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Upland Resources Ltd (GB:UPL)
LSE:UPL

Upland Resources (UPL) AI Stock Analysis

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GB:UPL

Upland Resources

(LSE:UPL)

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Neutral 46 (OpenAI - 5.2)
Rating:46Neutral
Price Target:
3.50p
▲(20.69% Upside)
The score is primarily held down by weak financial performance—no revenue, ongoing losses, and worsening cash outflows in 2024—implying elevated funding risk. Technicals provide only modest support (price above longer-term averages but soft near-term momentum), while valuation offers limited support given the negative P/E and no dividend yield data.
Positive Factors
Zero reported debt in 2023–2024
Reported zero debt materially lowers near-term leverage and refinancing pressure, giving the company greater flexibility to prioritize operational milestones or strategic investment. Over 2–6 months this reduces immediate solvency risk and supports negotiating power with creditors and partners.
Equity recapitalization improved balance sheet
A move from negative to positive equity signals recapitalization or financing that repairs solvency metrics and restores counterparty confidence. This structural repair widens financing options and extends runway, improving the firm's ability to fund development absent immediate revenue generation.
Exposure to Oil & Gas E&P sector
Operating in Oil & Gas E&P provides a clear path to revenue once production or monetizable reserves are developed. Structural long-term energy demand means successful project execution can convert exploration assets into enduring cash flows and scale the business model.
Negative Factors
No reported revenue across periods
Absence of revenue indicates the company remains pre-commercial or non-producing, forcing reliance on financing rather than operations. Over months this elevates funding and dilution risk, impedes organic reinvestment, and limits proof of concept for long‑term scalability.
Persistent operating losses
Ongoing net losses erode retained capital and hinder return metrics; they constrain the ability to self-fund exploration or development. Structurally negative profitability over multiple periods weakens creditworthiness and raises the probability of future equity dilution to fund operations.
Sharply worsening cash burn in 2024
A marked increase in cash outflows reduces runway and forces near-term financing choices. Elevated cash burn raises the likelihood of asset sales, project delays, or equity issuance, making execution of long-term exploration plans more dependent on external capital availability.

Upland Resources (UPL) vs. iShares MSCI United Kingdom ETF (EWC)

Upland Resources Business Overview & Revenue Model

Company DescriptionUpland Resources Limited is a principal investment firm specializing in farm-ins and applications for open acreage. The firm seeks to invest in the oil and gas exploration and production sectors. Upland Resources Limited was founded in 2012 and is based in Saint Helier, Jersey with an additional office in Ashbourne, United Kingdom.
How the Company Makes Money

Upland Resources Financial Statement Overview

Summary
Overall financial quality is weak: no reported revenue across the provided periods, persistent net losses, and a sharp worsening in cash burn in 2024 (operating and free cash flow around -4.52M). The main offsetting positive is balance-sheet repair—equity moved from negative (2022) to positive (2023–2024) and debt is 0 in 2023–2024—reducing near-term leverage risk but not solving funding needs.
Income Statement
9
Very Negative
The income statement profile is weak: the company reports no revenue across the provided annual periods, while operating losses remain large and persistent (net losses roughly -0.5M to -1.45M). Losses did not show a clear improvement trend, and profitability remains structurally negative, indicating the business is still in a pre-commercial or non-producing phase.
Balance Sheet
48
Neutral
The balance sheet shows mixed quality. A key positive is very low reported debt in recent years (total debt is 0 in 2023–2024), reducing financial leverage risk. Equity improved materially from negative in 2022 to positive in 2023 and further higher in 2024, suggesting recapitalization or balance sheet repair. However, returns on equity are still negative in the latest periods due to ongoing net losses, and the asset base remains relatively small, limiting financial flexibility.
Cash Flow
6
Very Negative
Cash flow is a major concern. Operating cash flow and free cash flow are consistently negative, with a sharp deterioration in 2024 (operating and free cash flow around -4.52M versus near break-even in 2023). This points to elevated cash burn and higher ongoing funding needs; while the relationship between free cash flow and net loss appears roughly aligned in some years, the absolute cash outflow trend is unfavorable.
BreakdownDec 2024Dec 2023Dec 2021Dec 2020Dec 2019
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-709.00-454.000.000.000.00
EBITDA-1.23M-1.21M-275.08K-570.68K2.68M
Net Income-1.41M-1.44M-494.30K-789.89K-719.36K
Balance Sheet
Total Assets4.00M1.34M312.71K766.32K914.09K
Cash, Cash Equivalents and Short-Term Investments350.06K654.72K305.53K757.99K823.13K
Total Debt0.000.00150.00K150.00K0.00
Total Liabilities267.03K673.49K571.16K530.47K375.08K
Stockholders Equity3.73M663.13K-258.45K235.84K539.00K
Cash Flow
Free Cash Flow-4.52M-1.17K-490.18K-568.72K-546.34K
Operating Cash Flow-4.52M-1.17K-490.18K-462.48K-475.42K
Investing Cash Flow-262.13K-27.19K0.00-106.24K-70.92K
Financing Cash Flow4.48M2.16M0.00587.90K304.87K

Upland Resources Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
72
Outperform
£64.80M6.885.26%-58.10%100.00%
67
Neutral
£52.91M6.995.77%-54.53%-64.24%
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
53
Neutral
£63.02M-2.31-50.13%-35.06%-550.00%
47
Neutral
£22.95M-1.15-31.10%-2.69%-5.00%
46
Neutral
£54.50M-27.92-47.49%
44
Neutral
£28.58M-17.71-6.74%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:UPL
Upland Resources
3.35
2.30
219.05%
GB:ENW
Enwell Energy
16.50
-4.50
-21.43%
GB:CASP
Caspian Sunrise
2.75
-0.13
-4.35%
GB:JOG
Jersey Oil and Gas
87.50
19.00
27.74%
GB:ZPHR
Zephyr Energy
3.00
-0.15
-4.76%
GB:CHAR
Chariot Oil & Gas
1.46
-0.10
-6.67%

Upland Resources Corporate Events

Business Operations and StrategyPrivate Placements and Financing
Upland Resources Secures US$100m Funding Pledge for Southeast Asia Expansion
Positive
Jan 23, 2026

Upland Resources has secured a US$100 million strategic funding commitment from Wild Mustang Midstream, a subsidiary of Lost Soldier Oil and Gas II Master Series, to back its upstream oil and gas work across Southeast Asia between 2026 and 2030. The capital is earmarked for farm-in arrangements on targeted assets in Sarawak, Brunei and Indonesia, supporting a multi-year programme of up to 10 wells over more than 5 billion boe of gross unrisked prospective and 2C contingent resources, and deepens a strategic framework agreement that combines funding, technical collaboration and operational execution. By pairing Upland’s regional portfolio with Lost Soldier’s capital, drilling rigs and midstream infrastructure, the partnership is designed to significantly enhance Upland’s execution capacity, financial flexibility and competitive positioning as an emerging operator in a region where improving fiscal terms and strong demand are driving renewed interest in both unconventional and stacked conventional plays.

The most recent analyst rating on (GB:UPL) stock is a Hold with a £3.00 price target. To see the full list of analyst forecasts on Upland Resources stock, see the GB:UPL Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Upland Resources Brings in Veteran Energy Deal-Maker Marc Bruner as Strategic Advisor
Positive
Jan 22, 2026

Upland Resources Limited has appointed veteran oil and gas executive Marc A. Bruner as Strategic Investment Advisor, bringing more than five decades of experience in founding and scaling major energy companies such as Ultra Petroleum, Pennaco Energy and Falcon Oil & Gas. Bruner, who is also CEO of Lost Soldier Oil & Gas and an indirect 6% shareholder in Upland, is expected to add strategic depth and execution capability as the company advances key projects and approaches important corporate and regulatory milestones in South East Asia and its targeted portfolio, aligning his interests closely with those of existing shareholders.

The most recent analyst rating on (GB:UPL) stock is a Hold with a £3.00 price target. To see the full list of analyst forecasts on Upland Resources stock, see the GB:UPL Stock Forecast page.

Delistings and Listing Changes
Upland Resources Gains Approval for Share Admission on LSE
Neutral
Dec 4, 2025

Upland Resources Limited has announced the approval for admission of 115,000,000 Ordinary Shares to the Official List and trading on the London Stock Exchange’s Main Market, effective from 8am on 05 December 2025. This move increases the total number of Ordinary Shares in issue to 1,626,958,048, providing shareholders with a new denominator for calculating their interest in the company’s securities, potentially impacting market dynamics and shareholder engagement.

Delistings and Listing ChangesRegulatory Filings and Compliance
Upland Resources Announces Share Option Exercise and Increased Voting Rights
Neutral
Nov 28, 2025

Upland Resources Limited has announced the exercise of 15,000,000 share options by its former CFO, resulting in proceeds of £90,000. This development increases the total number of Ordinary Shares to 1,626,952,048, with applications made for these shares to be listed on the London Stock Exchange. The move is expected to impact shareholder calculations regarding their interests in the company under the Financial Conduct Authority’s rules.

Private Placements and FinancingRegulatory Filings and Compliance
Upland Resources Announces Director Share Purchases and New Share Issue
Neutral
Nov 28, 2025

Upland Resources Limited, a company listed on the London Stock Exchange, announced significant share purchases by its directors and senior management, including Chairman Bolhassan Di and Non-Executive Director Professor Andrew Hurst. The company also initiated the Lost Soldier share subscription, with new shares expected to be admitted to trading in early December, increasing the total number of ordinary shares in issue to over 1.6 billion. This move is likely to impact shareholder calculations regarding their interests in the company under the Financial Conduct Authority’s rules.

Business Operations and StrategyExecutive/Board Changes
Upland Resources Grants Share Options to Key Executives
Positive
Nov 24, 2025

Upland Resources Limited has announced the grant of share options to several key executives, including the Chairman and CEO, as well as directors and other senior management. The transactions involve significant volumes of ordinary shares with no par value, conducted outside a trading venue, indicating a strategic move to align the interests of the management with the company’s performance and potentially enhance stakeholder confidence.

Business Operations and StrategyExecutive/Board Changes
Upland Resources Grants 240 Million Share Options to Key Personnel
Neutral
Nov 24, 2025

Upland Resources Limited has announced the granting of 240,000,000 share options to its directors, senior personnel, and key contributors under its Share Option Plan. These options, which have an exercise price of 1.5 pence per share, are set to vest upon the company’s share price reaching 12 pence and have a five-year term. This move is likely aimed at incentivizing leadership and aligning their interests with company performance, potentially impacting the company’s operational focus and market positioning.

Business Operations and StrategyPrivate Placements and Financing
Upland Resources Secures Strategic Partnership with Lost Soldier
Positive
Nov 24, 2025

Upland Resources Limited has entered into a strategic partnership with Lost Soldier Oil and Gas II Master Series LLC, marking a significant milestone for the company. This partnership involves a bilateral investment of approximately $8.6 million, enhancing Upland’s financial and technical capabilities. The collaboration provides Upland with direct exposure to the Wild Mustang Federal Unit, one of the largest unconventional gas discoveries in the western USA, and promises near-term and long-term revenue through production sales and royalty interests. This agreement is expected to accelerate Upland’s project development, optimize operations, and deliver substantial shareholder value.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 04, 2026