Management Appointments and Stock Option Plan

RNS Number : 4111F

Upland Resources Limited

04 November 2022

 

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.

4^th November 2022

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Management Appointments and Stock Option Plan

Upland Resources Limited (LSE: UPL), is pleased to announce that following a strategic review that it will appoint its Sarawak based non-executive Chairman Datuk (Sir) Haji Bolhassan Di as Chief Executive Officer on a full-time basis to reflect the Company's significantly increased focus upon advancing Block SK344 in Sarawak; this appointment is to be effectively immediately. Further details relating to Bolhassan Di are below.

Datuk Bolhassan Di - Chief Executive Officer  

Bolhassan, an elected member of the Sarawak State Legislative Assembly from 1987 to 2011, has many years of political and commercial experience within the region. Bolhassan has held positions as Chairman of the Public Accounts Committee, Assistant Minister in the Sarawak Chief Minister's Department and subsequently Assistant Minister at the Ministry of Infrastructure Development and Communication.

A graduate of the School of Engineering at Sheffield University, Bolhassan began his career in 1979 at Sarawak Shell Bhd. (a subsidiary of Royal Dutch Shell plc) where he gained project planning, design, construction, commissioning and start-up experience in offshore projects. These included the F6A project in Sarawak waters (the largest offshore gas project in the region), the E11 and F23 gas production projects in Sarawak waters and also projects such as the St Joseph and South Furious offshore oil production platforms in Sabah waters.

From 1987 to 1997, Bolhassan was also the Chairman of the Miri Port Authority, now a key economic catalyst in the industrial and economic development of Sarawak and an important port for not only Sarawak's, but Malaysia's, development of trade with the rest of the world.

Bolhassan has had significant oil and gas experience with Shell in South Korea, Singapore, the North Sea and the Netherlands.

In addition, to support the Company's growing resourcing requirements in managing the operational aspects of its portfolio, its UK listing financial and administrative requirements, it has also made the following two appointments as Chief Financial Officer and Chief Operating Officer: 

John Forrest - Chief Financial Officer

Chuck is a CPA CA who qualified with PWC in Canada. With 25 years of experience in the minerals sector, split between Toronto and London, he has been involved in the financial administration and financing of private and public companies with projects located in several countries in southern Africa as well as Indonesia and China.

Gerard Murray - Chief Operating Officer 

Gerry has an MSc in Oil and Gas Enterprise Management from Aberdeen University, a BEng in Automotive Engineering and a Dip in Finance from Smurfit Business School, Dublin. Having specialised in subsea engineering Gerry has worked on a number of major capital projects with companies such as Chevron, BP and Aker Solutions. 

Non-executive Chairman and Chief Executive Officer, Bolhassan Di commented: 

"We are fortunate and excited to have Chuck and Gerry joining our management team bringing with them significant experience together with fresh ideas and energy. They have already made considerable contributions to the Company and I am confident that Upland will charter a promising future. Our strategic focus on South-East Asia has the potential to be transformational for our business and we look forward to updating the market in the coming weeks."

Stock Option Plan

In order to align directors, management and consultants with shareholders, the Company has 

created a rolling 10% stock option incentive plan and granted 45,000,000 options under the plan including:

	Options	Exercise Price	Term
Bolhassan Di (CEO and Chairman)	10,000,000	0.4p	5 years
Aimi Nasharuddin (Director)	8,000,000	0.4p	5 years
Dixon Wong (Director)	8,000,000	0.4p	5 years
John Forrest	8,000,000	0.4p	5 years
Gerard Murray	8,000,000	0.4p	5 years

**Ends**

Upland Resources Limited Bolhassan Di, Chairman, Chairman	Tel: [phone] [e-mail] www.uplandres.com
Optiva Securities - Broker Christian Dennis (Corporate Broker)	Tel: _+44 (0)20 3137 1903 [e-mail] www.optivasecurities.com
Flowcomms - IR Contact Sasha Sethi	Tel: [phone] [e-mail]

 

END

 

 

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