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Shares in Upland Resources shoot up 81% after 'very preliminary' bid approach

Published 23/10/2023, 08:24
Shares in Upland Resources shoot up 81% after 'very preliminary' bid approach

Proactive Investors - Shares in the oil and gas investment company Upland Resources (LON:UPL) went stratospheric in early deals after it said it had received a "very preliminary" bid approach at 14p a share.

To put that into context, the stock was just over 3p at the close on Friday. And even after a rollercoaster first 25 minutes it is still less than half that price.

Upland claims that the putative offer from SEC Capital “significantly undervalues the current potential of the company”.

Its asset portfolio spans Malaysia, Scotland's Moray Firth, and onshore England. Its corporate blurb says it is actively scouting for significant stakes in the oil and gas sectors.

At 8.25 am, the shares were changing hands for 5.33p each, up 81%, having been up to 7p earlier in the session.

Read more on Proactive Investors UK

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