 shares soared on Monday after the company issued an update on progress in Malaysia. The oil and gas exploration company said that following meetings with its partners, it does not anticipate the Malaysian election to impact company interests.){kind=link}
Upland resources (LON:UPL) shares soared on Monday after the company issued an update on progress in Malaysia.
The oil and gas exploration company said that following meetings with its partners, it does not anticipate the Malaysian election to impact company interests.
Specifically, the company statement read:
Plans for greater independence for Sarawak in upstream oil & gas were confirmed to be unchanged after the national election, the result having had little impact on this process. This push for more independence in this industry is clearly popular with the people of Sarawak and enjoys broad cross-party support.
In addition, Steve Staley, CEO of Upland Resources Limited, commented:
“During our visit to Kuching, we were pleased to see how the future is now unfolding in Sarawak. The recent national election result does not appear to have affected Sarawak’s ambitions for their oil & gas industry and Petros is clearly moving forward with its plans at a faster pace than we expected. Upland remains in a very good position and I look forward to updating the market further as the situation progresses.”
Back in April, the company agreed upon a Memorandum Of Understanding, with a Sarawak government-backed group based in Kuching, to cooperate on exploration efforts to develop hydrocarbon assets within the State of Sarawak.
Shares in the company are currently training up 13.82 percent as of 11.45AM (GMT) on Monday morning.