It provides a clear pathway to advance assets from exploration through appraisal to development while maintaining disciplined capital allocation.

Southeast Asia’s under-explored basins offer a favourable environment for unconventional oil and gas resources, alongside stacked conventional plays, presenting a significant growth opportunity for technically capable operators like Upland.

The collaboration leverages Lost Soldier’s ownership of a pipeline company and onshore drilling rigs, improving cost control, scheduling certainty, and operational efficiency. This alignment ensures that Upland can execute its multi-year programmes effectively, with access to long-term, project-aligned funding

Upland and Lost Soldier CEOs Highlight Milestone Collaboration

Bolhassan Di, Chairman and CEO of Upland Resources Ltd, said:

This partnership with Lost Soldier marks a significant step forward for Upland as we expand our upstream footprint in Southeast Asia. Gaining access to long-term, project-specific funding strengthens our ability to advance high-potential exploration and appraisal opportunities in a structured and disciplined way.

With the combination of available capital, technical capability, and regional presence, Upland is well-positioned to move smoothly from licence acquisition to project execution, while maintaining strict capital discipline and a focus on value creation.”

Outlook

With this strategic funding, Upland Resources is poised to accelerate its exploration and development activities, backed by a well-capitalised, technically capable partner. The partnership is expected to strengthens the company’s execution capability, enhances operational readiness, and lays the groundwork for long-term value creation across its Southeast Asian portfolio.