olivLaw · European equity research
Upland Resources Limited UPL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Upland Resources Limited is an oil and gas exploration and production company focused on Block SK334 in Sarawak, Malaysia, where no well has yet been drilled. For fiscal 2024 it reported raising £4,561,562 before expenses, and its drilling plans in Sarawak are at the centre of investor interest.
At the close of 06 Nov 2026, Upland Resources Limited (UPL.L) stock was 0.03 GBP (−3.70% on the day), with beta 0.31, 52-week range 0.02–0.04 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.3
- weak (30–45)
- Bollinger (20, 2)
- 0.03 – 0.03
- below the lower band · %B -0.21 · band width 11.7%
- SMA 50 / 200
- 0.03 / 0.03
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.6% | −0.2% | −12.4 pp | — |
| 3 months | −13.3% | −5.4% | −7.9 pp | — |
| 6 months | +3.0% | +4.4% | −1.4 pp | — |
| Year to date | −10.3% | +6.5% | −16.8 pp | — |
| 1 year | +9.2% | +10.0% | −0.7 pp | +4.0% |
| 3 years | −5.5% | +48.6% | −54.0 pp | +24.3% |
| 5 years | +593.3% | +41.4% | +551.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 |
|---|---|
| Revenue | unavailable |
| Revenue YoY | unavailable |
| Net income | -494.3 k |
| Net income YoY | unavailable |
| Diluted EPS | unavailable |
| Diluted EPS YoY | unavailable |
| net % | unavailable |
| Free cash flow | -490.2 k |
Balance sheet & financial health
Fiscal year 2022 · 30 Jun 2022
- Cash
- 305.5 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- -258.5 k GBP
- Total assets
- 312.7 k GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -158.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2022 | Source (latest year) |
|---|---|---|
| Cash | 305.5 k | esef· 28 May 2024verified |
| Receivables | 7.2 k | esef· 28 May 2024verified |
| Current assets | 312.7 k | esef· 28 May 2024verified |
| Property, plant & equipment, net | 0 | esef· 28 May 2024verified |
| Total assets | 312.7 k | esef· 28 May 2024verified |
| Accounts payable | 571.2 k | esef· 28 May 2024verified |
| Equity | -258.5 k | esef· 28 May 2024verified |
Cash flow · GBP
| Line | 2022 | Source (latest year) |
|---|---|---|
| Operating cash flow | -490.2 k | esef· 28 May 2024verified |
| Capex | 0 | esef· 28 May 2024verified |
| Free cash flow | -490.2 k ≈ | esef· 28 May 2024derived |
| Investing cash flow | 0 | esef· 28 May 2024verified |
| Financing cash flow | 0 | esef· 28 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UPLAND RESOURCES LIMITED (UPL.L). Latest full fiscal year: 2022; data up to 2024-12-01.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
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| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
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| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
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| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
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| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
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| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
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1- and 3-year price returns: for UPL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Upland Resources Limited is an oil and gas exploration and production company focused on Block SK334 in Sarawak, Malaysia, where no well has yet been drilled. For fiscal 2024 it reported raising £4,561,562 before expenses, and its drilling plans in Sarawak are at the centre of investor interest.
SWOT
Strengths
- The company has access to seismic and gravity data for an undrilled block and claims sound technical knowledge of the region.
- Loyal shareholders have backed several rounds of funding, showing a stable base of investors.
- The partnership with a local energy company and the sharing contract talks strengthen its position in Sarawak.
Weaknesses
- The company has no own production and depends on a single exploration block, which concentrates risk.
- The interest in an associate with limited control means results depend on decisions taken by the majority partner.
- Continuing losses and reliance on external funding limit the ability to support the project without new equity transactions.
Opportunities
- If the SK334 licence is granted, the company could begin its first well in an area with declared potential.
- An exploration partnership with an experienced operator could reduce the financial risk of the project.
- Partial repayment from UBO and warrant exercises could strengthen the cash position for operations.
Threats
- Delays in obtaining the licence or sharing contract could postpone drilling and affect the planned timetable.
- Currency fluctuations, since most assets are in Malaysian ringgit, could affect the value reported in sterling.
- Changes in fossil fuel policy could alter operating conditions in the region.
Risks
- Exploration riskhigh
Success depends on accurate subsurface analysis, and poor data quality or misinterpretation could lead to inaccurate plans.
- Currency riskmedium
Most group assets are denominated in Malaysian ringgit, so exchange rate movements could affect reported results.
- Credit risk toward UBOmedium
Shareholder advances to UBO carry credit risk, although a significant part is backed by cash held by UBO.
- Political and regulatory riskmedium
Operations abroad are exposed to policy changes, government decisions and risks tied to operating contracts.
- Going concernhigh
Resources cover non-discretionary expenses for the next twelve months, but the level of discretionary spending is not yet known, which could limit drilling plans.
Investment thesis
What would need to be true (bull case)
- If block SK334 proves productive, the company could turn an exploration investment into a producing asset in Sarawak.
- The area is surrounded by blocks with recent discoveries, which supports the view of favourable geological potential.
- Steady shareholder support and repayments from UBO could provide the resources needed to prepare for drilling.
What would break the thesis
- Without a licence granted in Sarawak, exploration costs stay unrecognised at parent level and the project generates no revenue.
- A 45% stake in an entity controlled by a partner limits influence over operating decisions and timing.
- Reliance on repeated equity raises could dilute existing shareholders if drilling is delayed.
What to watch
- Grant of the licence and completion of the petroleum sharing contract with the Sarawak state2025
- Start of drilling on Block SK334 and results of the first well2025
- New funding rounds and warrant exercises, and their effect on the cash positionnext 10-K
- Carrying value of the UBO investment and any adjustments after the 2025 repaymentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Upland was formed to acquire assets or companies with oil and gas exploration and production operations, which it would then develop and expand. Since September 2022 the group's focus has been Block SK334 in Sarawak, developed through a 45% interest in Upland Big Oil Sdn Bhd (UBO) 1. Because the company holds under 50% and UBO is controlled by its partner, the interest is accounted for under the equity method, and UBO losses flow into the group's results.
Block SK334, spanning 6,685 km² 1, lies near onshore Brunei blocks L and M, where active petroleum systems exist. Management says the area has gravity, seismic and geochemical data but no wells drilled to date, which could offer exploration opportunities. Until a licence is granted in Sarawak, exploration costs are expensed in the UBO accounts under IFRS 6.
During 2024 the company supported its drilling plans through an equity placing, a letter of intent for a joint venture and a rig reservation, while talks on the petroleum sharing contract with the Sarawak state continued. The group's loss after taxation was £1,409,217 for fiscal 2024 1, indicating the business remains in development without production.
Segments
Block SK334 (Sarawak) via UBO
The main asset is the 45% stake in UBO, which holds the interests in Block SK334 1. The carrying value of the investment at 31 December 2024 was £3,603,397 1, and after the 2025 repayment it could fall significantly, reflecting the exploration stage.
UK onshore activities
Upland Resources (UK Onshore) Limited held a 25% interest in PEDL299, but the licence was not renewed and expired in July 2024 1. The company plans to dissolve it in 2025, showing reduced UK presence in favour of South East Asia.
Market context
Upland operates in oil and gas exploration in Sarawak and Brunei, with the Sarawak basin identified as a productive basin with seven geological provinces 1. Management cites ten hydrocarbon discoveries in Malaysia in 2022 alone, eight of them offshore Sarawak 1, suggesting growing exploration activity in the region.
The equity market for small exploration companies is sensitive to global financial conditions, and management acknowledges these could affect funding. Support from loyal shareholders and new investors remains essential for continuing the programme.
Trends
- Rising exploration activity in Malaysiatailwind
Recent Sarawak discoveries show growing interest in undrilled areas, which could help Upland attract partners for its projects.
- Fossil fuel policy changesheadwind
Policy shifts for the fossil fuel industry, amid climate change concerns, are a risk the company flags and could affect operating conditions.
- Global financial conditionsmixed
Difficult financial markets make funding more costly, but shareholder loyalty has enabled capital raising, giving a mixed effect.
- Use of technical datatailwind
Joint technical studies with PETROS confirm the area's potential, and the team's regional expertise could support project progress.
Competitive position
Upland competes with other exploration and production companies seeking assets in Sarawak and Brunei, where access depends on sharing contracts and state relationships. Its market position depends on obtaining the SK334 licence and attracting operating partners.
The company claims a competitive advantage in technical knowledge, regional networking and strategic relationships, though this is not independently verified. Competitors with deeper drilling experience and more stable funding could take over projects if Upland fails to advance.
- PETROS
Sarawak state energy company, partner in the joint technical study on SK334 and involved in the sharing contract context.
- Regional Malaysian exploration operators
Companies with which management held talks about participation in Block SK334, not named in the source.
- Brunei block operators (L and M)
Operators active in adjacent blocks that have reported discoveries, indicating the geological potential of the area.
- Drilling service providers
Providers with which the company negotiated rig reservations, a key factor in project timing.
News & filings
In the press
- Harnessing the Microbial Iron Redox Chain: Liquid Organic Acid Fertilizer and EDTA-Fe Drive Unexpected Cadmium Passivation in Alkaline Upland SoilsEnvironmental Science & Technology · 23 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202328 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-01 (ESEF) · SEC / Upland Resources Limited · 01 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.