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"ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_D872300345_PY": { "value": "37713", "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2021-07-01T00:00:00/2022-07-01T00:00:00", "unit": "iso4217:GBP" } }, "ifrs-full_CashAndCashEquivalents_E79_PY": { "value": "305526", "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": { "value": "\n
1 General information
The Company was incorporated in the British Virgin Islands on 14 March 2012 as a private limited
company with the name Ribes Resources Limited. On 3 September 2013 the company changed its
name to Upland Resources Limited. On 15 August 2019, the Company was registered in Jersey by way
of a continuation out of the British Virgin Islands and migration into Jersey. The Company is a no par
value company. There is no limit on the number of shares of any class that the Company is authorised
to issue.
The Company and Group was formed for the purpose of acquiring assets, businesses or target
companies that have operations in the oil and gas exploration and production sector which it would then
look to develop and expand.
The Company has changed its year end from 30 June to 31 December. As a result the Consolidated
Statement of Comprehensive Income and the Consolidated Statement of Cashflows cover the 18-
month period ended 31 December 2023 while comparative figures are for the 12 month period ended
June 30, 2022.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The Board has reviewed the accounting policies set out below and considers them to be the most
appropriate to the Group\u2019s business activities.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board
(IASB) as endorsed by the EU and with those parts of Companies (Jersey) Law 1991 applicable to
companies preparing their accounts under IFRS. The financial statements have been prepared under
the historical cost convention except where otherwise stated.
No Company information is included in the financial statements as it is not required by Companies
(Jersey) Law 1991.
The financial information is presented in Sterling (\u00a3).
Standards and interpretations issued but not yet applied
Standards and amendments to existing standards effective 1 January 2023
At the date of approval of these financial statements Standards and Interpretations listed below, had
been issued but were not yet effective. The directors do not anticipate that the adoption of these
standards or interpretations or future amendments to existing standards will have a material impact on
the financial statements in the year of initial application.
\u2022 Amendment to IAS 37: Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous
Contracts;
\u2022 Amendment to IFRS 3: Business Combinations - Reference to Conceptual Framework;
\u2022 Amendment to IAS 16: Property Plant & Equipment \u2013 Proceeds before Intended Use
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its
subsidiary undertakings drawn up to 31 December 2023.
Where the Group has control over an investee, the investee is classified as a subsidiary. The Group
\n
controls an investee if all three of the following measures of control are present: power over the investee;
exposure to variable returns from the investee and the ability of the investor to use its power to affect
those returns.
The results of subsidiaries acquired or disposed of during the period are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the financial information of subsidiaries to
bring the accounting policies into line with those used by the Group. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
Individual company income statement
Under Companies (Jersey) 1991 Law, the company is not required to present its individual income
statement.
Going concern
These financial statements have been prepared on a going concern basis, which assumes that the
Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Group
meets its current day to day working capital requirements through existing cash reserves.
During the 18 months ended 31 December 2023, the Company raised \u00a32,643,127 before expenses
from the issue of shares and the exercise of share warrants and share options.
As announced on 26 April 2024 the Company has arranged a share placement in the gross amount of
\u00a33,198,591 which will complete later in May 2024. Also announced on 26 April 2024 is interest from
several potential joint venture partners interested in financial participation in the Group\u2019s opportunities
in Sarawak.
The Directors believe that the Group will be able to raise sufficient cash to enable it to continue its
operations, including exploration in Sarawak , and to continue to meet, as and when they fall due, its
liabilities for at least the next twelve months from the date of approval of the Group financial statements.
The Group financial statements have, therefore, been prepared on the going concern basis. The
auditors have made reference to going concern by way of a material uncertainty in their audit report
due to the fact that the fundraising announced has not yet been formally concluded.
Intangible assets
Oil and gas assets: exploration and evaluation
Costs incurred prior to obtaining legal rights to explore are expensed to the income statement. This
applied to the cost of exploration and evaluation expenditure incurred by Upland Big Oil Sdn Bhd during
the period . Upon receipt of a license in Sarawak the Group will adopt IFRS 6 in respect of SK334 as
outlined below.
The Group has adopted the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation
(\u201cE&E\u2019\u2019) costs, having regard to the requirements of IFRS 6 \u2018Exploration for and Evaluation of Mineral
Resources\u2019.
The successful efforts method means that only the costs which relate directly to the discovery and
development of specific oil and gas reserves are capitalised. Such costs may include costs of license
acquisition, technical services and studies, exploration drilling and testing but do not include costs
incurred prior to having obtained the legal rights to explore the area. Under successful efforts
accounting, exploration expenditure which is general in nature is charged directly to the income
statement and that which relates to unsuccessful drilling operations, though initially capitalised pending
determination, is subsequently written off. Only costs which relate directly to the discovery and
development of specific commercial oil and gas reserves will remain capitalised and to be depreciated
over the lives of the reserves. The success or failure of each exploration effort will be judged on a well-
by-well basis as each potentially hydrocarbon-bearing structure is identified and tested. Exploration and
evaluation costs are capitalised within intangible assets.
Upon receipt of a license in Sarawak the Group will adopt IFRS 6. During the period all lease and
licence acquisition costs, geological and geophysical costs and other direct costs of exploration,
\n
evaluation and development are expensed to the income statement. Intangible assets comprise costs
relating to the exploration and evaluation of properties which the directors consider to be unevaluated
until reserves are appraised as commercial, at which time they are transferred to tangible assets as
\u2018Developed oil and gas assets\u2019 following an impairment review and depreciated accordingly. Where
properties are appraised to have no commercial value, the associated costs are treated as an
impairment loss in the period in which the determination is made.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. The carrying value of tangible
fixed assets is assessed annually and any impairment charged to income statement.
Depreciation
Tangible fixed assets are depreciated on a straight-line method to their residual values at rates based
on the estimated useful lives of the assets, as follows:
\u2022 Office equipment \u2013 10% per annum, straight line
\u2022 Computer equipment \u2013 20% per annum, straight line
Associates
Associates are entities over which the Group has significant influence but not control. Generally the
Group has a shareholding of 20-50%. Investments in associates are accounted for using the equity
method. Under the equity method the investment is initially recognised at cost and the carrying value is
increased or decreased to recognise the Group\u2019s share of the profit or loss of the associate since
acquisition.
When the Group\u2019s ownership interest in an investment is increased and significant influence is obtained,
the Group measures the fair value at the point of obtaining significant influence and compares that
amount against the carrying value and any gain or loss is included in the statement of comprehensive
income. The fair value of the investment plus the deemed fair value of any consideration paid is treated
as the deemed cost and proceeds to be accounted for under the equity method.
The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive
income and its share of post-acquisition movements is classified as other comprehensive income.
The Group determines at each reporting date whether there is any objective evidence to indicate that
the investment in associate is impaired.
If the Group disposes of part of its interest in an associate such that it no longer has significant influence
over the associate, it recognises the difference between the value of consideration received and the
residual carrying value of the interest retained and the carrying value at the date significant influence is
lost and any gain or loss is recognised as other comprehensive income.
Financial assets
The financial assets held by the Group are classified as Trade and other receivables and cash and cash
equivalents. These assets are non-derivative financial assets with fixed or determinable repayments
which are not quoted on an active market. They are initially carried at fair value plus transaction costs
attributable to their acquisition and are subsequently carried at amortised cost using the effective
interest rate method less any impairment. Impairment arises when there is objective evidence that the
Group will not be able to collect the amount due under the receivable.
Impairment is reviewed at least annually in accordance with IFRS9 by comparing the carrying cost
against the present value of future cash repayments. For receivables which are reported as net, the
provision will be reported separately in the Consolidated Statement of Financial Position The amount
of the provision will be provided as an administrative expense. In future accounting periods, the
provision might be adjusted and the impact of any adjustment to the provision would be included in
Profit and Loss. If the receivable proves uncollectible the gross asset carrying value would be written
off against the provision.
\n
Cash and cash equivalent assets
These amounts comprise cash on hand and with banks. Cash equivalents are accounts that are highly
liquid readily convertible to cash including short term investments and short term deposits.
Any cash or cash equivalents that are subject to restrictive conditions are classified separately as
Restrictive cash.
Derecognition
The Group derecognises a financial asset when the contractual cashflow attached to that asset expires
or is transferred to another entity.
The Group derecognises a financial liability e when the obligation is discharged , cancelled or expires.
Financial Liabilities
The Group\u2019s financial liabilities include trade and other payables, short term and long terms loans,
whether secured or unsecured. These liabilities are initially carried at cost and subsequently at
amortised value using the interest rate method. All interest and other costs associated with these
liabilities are expensed , as incurred, and included as part of Finance costs in the Profit & Loss. Where
any liability includes convertibility, the fair value of the equity and liability portions is determined on date
of issue of the convertible instrument using appropriate discount factors
Equity
Equity comprises the following:
\u2022 \u201cStated capital\u201d represents the amount of cash or other consideration received by the company
for the issue of shares of that class net of share issue costs;
\u2022 \u201cRetained earnings\u201d includes all current and prior years as disclosed in the Statement of
comprehensive income results less any dividends paid;
\u2022 \u201cShare options reserve\u201d represents equity-settled share-based remuneration stated at the fair
value of share options issued. As options are exercised their cost is transferred to Retained
earnings.
Foreign currency translation
Functional and presentation currency
Items included in the financial information are measured using the currency of the primary economic
environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are
presented in Sterling (\u00a3), which is the Company\u2019s functional and presentational currency. The functional
currency of the Malaysian operations is the Malaysian Ringgit.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions, and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Operating segments
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited). The Group operating focus is in Southeast Asia.
\n
Critical estimates and judgements
The preparation of financial statements in conformity with EU endorsed IFRS requires management to
make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities as well as the disclosure of the reported amounts of revenues and
expenses during the reporting period. Actual outcomes could differ from those estimates.
The Group had no significant assets nor liabilities as at 31 December 2023 or 30 June 2022 which were
measured using significant accounting estimates or judgements other than
(i) the assessment and conclusion by the directors that no impairment of advances to Upland
Big oil Sdn Bhd (UBO) is necessary. Sarawak is the long-term area of interest for the Group
and UBO will be the investment entity.
(ii) the determination to classify UBO as an associate
(iii) the assumptions used in Note 8 in the valuation of stock options.
Taxation
Current taxation for each taxable entry in the Group is calculated based on the local taxable income
and the local statutory tax rate.
Deferred Taxation
Deferred taxation is calculated on the liability method on temporary differences arising between the tax
base of assets and liabilities and their carrying values in the financial statements, The amount of
deferred tax is determined using tax rates and laws that have been enacted by the balance sheet date
are expected to apply when the related deferred tax asset is realised or the related deferred tax liability
settled.
Deferred tax liabilities are provided in full.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Changes at fair market value in deferred tax assets or liabilities are recognised as a component of
income tax expense in the Statement of Comprehensive income.
Share based payments
In line with IFRS 2, the Group operates an equity-settled, share-based compensation plan, under which
the entity receives services from directors and persons discharging managerial responsibilities as
consideration for equity instruments (options) of the entity. The fair value of the services received is
measured by reference to the estimated fair value at the grant date of equity instruments granted and
is recognised as an expense over the vesting period. The estimated fair value of the option granted is
calculated using the Black Scholes option pricing model or Monte Carlo Simulation. The total amount
expensed is recognised over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share premium
when the options are exercised.
Equity-settled share-based payment transactions with parties other than directors and persons
discharging managerial responsibilities are measured at the fair value of the goods and services
received, except where the fair value cannot be estimated reliably, in which case they are measured at
the fair value of the equity instruments granted, measured at the date the counterparty renders the
service.
Climate Adaption, Resilience and Transition
Management periodically considers the effects of climate change and climate-related risk.
No principal risk has been identified in Sarawak, but a more extensive review will be completed in 2024
\n
as part of the anticipated planning and scheduling of UBO\u2019s 2024 work program.
The Company, which is still at the exploration stage, has identified no climate-related disclosures for
inclusion in the financial statements.
3
Operating loss
Arrived at after charging/(crediting):
Period ended
31 December
2023
\u00a3
Year ended 30
June 2022
\u00a3
Fees payable to the Company\u2019s auditor and its associates \u2013
audit of the financial statements (Note)
44,000 22,000
Depreciation of tangible fixed assets
681
-
Share option expense
540,117
-
Exploration and evaluation expenditure
25,743
139,467
Loss/(gain) on foreign exchange
24,150 (37,713)
Note
On 3 July 2023 the Company announced the appointment of PKF Littlejohn LLP as its new auditor for
the 18-month period ended 31 December 2023. The appointment was approved by shareholders at the
Annual General Meeting held on 29 December 2023.
Segmental Analysis
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited).
Segment results, assets and liabilities include items directly attributable to a segment as well as those
than can be allocated on a reasonable basis.
31 December 2023
Jersey \u00a3 Sarawak \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 1,727,820 409,316 29,930 2,167,066
Assets
Non -Current assets - 649,764 - 649,764
Current assets excluding cash 32,000 - 130 32,130
Cash 519,512 135,209 - 654,721
Total assets 551,512 784,973 130 1,336,615
Liabilities
Current 480,483 190,508 2,500 673,491
Non-current - - - -
Total liabilities 480,483 190,508 2,500 673,491
\n
30 June 2022
Jersey \u00a3 Tunisia \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 320,613 164,184 9,498 494,295
Assets
Non - Current assets - - - -
Current assets excluding cash 7,185 - 7,185
Cash 303,291 - 2,235 305,526
Total assets 310,476 - 2,235 312,711
Liabilities
Current 565,664 3,000 2,500 571,164
Non-current - - - -
Total liabilities 565,664 3,000 2,500 571,164
4 Taxation
The tax charge for the period can be reconciled to the loss in the Statement of Comprehensive Income
as follows:
Period ended
31 December
2023
Year ended 30
June 2022
\u00a3
\u00a3
Loss before tax on continuing operations (2,167,066) (494,295)
Tax at the applicable standard tax rate of 4.5% (2022 \u2013 19%) (98,235) (93,916)
Change in unrecognised deferred tax assets 98,234 93,916
Tax charge for the period
- -
The Company has migrated to Jersey and is a Jersey registered company. With the loss of two UK-
based directors, decision making is now outside the UK and the Company has notified HMRC. This is
reflected in the lower weighted average tax rate where the loss of Upland Resources Limited is treated
as non-taxable.
A weighted average tax rate of 4.5% has been used to calculate deferred tax. No deferred tax asset
has been recognised in respect of these losses as there is insufficient evidence that the amount will be
recovered in future years.
Upland Resources (UK Onshore) Limited has \u00a33,645,484 tax losses carried forward. No deferred tax
asset has been recognised in respect of these losses, for similar reason noted above.
\n
5 Loss per share
The calculation of basic loss per share is based on the following loss and number of shares:
Period ended
31 December
2023
Year ended 30
June 2022
Loss for the period from continuing operations
\u00a32,167,066 \u00a3494,295
Weighted average shares in issue
961,371,914 686,768,853
Basic loss per share (pence per share)
0.23p 0.07p
Basic loss per share is calculated by dividing the loss for the period from continuing operations of the
Group by the weighted average number of ordinary shares in issue during the period.
The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion
of share options and warrants decreases the basic loss per share, thus being anti-dilutive.
6 Staff costs
There were no staff costs paid during the year. Directors emoluments are disclosed in Note 7 and share-
based payments disclosed in note 8.
There are no defined benefit or defined contribution pension arrangements in operation.
\n
7 Directors\u2019 and other PDMRs\u2019 remuneration
Directors\u2019 and other PDMRs\u2019 remuneration for the 18 month period are as follows (comparable balances cover the preceding 12 months) :
Director Period Salary/Fee LTIP \u2013 Bonus(1) LTIP \u2013 Share
options
Total pay
\u00a3 \u00a3 \u00a3 \u00a3
B Di 1 July 2022 \u2013 31
December 2023
175,995 190,000 227,272 593,267
117,330
Annualised
1 July 2021 \u2013 30 June
2022
25,000 - - 25,000
A Nasharuddin 1 July 2022 \u2013 31
December 2023
32,832 15,000 55,920 103,752
21,888
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
D Wong 1 July 2022 \u2013 31
December 2023
32,832 15,000 55,920 103,752
21,888
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
A Hurst 1 July 2022 \u2013 31
December 2023
28,204 15,000 41,966 85,170
(from 11 January 2023)
1 July 2021 \u2013 30 June
2022
- - - -
C Pitman 1 July 2022 \u2013 31
December 2023
5,409 - - 5,409
(until 28 September 2022)
1 July 2021 \u2013 30 June
2022
40,448 - - 40,448
J Kin
g
1 Jul
y
2022
\u2013
31 - - - -
\n
December 2023
(until 18 April 2022)
1 July 2021 \u2013 30 June
2022
20,670 - - 20,670
G Murray (COO) 1 July 2022 \u2013 31
December 2023
90,830 30,000 76,903 197,733
60,553
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
J Forrest (CFO) 1 July 2022 \u2013 31
December 2023
97,083 30,000 76,903 203,986
64,722
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
Total 1 July 2022 \u2013 31
December 2023
463,185 295,000 534,884 1,293,069
1 July 2021 \u2013 30 June
2022
86,118 - - 86,118
1 Bonuses were payable on award and completion of Joint Technical Study. \u00a3255,000 remains outstanding within accrued expenses at the period end
\n
8 Share-based payments
Share option scheme
On 4 November 2022, the Company granted share options over 45,000,000 ordinary shares at an
exercise price of 0.4p per share. The options may be exercised at any time up to 4 November 2027.
There are no performance conditions attached to these share options.
On 27 February 2023, the Company granted share options over 110,000,000 ordinary shares at an
exercise price of 0.6p per share. The options may be exercised at any time up to 27 February 2028.
There was a vesting condition that the share price reach 2p. That vesting condition has been satisfied.
The fair value of the share options was determined using the Black Scholes Model in the case of the 4
November 2022 stock option grant and Monte Carlo simulation in the case of the 27 February 2023
stock option grant. The Monte Carlo method was used for the second option because of the existence
of a vesting condition based on share price.
Number of
options
Weighted average
exercise price
(pence per share)
Outstanding at beginning of period - -
Granted during the period 155,000,000 0.54
Exercised during the period (10,000,000) 0.40
Cancelled during the period (3,000,000) 0.40
Outstanding at end of period 142,000,000 0.55
At the end of the period, 142,000,000 share options were exercisable (2022 - nil). The share options
outstanding at the end of the year had a weighted average remaining contractual life of 4 years.
The total charge for the period was \u00a3540,117 (2022 - \u00a3nil).
The following assumptions were used in the calculations:
Valuation Technique Black Scholes Model Monte Carlo simulation
Exercise Price .40p Option .60p Option
Mid Market share price .275p .625p
Volatility(%) 87.62 86.93
Dividend yield (%) 0 0
Risk-free interest rate (%) 3.40 3.69
Expected life of options 5 years 5 years
Warrants
On 14 July 2020, the Company issued 33,571,431 warrants to subscribe for new ordinary shares (on
the basis of 1 new ordinary share for each warrant) at a subscription price of 1.3p per ordinary share
and exercisable at any time during the period of 2 years from 14 July 2020. These warrants expired
unexercised in July 2022.
On 27 October 2022, the Company issued 69,440,000 warrants to subscribe for new ordinary shares
(on the basis of 1 new ordinary share for each warrant) at a subscription price of 0.4p per ordinary share
and exercisable at any time up to 1 May 2024. 66,640,000 of these warrants were exercised during the
period.
\n
On 28 February 2023, the Company issued 149,250,000 warrants to subscribe for new ordinary shares
(on the basis of 1 new ordinary share for each warrant) at a subscription price of 1.2p per ordinary share
and exercisable at any time up to 28 February 2025. 6,888,888 of these warrants were exercised during
the period.
Number of
warrants
Weighted average
subscription price
(pence per share)
Outstanding at beginning of period 33,571,431 1.30
Lapsed during the period (33,571,431) 1.30
Granted during the period 218,690,000 0.95
Exercised during the period (73,528,888) 0.47
Outstanding at end of period 145,161,112 1.18
At the end of the year, 145,161,112 warrants were exercisable (2022 \u2013 33,571,431). The warrants
outstanding at the end of the year had a weighted average remaining contractual life of 1.2 years.
The total charge for the period was \u00a3Nil (2022 - \u00a3nil).
9 Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk), credit
risk and liquidity risk. The Group\u2019s overall risk management programme seeks to minimise potential
adverse effects on the Group\u2019s financial performance. Risk management is carried out by the Board.
The table below sets out the carrying value of all financial assets and liabilities and where applicable
shows the valuation level used to determine the fair value at the reporting date. The fair value of all
financial assets and liabilities is not materially different to the book value.
Cash and receivables 31 December 2023
(
\u00a3
)
30 June 2022
(
\u00a3
)
Cash and cash
equivalen
t
654,721
305,526
Trade and other
receivables
612,029
7,185
Trade and other
liabilities
Trade and other
pa
y
ables
673,490
571,164
Market risk
Interest Rate Risk
During the period and at 31 December 2023 the Group had no significant interest rate risk. The Group
had no interest bearing liabilities nor debtors which were being charged interest.
Foreign exchange risk
The Group is exposed to foreign exchange risk. The functional currency of the parent company is British
pounds while the Malaysian Ringgit is the currency of our Malaysian companies. In addition the parent
company funds the Malaysian companies with US Dollars.
\n
Page 39
The Group follows a non-speculative policy on exchange rates.
The exposure to these exchange rate risks is considered significant to the Group and the Directors are
considering arrangements such as hedging that can be implemented to mitigate this risk.
The Group held cash balances as shown in the following table.
At 31 December 2023
A
t 30 June 2022
British Pounds 518,732 4,793
Mala
y
sian Rin
gg
i
t
798,244 -
US Dollars 1031 365,658
During 2023 the following history for currency pairs shown was:
A
vera
g
e Rate Hi
g
hes
t
Lowes
t
GBP: MYR 5.67 6.04 5.13
USD: MYR 4.56 4.79 4.24
GBP: USD 1.24 1.31 1.18
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
Credit risk
Credit risk arises from cash and cash equivalents.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to
credit risk. The Group will only keep its holdings of cash and cash equivalents with institutions which
have a minimum credit rating of \u2018A\u2019. The Group is not subject to any externally imposed capital
requirements.
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
On
Demand
0-90
Da
y
s
3-12
Months
More than
12 months
\u00a3 \u00a3 \u00a3 \u00a3
Trade and other
receivables
- 32,130 - 579,899
Total - 32,130 - 579,899
Liquidity risk
Management of liquidity risk is achieved by monitoring budgets and forecasts against actual cash flows.
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to
maintain an optimal capital structure.
The Company monitors capital on the basis of the equity held by the Company, which at 31
December 2023 was \u00a3698,705 (2022 \u2013 (\u00a3258,453)).
\n
Trade and other payables
31 December 2023 Total
\u00a3
On Demand
\u00a3
Within 3 months
\u00a3
3 \u2013 12 months
\u00a3
Trade Payables 111,905 - 111,905 -
Other Payables 194,278 - 194,278 -
Deferred Income 20,000 - 20,000 -
Accrued Expenses 347,307 10 347,297 -
Total 673,490 10 673,480 -
30 June 2022 Total
\u00a3
On Demand
\u00a3
Within 3 months
\u00a3
3 \u2013 12 months
\u00a3
Trade Payables 154,524 - 154,524 -
Short-Term Loan 150,000 150,000 - -
Accrued Expenses 266,640 10 216,630 50,000
Total 571,164 150,010 371,154 50,000
10 Intangible assets
Exploration and evaluation (E&E) costs
The Saouaf Licence terminated on 22 December 2022. Exploration and evaluation costs of \u00a3nil (2022
- \u00a3134,111) associated with this licence incurred in the period have been charged directly to profit and
loss.
Exploration and evaluation costs of \u00a325,743 (2022 - \u00a35,356) associated with the P2478 Inner Moray
Firth Licence incurred in the period have been charged directly to profit and loss.
Costs incurred prior to obtaining legal rights to explore are expensed to the income statement. This
applied to the cost of exploration and evaluation expenditure incurred by Upland Big Oil Sdn Bhd during
the period . Upon receipt of a license in Sarawak the Group will adopt IFRS 6 in respect of SK334 , the
major impact of which would result in capitalisation of exploration and evaluation expenditures as
incurred.
\n
11 Tangible fixed assets
Group
Computer
and office
equipment
\u00a3
Cost
Additions 4,114
At 31 December 2023 4,114
Depreciation
Charge for period 681
At 31 December 2023 681
Carrying amount
At 31 December 2023 3,433
At 30 June 2022 -
These assets are located in the office of Upland Resources (Sarawak) Sdn Bhd.
12 Investments
Company
31 December
2023
\u00a3
30 June 2022
\u00a3
Investments in subsidiaries - 7,030
Subsidiaries
\u00a3
Cost
At 30 June 2022 and 31 December 2023 7,030
Impairment
Charge for period 7,030
At 31 December 2023 7,030
Carrying amount
At 31 December 2023 -
At 30 June 2022 7,030
\n
Group
31 December
2023
\u00a3
30 June 2022
\u00a3
Investments in associates 66,432 -
Associates
\u00a3
Carrying amount as at 1 July 2022 -
Acquisition of interest in associate 423,597
Share of loss of associate after tax (357,165)
Carrying amount as at 31 December 2023 66,432
Details of undertakings
Undertaking
Holding
Proportion of
voting rights and
shares held
Principal activity
Subsidiaries
Upland Resources (UK
Onshore) Limited*
Ordinary
100%
Petroleum exploration and
development
Upland (S Tunisia)
Limited*
Ordinary
100%
Dormant
Upland (Ksar Hadada)
Limited
Ordinary
100%
Dormant
Upland Resources
(Sarawak) Sdn Bhd*
Ordinary
100%
Petroleum exploration and
development
All the above undertakings are incorporated in the UK, other than Upland Resources (Sarawak) Sdn
Bhd which is incorporated in Malaysia.
During the period Upland Resources Limited wrote off its investment in Upland Resources (UK)
Onshore Limited in the amount of \u00a37,030.
Investment in Associate
Upland Big Oil Sdn Bhd *
Ordinary
45%
Petroleum exploration and
development
Upland Big Oil Sdn Bhd (UBO) is located at BT 234, 1
ST
Floor, Tower B2, Icom Square, Jalan Pending,
93450 Kuching, Sarawak. During the period, the group acquired a 20% interest in UBO from Big Oil
Ventures Sdn Bhd on 09 September 2022 and then a further 25% with effect from 21 February 2023.
The strategic importance of UBO to the Group is highlighted in the Strategic Report. The interest in
UBO is accounted for by the equity-accounting method.
\n
Summarised financial information of the associated undertaking as at 31 December 2023 is as follows:
UBO
\u00a3
Dividends received from the associate -
Current assets 107,740
Non-current assets 14,389
Current liabilities 1,150,749
Non-current liabilities -
Revenue -
Loss \u2013 wholly from continuing operations 1,028,791
Total comprehensive loss 1,028,791
The UBO interest was acquired at a cost of \u00a3423,597 (US$ 550,000) in two stages 20% in September
2022 and a further 25% effective 21 February 2023 bring the total ownership holding to 45%. The cost
of the initial 20% was the par value of the shares Malaysian Ringgit 200 (\u00a330), while the cost of the
next 25% was \u00a3423,567.
\u00a3
Cost of Investment (Note 1)
423,597
Share of Net assets acquired
(
105,791
)
Premium Paid 529,388
Cost of investment 423,597
Share of UBO losses Durin
g
period
(
357,165
)
Carr
y
in
g
Value 31 December 2023 66,432
The cost of the acquisition was satisfied by the issue of shares in Upland Resources Limited of \u00a3210,931
and in cash payments, of which \u00a3184,854 was outstanding at the balance sheet date. At 31 December
2023, Advances to UBO were \u00a3579,899 (note 13).
13 Debtors
31 December
2023
\u00a3
30 June
2022
\u00a3
Other debtors 130 -
Prepayments
32,000 7,185
Total current trade and other debtors
32,130 7,185
31 December
2023
\u00a3
30 June
2022
\u00a3
A
mounts owed b
y
related parties
579,899 -
Total non-current trade and other debtors
579,899 -
The primary Debtor in the amount of \u00a3579,899 is our 45%-owned affiliate Upland Big Oil Sdn Bhd
(UBO). Advances to UBO are interest-free, unsecured with no fixed term for repayment.
\n
14 Cash and cash equivalents
31 December
2023
\u00a3
30 June
2022
\u00a3
Cash at bank 654,721 305,526
15 Creditors
31 December
2023
\u00a3
30 June
2022
\u00a3
Due within one year
Trade payables 111,905 154,524
Short-term loan - 150,000
Other tax and social security 5,983 -
Other payables 188,295 -
Accrued expenses
347,307 266,640
Proceeds received for warrants to be issued
20,000 -
673,490 571,164
Included in accrued expenses are bonuses payable of \u00a3255,000 to directors and officers in respect of
the completion of the Joint Technical Study. Trade payables of \u00a3111,905 are payables of Upland
Resources Limited incurred in the ordinary course of business while other payables include \u00a3184,854
payable at 31 December 2023 and since paid relating to the acquisition of our UBO interest.
16 Financial instruments
The Group\u2019s accounting classification of its financial assets and liabilities is as follows:
31
December
2023
30 June
2022
\u00a3 \u00a3
Financial assets
Trade and other receivables 647,609 7,185
Cash and cash equivalents 654,721 305,526
1,302,330 312,711
Financial liabilities
Financial liabilities measured at amortised cost
Trade and other payables 673,490 571,164
\n
Stated Capital
18
Capital and financial commitments
Group
None
19 Related party transactions
Key management personnel
The aggregate of fees and bonuses paid to key management personnel, or their connected companies,
during the 18 month period was \u00a3758,185 (12 months 2022 - \u00a3122,118).
Share-based payments made to key management personnel in the period amounted to \u00a3534,884 (2022
- \u00a3nil).
At the balance sheet date, \u00a3284,364 (2022 - \u00a3120,430) was outstanding payable to key management
personnel, or their connected companies, and included in creditors.
Other related parties
The Group has loaned its associate \u00a3579,899 in the period (2022 - \u00a3nil). At the balance sheet date,
\u00a3579,899 was outstanding due from the associate and included in non-current debtors.
20 Contingent liability
On 22 October 2022, the Group applied for an extension of the Saouaf Permit for one year to 22
December 2023. The Tunisian government did not approve the Group\u2019s application and effective 22
December 2022 the Group no longer had an interest in the Saouaf Permit. All costs have been written
off. It is possible that the Tunisian authorities may seek compensation for unfunded work commitments.
Management has considered this and has taken legal advice about the scale and scope of
compensation and considers the possibility of material outflows in relation to this matter to be unlikely.
17 Allotted and called up (Note 1)
31 December
2023
\u00a3
30 June
2022
\u00a3
Stated capital on 1,194,597,737 (2022 \u2013 686,768,853) shares of no par
value
10,976,259
8,427,732
The Company has one class of ordinary shares which carry no rights to fixed income. Each ordinary
share confers upon the holder: the right to one vote at a meeting of the members of the Company or on
any resolution of the members; the right to an equal share in any dividend paid by the Company; and
the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.
31 December
2023
30 June
2022
Number of shares in issue at start of period/year 686,768,853
686,768,853
Number of shares issued in period/year 507,828,884
-
Number of shares in issue at end of period/year 1,194,597,737
686,768,853
\n
21 Ultimate controlling party
The Directors believe there to be no ultimate controlling party.
22 Events after the reporting date
Details of events after the balance sheet date impacting on the Group are included in the Strategic
Report on page 7 of this Annual Report.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1 General information
The Company was incorporated in the British Virgin Islands on 14 March 2012 as a private limited
company with the name Ribes Resources Limited. On 3 September 2013 the company changed its
name to Upland Resources Limited. On 15 August 2019, the Company was registered in Jersey by way
of a continuation out of the British Virgin Islands and migration into Jersey. The Company is a no par
value company. There is no limit on the number of shares of any class that the Company is authorised
to issue.
The Company and Group was formed for the purpose of acquiring assets, businesses or target
companies that have operations in the oil and gas exploration and production sector which it would then
look to develop and expand.
The Company has changed its year end from 30 June to 31 December. As a result the Consolidated
Statement of Comprehensive Income and the Consolidated Statement of Cashflows cover the 18-
month period ended 31 December 2023 while comparative figures are for the 12 month period ended
June 30, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The Board has reviewed the accounting policies set out below and considers them to be the most
appropriate to the Group\u2019s business activities.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board
(IASB) as endorsed by the EU and with those parts of Companies (Jersey) Law 1991 applicable to
companies preparing their accounts under IFRS. The financial statements have been prepared under
the historical cost convention except where otherwise stated.
No Company information is included in the financial statements as it is not required by Companies
(Jersey) Law 1991.
The financial information is presented in Sterling (\u00a3).
Standards and interpretations issued but not yet applied
Standards and amendments to existing standards effective 1 January 2023
At the date of approval of these financial statements Standards and Interpretations listed below, had
been issued but were not yet effective. The directors do not anticipate that the adoption of these
standards or interpretations or future amendments to existing standards will have a material impact on
the financial statements in the year of initial application.
\u2022 Amendment to IAS 37: Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous
Contracts;
\u2022 Amendment to IFRS 3: Business Combinations - Reference to Conceptual Framework;
\u2022 Amendment to IAS 16: Property Plant & Equipment \u2013 Proceeds before Intended Use
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its
subsidiary undertakings drawn up to 31 December 2023.
Where the Group has control over an investee, the investee is classified as a subsidiary. The Group
controls an investee if all three of the following measures of control are present: power over the investee;
exposure to variable returns from the investee and the ability of the investor to use its power to affect
those returns.
The results of subsidiaries acquired or disposed of during the period are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the financial information of subsidiaries to
bring the accounting policies into line with those used by the Group. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
Individual company income statement
Under Companies (Jersey) 1991 Law, the company is not required to present its individual income
statement.
Going concern
These financial statements have been prepared on a going concern basis, which assumes that the
Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Group
meets its current day to day working capital requirements through existing cash reserves.
During the 18 months ended 31 December 2023, the Company raised \u00a32,643,127 before expenses
from the issue of shares and the exercise of share warrants and share options.
As announced on 26 April 2024 the Company has arranged a share placement in the gross amount of
\u00a33,198,591 which will complete later in May 2024. Also announced on 26 April 2024 is interest from
several potential joint venture partners interested in financial participation in the Group\u2019s opportunities
in Sarawak.
The Directors believe that the Group will be able to raise sufficient cash to enable it to continue its
operations, including exploration in Sarawak , and to continue to meet, as and when they fall due, its
liabilities for at least the next twelve months from the date of approval of the Group financial statements.
The Group financial statements have, therefore, been prepared on the going concern basis. The
auditors have made reference to going concern by way of a material uncertainty in their audit report
due to the fact that the fundraising announced has not yet been formally concluded.
Intangible assets
Oil and gas assets: exploration and evaluation
Costs incurred prior to obtaining legal rights to explore are expensed to the income statement. This
applied to the cost of exploration and evaluation expenditure incurred by Upland Big Oil Sdn Bhd during
the period . Upon receipt of a license in Sarawak the Group will adopt IFRS 6 in respect of SK334 as
outlined below.
The Group has adopted the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation
(\u201cE&E\u2019\u2019) costs, having regard to the requirements of IFRS 6 \u2018Exploration for and Evaluation of Mineral
Resources\u2019.
The successful efforts method means that only the costs which relate directly to the discovery and
development of specific oil and gas reserves are capitalised. Such costs may include costs of license
acquisition, technical services and studies, exploration drilling and testing but do not include costs
incurred prior to having obtained the legal rights to explore the area. Under successful efforts
accounting, exploration expenditure which is general in nature is charged directly to the income
statement and that which relates to unsuccessful drilling operations, though initially capitalised pending
determination, is subsequently written off. Only costs which relate directly to the discovery and
development of specific commercial oil and gas reserves will remain capitalised and to be depreciated
over the lives of the reserves. The success or failure of each exploration effort will be judged on a well-
by-well basis as each potentially hydrocarbon-bearing structure is identified and tested. Exploration and
evaluation costs are capitalised within intangible assets.
Upon receipt of a license in Sarawak the Group will adopt IFRS 6. During the period all lease and
licence acquisition costs, geological and geophysical costs and other direct costs of exploration,
evaluation and development are expensed to the income statement. Intangible assets comprise costs
relating to the exploration and evaluation of properties which the directors consider to be unevaluated
until reserves are appraised as commercial, at which time they are transferred to tangible assets as
\u2018Developed oil and gas assets\u2019 following an impairment review and depreciated accordingly. Where
properties are appraised to have no commercial value, the associated costs are treated as an
impairment loss in the period in which the determination is made.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. The carrying value of tangible
fixed assets is assessed annually and any impairment charged to income statement.
Depreciation
Tangible fixed assets are depreciated on a straight-line method to their residual values at rates based
on the estimated useful lives of the assets, as follows:
\u2022 Office equipment \u2013 10% per annum, straight line
\u2022 Computer equipment \u2013 20% per annum, straight line
Associates
Associates are entities over which the Group has significant influence but not control. Generally the
Group has a shareholding of 20-50%. Investments in associates are accounted for using the equity
method. Under the equity method the investment is initially recognised at cost and the carrying value is
increased or decreased to recognise the Group\u2019s share of the profit or loss of the associate since
acquisition.
When the Group\u2019s ownership interest in an investment is increased and significant influence is obtained,
the Group measures the fair value at the point of obtaining significant influence and compares that
amount against the carrying value and any gain or loss is included in the statement of comprehensive
income. The fair value of the investment plus the deemed fair value of any consideration paid is treated
as the deemed cost and proceeds to be accounted for under the equity method.
The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive
income and its share of post-acquisition movements is classified as other comprehensive income.
The Group determines at each reporting date whether there is any objective evidence to indicate that
the investment in associate is impaired.
If the Group disposes of part of its interest in an associate such that it no longer has significant influence
over the associate, it recognises the difference between the value of consideration received and the
residual carrying value of the interest retained and the carrying value at the date significant influence is
lost and any gain or loss is recognised as other comprehensive income.
Financial assets
The financial assets held by the Group are classified as Trade and other receivables and cash and cash
equivalents. These assets are non-derivative financial assets with fixed or determinable repayments
which are not quoted on an active market. They are initially carried at fair value plus transaction costs
attributable to their acquisition and are subsequently carried at amortised cost using the effective
interest rate method less any impairment. Impairment arises when there is objective evidence that the
Group will not be able to collect the amount due under the receivable.
Impairment is reviewed at least annually in accordance with IFRS9 by comparing the carrying cost
against the present value of future cash repayments. For receivables which are reported as net, the
provision will be reported separately in the Consolidated Statement of Financial Position The amount
of the provision will be provided as an administrative expense. In future accounting periods, the
provision might be adjusted and the impact of any adjustment to the provision would be included in
Profit and Loss. If the receivable proves uncollectible the gross asset carrying value would be written
off against the provision.
Cash and cash equivalent assets
These amounts comprise cash on hand and with banks. Cash equivalents are accounts that are highly
liquid readily convertible to cash including short term investments and short term deposits.
Any cash or cash equivalents that are subject to restrictive conditions are classified separately as
Restrictive cash.
Derecognition
The Group derecognises a financial asset when the contractual cashflow attached to that asset expires
or is transferred to another entity.
The Group derecognises a financial liability e when the obligation is discharged , cancelled or expires.
Financial Liabilities
The Group\u2019s financial liabilities include trade and other payables, short term and long terms loans,
whether secured or unsecured. These liabilities are initially carried at cost and subsequently at
amortised value using the interest rate method. All interest and other costs associated with these
liabilities are expensed , as incurred, and included as part of Finance costs in the Profit & Loss. Where
any liability includes convertibility, the fair value of the equity and liability portions is determined on date
of issue of the convertible instrument using appropriate discount factors
Equity
Equity comprises the following:
\u2022 \u201cStated capital\u201d represents the amount of cash or other consideration received by the company
for the issue of shares of that class net of share issue costs;
\u2022 \u201cRetained earnings\u201d includes all current and prior years as disclosed in the Statement of
comprehensive income results less any dividends paid;
\u2022 \u201cShare options reserve\u201d represents equity-settled share-based remuneration stated at the fair
value of share options issued. As options are exercised their cost is transferred to Retained
earnings.
Foreign currency translation
Functional and presentation currency
Items included in the financial information are measured using the currency of the primary economic
environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are
presented in Sterling (\u00a3), which is the Company\u2019s functional and presentational currency. The functional
currency of the Malaysian operations is the Malaysian Ringgit.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions, and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Operating segments
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited). The Group operating focus is in Southeast Asia.
Critical estimates and judgements
The preparation of financial statements in conformity with EU endorsed IFRS requires management to
make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities as well as the disclosure of the reported amounts of revenues and
expenses during the reporting period. Actual outcomes could differ from those estimates.
The Group had no significant assets nor liabilities as at 31 December 2023 or 30 June 2022 which were
measured using significant accounting estimates or judgements other than
(i) the assessment and conclusion by the directors that no impairment of advances to Upland
Big oil Sdn Bhd (UBO) is necessary. Sarawak is the long-term area of interest for the Group
and UBO will be the investment entity.
(ii) the determination to classify UBO as an associate
(iii) the assumptions used in Note 8 in the valuation of stock options.
Taxation
Current taxation for each taxable entry in the Group is calculated based on the local taxable income
and the local statutory tax rate.
Deferred Taxation
Deferred taxation is calculated on the liability method on temporary differences arising between the tax
base of assets and liabilities and their carrying values in the financial statements, The amount of
deferred tax is determined using tax rates and laws that have been enacted by the balance sheet date
are expected to apply when the related deferred tax asset is realised or the related deferred tax liability
settled.
Deferred tax liabilities are provided in full.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Changes at fair market value in deferred tax assets or liabilities are recognised as a component of
income tax expense in the Statement of Comprehensive income.
Share based payments
In line with IFRS 2, the Group operates an equity-settled, share-based compensation plan, under which
the entity receives services from directors and persons discharging managerial responsibilities as
consideration for equity instruments (options) of the entity. The fair value of the services received is
measured by reference to the estimated fair value at the grant date of equity instruments granted and
is recognised as an expense over the vesting period. The estimated fair value of the option granted is
calculated using the Black Scholes option pricing model or Monte Carlo Simulation. The total amount
expensed is recognised over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share premium
when the options are exercised.
Equity-settled share-based payment transactions with parties other than directors and persons
discharging managerial responsibilities are measured at the fair value of the goods and services
received, except where the fair value cannot be estimated reliably, in which case they are measured at
the fair value of the equity instruments granted, measured at the date the counterparty renders the
service.
Climate Adaption, Resilience and Transition
Management periodically considers the effects of climate change and climate-related risk.
No principal risk has been identified in Sarawak, but a more extensive review will be completed in 2024
as part of the anticipated planning and scheduling of UBO\u2019s 2024 work program.
The Company, which is still at the exploration stage, has identified no climate-related disclosures for
inclusion in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D474246031_CY": { "value": "
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs and IFRIC interpretations) issued by the International Accounting Standards Board
(IASB) as endorsed by the EU and with those parts of Companies (Jersey) Law 1991 applicable to
companies preparing their accounts under IFRS. The financial statements have been prepared under
the historical cost convention except where otherwise stated.
No Company information is included in the financial statements as it is not required by Companies
(Jersey) Law 1991.
The financial information is presented in Sterling (\u00a3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_D920390709_CY": { "value": "
Standards and interpretations issued but not yet applied
Standards and amendments to existing standards effective 1 January 2023
At the date of approval of these financial statements Standards and Interpretations listed below, had
been issued but were not yet effective. The directors do not anticipate that the adoption of these
standards or interpretations or future amendments to existing standards will have a material impact on
the financial statements in the year of initial application.
\u2022 Amendment to IAS 37: Provisions, Contingent Liabilities and Contingent Assets \u2013 Onerous
Contracts;
\u2022 Amendment to IFRS 3: Business Combinations - Reference to Conceptual Framework;
\u2022 Amendment to IAS 16: Property Plant & Equipment \u2013 Proceeds before Intended Use
", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D83572264_CY": { "value": "
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its
subsidiary undertakings drawn up to 31 December 2023.
Where the Group has control over an investee, the investee is classified as a subsidiary. The Group
controls an investee if all three of the following measures of control are present: power over the investee;
exposure to variable returns from the investee and the ability of the investor to use its power to affect
those returns.
The results of subsidiaries acquired or disposed of during the period are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the financial information of subsidiaries to
bring the accounting policies into line with those used by the Group. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1520518557_CY": { "value": "
Going concern
These financial statements have been prepared on a going concern basis, which assumes that the
Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Group
meets its current day to day working capital requirements through existing cash reserves.
During the 18 months ended 31 December 2023, the Company raised \u00a32,643,127 before expenses
from the issue of shares and the exercise of share warrants and share options.
As announced on 26 April 2024 the Company has arranged a share placement in the gross amount of
\u00a33,198,591 which will complete later in May 2024. Also announced on 26 April 2024 is interest from
several potential joint venture partners interested in financial participation in the Group\u2019s opportunities
in Sarawak.
The Directors believe that the Group will be able to raise sufficient cash to enable it to continue its
operations, including exploration in Sarawak , and to continue to meet, as and when they fall due, its
liabilities for at least the next twelve months from the date of approval of the Group financial statements.
The Group financial statements have, therefore, been prepared on the going concern basis. The
auditors have made reference to going concern by way of a material uncertainty in their audit report
due to the fact that the fundraising announced has not yet been formally concluded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_E55_CY": { "value": "
Intangible assets
Oil and gas assets: exploration and evaluation
Costs incurred prior to obtaining legal rights to explore are expensed to the income statement. This
applied to the cost of exploration and evaluation expenditure incurred by Upland Big Oil Sdn Bhd during
the period . Upon receipt of a license in Sarawak the Group will adopt IFRS 6 in respect of SK334 as
outlined below.
The Group has adopted the \u2018successful efforts\u2019 method of accounting for Exploration and Evaluation
(\u201cE&E\u2019\u2019) costs, having regard to the requirements of IFRS 6 \u2018Exploration for and Evaluation of Mineral
Resources\u2019.
The successful efforts method means that only the costs which relate directly to the discovery and
development of specific oil and gas reserves are capitalised. Such costs may include costs of license
acquisition, technical services and studies, exploration drilling and testing but do not include costs
incurred prior to having obtained the legal rights to explore the area. Under successful efforts
accounting, exploration expenditure which is general in nature is charged directly to the income
statement and that which relates to unsuccessful drilling operations, though initially capitalised pending
determination, is subsequently written off. Only costs which relate directly to the discovery and
development of specific commercial oil and gas reserves will remain capitalised and to be depreciated
over the lives of the reserves. The success or failure of each exploration effort will be judged on a well-
by-well basis as each potentially hydrocarbon-bearing structure is identified and tested. Exploration and
evaluation costs are capitalised within intangible assets.
Upon receipt of a license in Sarawak the Group will adopt IFRS 6. During the period all lease and
licence acquisition costs, geological and geophysical costs and other direct costs of exploration,
evaluation and development are expensed to the income statement. Intangible assets comprise costs
relating to the exploration and evaluation of properties which the directors consider to be unevaluated
until reserves are appraised as commercial, at which time they are transferred to tangible assets as
\u2018Developed oil and gas assets\u2019 following an impairment review and depreciated accordingly. Where
properties are appraised to have no commercial value, the associated costs are treated as an
impairment loss in the period in which the determination is made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_E73_CY": { "value": "
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. The carrying value of tangible
fixed assets is assessed annually and any impairment charged to income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_E18_CY": { "value": "
Depreciation
Tangible fixed assets are depreciated on a straight-line method to their residual values at rates based
on the estimated useful lives of the assets, as follows:
\u2022 Office equipment \u2013 10% per annum, straight line
\u2022 Computer equipment \u2013 20% per annum, straight line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_E57_CY": { "value": "
Associates
Associates are entities over which the Group has significant influence but not control. Generally the
Group has a shareholding of 20-50%. Investments in associates are accounted for using the equity
method. Under the equity method the investment is initially recognised at cost and the carrying value is
increased or decreased to recognise the Group\u2019s share of the profit or loss of the associate since
acquisition.
When the Group\u2019s ownership interest in an investment is increased and significant influence is obtained,
the Group measures the fair value at the point of obtaining significant influence and compares that
amount against the carrying value and any gain or loss is included in the statement of comprehensive
income. The fair value of the investment plus the deemed fair value of any consideration paid is treated
as the deemed cost and proceeds to be accounted for under the equity method.
The Group\u2019s share of post-acquisition profit or loss is recognised in the statement of comprehensive
income and its share of post-acquisition movements is classified as other comprehensive income.
The Group determines at each reporting date whether there is any objective evidence to indicate that
the investment in associate is impaired.
If the Group disposes of part of its interest in an associate such that it no longer has significant influence
over the associate, it recognises the difference between the value of consideration received and the
residual carrying value of the interest retained and the carrying value at the date significant influence is
lost and any gain or loss is recognised as other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_E37_CY": { "value": "
Financial assets
The financial assets held by the Group are classified as Trade and other receivables and cash and cash
equivalents. These assets are non-derivative financial assets with fixed or determinable repayments
which are not quoted on an active market. They are initially carried at fair value plus transaction costs
attributable to their acquisition and are subsequently carried at amortised cost using the effective
interest rate method less any impairment. Impairment arises when there is objective evidence that the
Group will not be able to collect the amount due under the receivable.
Impairment is reviewed at least annually in accordance with IFRS9 by comparing the carrying cost
against the present value of future cash repayments. For receivables which are reported as net, the
provision will be reported separately in the Consolidated Statement of Financial Position The amount
of the provision will be provided as an administrative expense. In future accounting periods, the
provision might be adjusted and the impact of any adjustment to the provision would be included in
Profit and Loss. If the receivable proves uncollectible the gross asset carrying value would be written
off against the provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_E22_CY": { "value": "
Cash and cash equivalent assets
These amounts comprise cash on hand and with banks. Cash equivalents are accounts that are highly
liquid readily convertible to cash including short term investments and short term deposits.
Any cash or cash equivalents that are subject to restrictive conditions are classified separately as
Restrictive cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_E19_CY": { "value": "
Derecognition
The Group derecognises a financial asset when the contractual cashflow attached to that asset expires
or is transferred to another entity.
The Group derecognises a financial liability e when the obligation is discharged , cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_E41_CY": { "value": "
Financial Liabilities
The Group\u2019s financial liabilities include trade and other payables, short term and long terms loans,
whether secured or unsecured. These liabilities are initially carried at cost and subsequently at
amortised value using the interest rate method. All interest and other costs associated with these
liabilities are expensed , as incurred, and included as part of Finance costs in the Profit & Loss. Where
any liability includes convertibility, the fair value of the equity and liability portions is determined on date
of issue of the convertible instrument using appropriate discount factors
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_E62_CY": { "value": "
Equity
Equity comprises the following:
\u2022 \u201cStated capital\u201d represents the amount of cash or other consideration received by the company
for the issue of shares of that class net of share issue costs;
\u2022 \u201cRetained earnings\u201d includes all current and prior years as disclosed in the Statement of
comprehensive income results less any dividends paid;
\u2022 \u201cShare options reserve\u201d represents equity-settled share-based remuneration stated at the fair
value of share options issued. As options are exercised their cost is transferred to Retained
earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial information are measured using the currency of the primary economic
environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are
presented in Sterling (\u00a3), which is the Company\u2019s functional and presentational currency. The functional
currency of the Malaysian operations is the Malaysian Ringgit.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions, and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies, are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D775373935_CY": { "value": "
Functional and presentation currency
Items included in the financial information are measured using the currency of the primary economic
environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are
presented in Sterling (\u00a3), which is the Company\u2019s functional and presentational currency. The functional
currency of the Malaysian operations is the Malaysian Ringgit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_E84_CY": { "value": "
Operating segments
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited). The Group operating focus is in Southeast Asia.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D40114928_CY": { "value": "
Critical estimates and judgements
The preparation of financial statements in conformity with EU endorsed IFRS requires management to
make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities as well as the disclosure of the reported amounts of revenues and
expenses during the reporting period. Actual outcomes could differ from those estimates.
The Group had no significant assets nor liabilities as at 31 December 2023 or 30 June 2022 which were
measured using significant accounting estimates or judgements other than
(i) the assessment and conclusion by the directors that no impairment of advances to Upland
Big oil Sdn Bhd (UBO) is necessary. Sarawak is the long-term area of interest for the Group
and UBO will be the investment entity.
(ii) the determination to classify UBO as an associate
(iii) the assumptions used in Note 8 in the valuation of stock options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D485350078_CY": { "value": "
Taxation
Current taxation for each taxable entry in the Group is calculated based on the local taxable income
and the local statutory tax rate.
Deferred Taxation
Deferred taxation is calculated on the liability method on temporary differences arising between the tax
base of assets and liabilities and their carrying values in the financial statements, The amount of
deferred tax is determined using tax rates and laws that have been enacted by the balance sheet date
are expected to apply when the related deferred tax asset is realised or the related deferred tax liability
settled.
Deferred tax liabilities are provided in full.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Changes at fair market value in deferred tax assets or liabilities are recognised as a component of
income tax expense in the Statement of Comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D2082747597_CY": { "value": "
Deferred Taxation
Deferred taxation is calculated on the liability method on temporary differences arising between the tax
base of assets and liabilities and their carrying values in the financial statements, The amount of
deferred tax is determined using tax rates and laws that have been enacted by the balance sheet date
are expected to apply when the related deferred tax asset is realised or the related deferred tax liability
settled.
Deferred tax liabilities are provided in full.
Deferred tax assets are recognised to the extent it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Changes at fair market value in deferred tax assets or liabilities are recognised as a component of
income tax expense in the Statement of Comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_D1668397874_CY": { "value": "
Share based payments
In line with IFRS 2, the Group operates an equity-settled, share-based compensation plan, under which
the entity receives services from directors and persons discharging managerial responsibilities as
consideration for equity instruments (options) of the entity. The fair value of the services received is
measured by reference to the estimated fair value at the grant date of equity instruments granted and
is recognised as an expense over the vesting period. The estimated fair value of the option granted is
calculated using the Black Scholes option pricing model or Monte Carlo Simulation. The total amount
expensed is recognised over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share premium
when the options are exercised.
Equity-settled share-based payment transactions with parties other than directors and persons
discharging managerial responsibilities are measured at the fair value of the goods and services
received, except where the fair value cannot be estimated reliably, in which case they are measured at
the fair value of the equity instruments granted, measured at the date the counterparty renders the
service.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProfitLossFromOperatingActivitiesExplanatory_E108_CY": { "value": "
3
Operating loss
Arrived at after charging/(crediting):
Period ended
31 December
2023
\u00a3
Year ended 30
June 2022
\u00a3
Fees payable to the Company\u2019s auditor and its associates \u2013
audit of the financial statements (Note)
44,000 22,000
Depreciation of tangible fixed assets
681
-
Share option expense
540,117
-
Exploration and evaluation expenditure
25,743
139,467
Loss/(gain) on foreign exchange
24,150 (37,713)
Note
On 3 July 2023 the Company announced the appointment of PKF Littlejohn LLP as its new auditor for
the 18-month period ended 31 December 2023. The appointment was approved by shareholders at the
Annual General Meeting held on 29 December 2023.
Segmental Analysis
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited).
Segment results, assets and liabilities include items directly attributable to a segment as well as those
than can be allocated on a reasonable basis.
31 December 2023
Jersey \u00a3 Sarawak \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 1,727,820 409,316 29,930 2,167,066
Assets
Non -Current assets - 649,764 - 649,764
Current assets excluding cash 32,000 - 130 32,130
Cash 519,512 135,209 - 654,721
Total assets 551,512 784,973 130 1,336,615
Liabilities
Current 480,483 190,508 2,500 673,491
Non-current - - - -
Total liabilities 480,483 190,508 2,500 673,491
30 June 2022
Jersey \u00a3 Tunisia \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 320,613 164,184 9,498 494,295
Assets
Non - Current assets - - - -
Current assets excluding cash 7,185 - 7,185
Cash 303,291 - 2,235 305,526
Total assets 310,476 - 2,235 312,711
Liabilities
Current 565,664 3,000 2,500 571,164
Non-current - - - -
Total liabilities 565,664 3,000 2,500 571,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
Segmental Analysis
The Group operates in one business segment, the exploration and development of oil and gas assets.
It currently operates in three jurisdictions: Jersey (Upland Resources Limited); Sarawak (Upland
Resources (Sarawak) Sdn Bhd and Upland Big Oil Sdn Bhd) and the UK (Upland Resources (UK
Onshore) Limited).
Segment results, assets and liabilities include items directly attributable to a segment as well as those
than can be allocated on a reasonable basis.
31 December 2023
Jersey \u00a3 Sarawak \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 1,727,820 409,316 29,930 2,167,066
Assets
Non -Current assets - 649,764 - 649,764
Current assets excluding cash 32,000 - 130 32,130
Cash 519,512 135,209 - 654,721
Total assets 551,512 784,973 130 1,336,615
Liabilities
Current 480,483 190,508 2,500 673,491
Non-current - - - -
Total liabilities 480,483 190,508 2,500 673,491
30 June 2022
Jersey \u00a3 Tunisia \u00a3 UK \u00a3 Total \u00a3
Results
Loss before income tax 320,613 164,184 9,498 494,295
Assets
Non - Current assets - - - -
Current assets excluding cash 7,185 - 7,185
Cash 303,291 - 2,235 305,526
Total assets 310,476 - 2,235 312,711
Liabilities
Current 565,664 3,000 2,500 571,164
Non-current - - - -
Total liabilities 565,664 3,000 2,500 571,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
4 Taxation
The tax charge for the period can be reconciled to the loss in the Statement of Comprehensive Income
as follows:
Period ended
31 December
2023
Year ended 30
June 2022
\u00a3
\u00a3
Loss before tax on continuing operations (2,167,066) (494,295)
Tax at the applicable standard tax rate of 4.5% (2022 \u2013 19%) (98,235) (93,916)
Change in unrecognised deferred tax assets 98,234 93,916
Tax charge for the period
- -
The Company has migrated to Jersey and is a Jersey registered company. With the loss of two UK-
based directors, decision making is now outside the UK and the Company has notified HMRC. This is
reflected in the lower weighted average tax rate where the loss of Upland Resources Limited is treated
as non-taxable.
A weighted average tax rate of 4.5% has been used to calculate deferred tax. No deferred tax asset
has been recognised in respect of these losses as there is insufficient evidence that the amount will be
recovered in future years.
Upland Resources (UK Onshore) Limited has \u00a33,645,484 tax losses carried forward. No deferred tax
asset has been recognised in respect of these losses, for similar reason noted above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
5 Loss per share
The calculation of basic loss per share is based on the following loss and number of shares:
Period ended
31 December
2023
Year ended 30
June 2022
Loss for the period from continuing operations
\u00a32,167,066 \u00a3494,295
Weighted average shares in issue
961,371,914 686,768,853
Basic loss per share (pence per share)
0.23p 0.07p
Basic loss per share is calculated by dividing the loss for the period from continuing operations of the
Group by the weighted average number of ordinary shares in issue during the period.
The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion
of share options and warrants decreases the basic loss per share, thus being anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_E40_CY": { "value": "
6 Staff costs
There were no staff costs paid during the year. Directors emoluments are disclosed in Note 7 and share-
based payments disclosed in note 8.
There are no defined benefit or defined contribution pension arrangements in operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_url_DisclosureOfDirectorRemuneration_D269999033_CY": { "value": "
7 Directors\u2019 and other PDMRs\u2019 remuneration
Directors\u2019 and other PDMRs\u2019 remuneration for the 18 month period are as follows (comparable balances cover the preceding 12 months) :
Director Period Salary/Fee LTIP \u2013 Bonus(1) LTIP \u2013 Share
options
Total pay
\u00a3 \u00a3 \u00a3 \u00a3
B Di 1 July 2022 \u2013 31
December 2023
175,995 190,000 227,272 593,267
117,330
Annualised
1 July 2021 \u2013 30 June
2022
25,000 - - 25,000
A Nasharuddin 1 July 2022 \u2013 31
December 2023
32,832 15,000 55,920 103,752
21,888
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
D Wong 1 July 2022 \u2013 31
December 2023
32,832 15,000 55,920 103,752
21,888
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
A Hurst 1 July 2022 \u2013 31
December 2023
28,204 15,000 41,966 85,170
(from 11 January 2023)
1 July 2021 \u2013 30 June
2022
- - - -
C Pitman 1 July 2022 \u2013 31
December 2023
5,409 - - 5,409
(until 28 September 2022)
1 July 2021 \u2013 30 June
2022
40,448 - - 40,448
J Kin
g
1 Jul
y
2022
\u2013
31 - - - -
December 2023
(until 18 April 2022)
1 July 2021 \u2013 30 June
2022
20,670 - - 20,670
G Murray (COO) 1 July 2022 \u2013 31
December 2023
90,830 30,000 76,903 197,733
60,553
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
J Forrest (CFO) 1 July 2022 \u2013 31
December 2023
97,083 30,000 76,903 203,986
64,722
Annualised
1 July 2021 \u2013 30 June
2022
- - - -
Total 1 July 2022 \u2013 31
December 2023
463,185 295,000 534,884 1,293,069
1 July 2021 \u2013 30 June
2022
86,118 - - 86,118
1 Bonuses were payable on award and completion of Joint Technical Study. \u00a3255,000 remains outstanding within accrued expenses at the period end
", "dimensions": { "concept": "url:DisclosureOfDirectorRemuneration", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_E124_CY": { "value": "
8 Share-based payments
Share option scheme
On 4 November 2022, the Company granted share options over 45,000,000 ordinary shares at an
exercise price of 0.4p per share. The options may be exercised at any time up to 4 November 2027.
There are no performance conditions attached to these share options.
On 27 February 2023, the Company granted share options over 110,000,000 ordinary shares at an
exercise price of 0.6p per share. The options may be exercised at any time up to 27 February 2028.
There was a vesting condition that the share price reach 2p. That vesting condition has been satisfied.
The fair value of the share options was determined using the Black Scholes Model in the case of the 4
November 2022 stock option grant and Monte Carlo simulation in the case of the 27 February 2023
stock option grant. The Monte Carlo method was used for the second option because of the existence
of a vesting condition based on share price.
Number of
options
Weighted average
exercise price
(pence per share)
Outstanding at beginning of period - -
Granted during the period 155,000,000 0.54
Exercised during the period (10,000,000) 0.40
Cancelled during the period (3,000,000) 0.40
Outstanding at end of period 142,000,000 0.55
At the end of the period, 142,000,000 share options were exercisable (2022 - nil). The share options
outstanding at the end of the year had a weighted average remaining contractual life of 4 years.
The total charge for the period was \u00a3540,117 (2022 - \u00a3nil).
The following assumptions were used in the calculations:
Valuation Technique Black Scholes Model Monte Carlo simulation
Exercise Price .40p Option .60p Option
Mid Market share price .275p .625p
Volatility(%) 87.62 86.93
Dividend yield (%) 0 0
Risk-free interest rate (%) 3.40 3.69
Expected life of options 5 years 5 years
Warrants
On 14 July 2020, the Company issued 33,571,431 warrants to subscribe for new ordinary shares (on
the basis of 1 new ordinary share for each warrant) at a subscription price of 1.3p per ordinary share
and exercisable at any time during the period of 2 years from 14 July 2020. These warrants expired
unexercised in July 2022.
On 27 October 2022, the Company issued 69,440,000 warrants to subscribe for new ordinary shares
(on the basis of 1 new ordinary share for each warrant) at a subscription price of 0.4p per ordinary share
and exercisable at any time up to 1 May 2024. 66,640,000 of these warrants were exercised during the
period.
On 28 February 2023, the Company issued 149,250,000 warrants to subscribe for new ordinary shares
(on the basis of 1 new ordinary share for each warrant) at a subscription price of 1.2p per ordinary share
and exercisable at any time up to 28 February 2025. 6,888,888 of these warrants were exercised during
the period.
Number of
warrants
Weighted average
subscription price
(pence per share)
Outstanding at beginning of period 33,571,431 1.30
Lapsed during the period (33,571,431) 1.30
Granted during the period 218,690,000 0.95
Exercised during the period (73,528,888) 0.47
Outstanding at end of period 145,161,112 1.18
At the end of the year, 145,161,112 warrants were exercisable (2022 \u2013 33,571,431). The warrants
outstanding at the end of the year had a weighted average remaining contractual life of 1.2 years.
The total charge for the period was \u00a3Nil (2022 - \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": { "value": "
9 Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk), credit
risk and liquidity risk. The Group\u2019s overall risk management programme seeks to minimise potential
adverse effects on the Group\u2019s financial performance. Risk management is carried out by the Board.
The table below sets out the carrying value of all financial assets and liabilities and where applicable
shows the valuation level used to determine the fair value at the reporting date. The fair value of all
financial assets and liabilities is not materially different to the book value.
Cash and receivables 31 December 2023
(
\u00a3
)
30 June 2022
(
\u00a3
)
Cash and cash
equivalen
t
654,721
305,526
Trade and other
receivables
612,029
7,185
Trade and other
liabilities
Trade and other
pa
y
ables
673,490
571,164
Market risk
Interest Rate Risk
During the period and at 31 December 2023 the Group had no significant interest rate risk. The Group
had no interest bearing liabilities nor debtors which were being charged interest.
Foreign exchange risk
The Group is exposed to foreign exchange risk. The functional currency of the parent company is British
pounds while the Malaysian Ringgit is the currency of our Malaysian companies. In addition the parent
company funds the Malaysian companies with US Dollars.
Page 39
The Group follows a non-speculative policy on exchange rates.
The exposure to these exchange rate risks is considered significant to the Group and the Directors are
considering arrangements such as hedging that can be implemented to mitigate this risk.
The Group held cash balances as shown in the following table.
At 31 December 2023
A
t 30 June 2022
British Pounds 518,732 4,793
Mala
y
sian Rin
gg
i
t
798,244 -
US Dollars 1031 365,658
During 2023 the following history for currency pairs shown was:
A
vera
g
e Rate Hi
g
hes
t
Lowes
t
GBP: MYR 5.67 6.04 5.13
USD: MYR 4.56 4.79 4.24
GBP: USD 1.24 1.31 1.18
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
Credit risk
Credit risk arises from cash and cash equivalents.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to
credit risk. The Group will only keep its holdings of cash and cash equivalents with institutions which
have a minimum credit rating of \u2018A\u2019. The Group is not subject to any externally imposed capital
requirements.
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
On
Demand
0-90
Da
y
s
3-12
Months
More than
12 months
\u00a3 \u00a3 \u00a3 \u00a3
Trade and other
receivables
- 32,130 - 579,899
Total - 32,130 - 579,899
Liquidity risk
Management of liquidity risk is achieved by monitoring budgets and forecasts against actual cash flows.
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to
maintain an optimal capital structure.
The Company monitors capital on the basis of the equity held by the Company, which at 31
December 2023 was \u00a3698,705 (2022 \u2013 (\u00a3258,453)).
Trade and other payables
31 December 2023 Total
\u00a3
On Demand
\u00a3
Within 3 months
\u00a3
3 \u2013 12 months
\u00a3
Trade Payables 111,905 - 111,905 -
Other Payables 194,278 - 194,278 -
Deferred Income 20,000 - 20,000 -
Accrued Expenses 347,307 10 347,297 -
Total 673,490 10 673,480 -
30 June 2022 Total
\u00a3
On Demand
\u00a3
Within 3 months
\u00a3
3 \u2013 12 months
\u00a3
Trade Payables 154,524 - 154,524 -
Short-Term Loan 150,000 150,000 - -
Accrued Expenses 266,640 10 216,630 50,000
Total 571,164 150,010 371,154 50,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMarketRiskExplanatory_E91_CY": { "value": "
Market risk
Interest Rate Risk
During the period and at 31 December 2023 the Group had no significant interest rate risk. The Group
had no interest bearing liabilities nor debtors which were being charged interest.
Foreign exchange risk
The Group is exposed to foreign exchange risk. The functional currency of the parent company is British
pounds while the Malaysian Ringgit is the currency of our Malaysian companies. In addition the parent
company funds the Malaysian companies with US Dollars.
The Group follows a non-speculative policy on exchange rates.
The exposure to these exchange rate risks is considered significant to the Group and the Directors are
considering arrangements such as hedging that can be implemented to mitigate this risk.
The Group held cash balances as shown in the following table.
At 31 December 2023
A
t 30 June 2022
British Pounds 518,732 4,793
Mala
y
sian Rin
gg
i
t
798,244 -
US Dollars 1031 365,658
During 2023 the following history for currency pairs shown was:
A
vera
g
e Rate Hi
g
hes
t
Lowes
t
GBP: MYR 5.67 6.04 5.13
USD: MYR 4.56 4.79 4.24
GBP: USD 1.24 1.31 1.18
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCreditRiskExplanatory_E27_CY": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents.
The Group considers the credit ratings of banks in which it holds funds in order to reduce exposure to
credit risk. The Group will only keep its holdings of cash and cash equivalents with institutions which
have a minimum credit rating of \u2018A\u2019. The Group is not subject to any externally imposed capital
requirements.
In addition the Group had an advance to its associate Upland Big Oil Sdn Bhd of \u00a3579,899 at 31
December 2023 reported in UBO accounts as MYR 3,388,620. The directors have concluded that while
a foreign exchange risk exits, no impairment of this asset is necessary.
On
Demand
0-90
Da
y
s
3-12
Months
More than
12 months
\u00a3 \u00a3 \u00a3 \u00a3
Trade and other
receivables
- 32,130 - 579,899
Total - 32,130 - 579,899
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": { "value": "
Liquidity risk
Management of liquidity risk is achieved by monitoring budgets and forecasts against actual cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_E72_CY": { "value": "
10 Intangible assets
Exploration and evaluation (E&E) costs
The Saouaf Licence terminated on 22 December 2022. Exploration and evaluation costs of \u00a3nil (2022
- \u00a3134,111) associated with this licence incurred in the period have been charged directly to profit and
loss.
Exploration and evaluation costs of \u00a325,743 (2022 - \u00a35,356) associated with the P2478 Inner Moray
Firth Licence incurred in the period have been charged directly to profit and loss.
Costs incurred prior to obtaining legal rights to explore are expensed to the income statement. This
applied to the cost of exploration and evaluation expenditure incurred by Upland Big Oil Sdn Bhd during
the period . Upon receipt of a license in Sarawak the Group will adopt IFRS 6 in respect of SK334 , the
major impact of which would result in capitalisation of exploration and evaluation expenditures as
incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": { "value": "
11 Tangible fixed assets
Group
Computer
and office
equipment
\u00a3
Cost
Additions 4,114
At 31 December 2023 4,114
Depreciation
Charge for period 681
At 31 December 2023 681
Carrying amount
At 31 December 2023 3,433
At 30 June 2022 -
These assets are located in the office of Upland Resources (Sarawak) Sdn Bhd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_E82_CY": { "value": "
12 Investments
Company
31 December
2023
\u00a3
30 June 2022
\u00a3
Investments in subsidiaries - 7,030
Subsidiaries
\u00a3
Cost
At 30 June 2022 and 31 December 2023 7,030
Impairment
Charge for period 7,030
At 31 December 2023 7,030
Carrying amount
At 31 December 2023 -
At 30 June 2022 7,030
Group
31 December
2023
\u00a3
30 June 2022
\u00a3
Investments in associates 66,432 -
Associates
\u00a3
Carrying amount as at 1 July 2022 -
Acquisition of interest in associate 423,597
Share of loss of associate after tax (357,165)
Carrying amount as at 31 December 2023 66,432
Details of undertakings
Undertaking
Holding
Proportion of
voting rights and
shares held
Principal activity
Subsidiaries
Upland Resources (UK
Onshore) Limited*
Ordinary
100%
Petroleum exploration and
development
Upland (S Tunisia)
Limited*
Ordinary
100%
Dormant
Upland (Ksar Hadada)
Limited
Ordinary
100%
Dormant
Upland Resources
(Sarawak) Sdn Bhd*
Ordinary
100%
Petroleum exploration and
development
All the above undertakings are incorporated in the UK, other than Upland Resources (Sarawak) Sdn
Bhd which is incorporated in Malaysia.
During the period Upland Resources Limited wrote off its investment in Upland Resources (UK)
Onshore Limited in the amount of \u00a37,030.
Investment in Associate
Upland Big Oil Sdn Bhd *
Ordinary
45%
Petroleum exploration and
development
Upland Big Oil Sdn Bhd (UBO) is located at BT 234, 1
ST
Floor, Tower B2, Icom Square, Jalan Pending,
93450 Kuching, Sarawak. During the period, the group acquired a 20% interest in UBO from Big Oil
Ventures Sdn Bhd on 09 September 2022 and then a further 25% with effect from 21 February 2023.
The strategic importance of UBO to the Group is highlighted in the Strategic Report. The interest in
UBO is accounted for by the equity-accounting method.
Summarised financial information of the associated undertaking as at 31 December 2023 is as follows:
UBO
\u00a3
Dividends received from the associate -
Current assets 107,740
Non-current assets 14,389
Current liabilities 1,150,749
Non-current liabilities -
Revenue -
Loss \u2013 wholly from continuing operations 1,028,791
Total comprehensive loss 1,028,791
The UBO interest was acquired at a cost of \u00a3423,597 (US$ 550,000) in two stages 20% in September
2022 and a further 25% effective 21 February 2023 bring the total ownership holding to 45%. The cost
of the initial 20% was the par value of the shares Malaysian Ringgit 200 (\u00a330), while the cost of the
next 25% was \u00a3423,567.
\u00a3
Cost of Investment (Note 1)
423,597
Share of Net assets acquired
(
105,791
)
Premium Paid 529,388
Cost of investment 423,597
Share of UBO losses Durin
g
period
(
357,165
)
Carr
y
in
g
Value 31 December 2023 66,432
The cost of the acquisition was satisfied by the issue of shares in Upland Resources Limited of \u00a3210,931
and in cash payments, of which \u00a3184,854 was outstanding at the balance sheet date. At 31 December
2023, Advances to UBO were \u00a3579,899 (note 13).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
13 Debtors
31 December
2023
\u00a3
30 June
2022
\u00a3
Other debtors 130 -
Prepayments
32,000 7,185
Total current trade and other debtors
32,130 7,185
31 December
2023
\u00a3
30 June
2022
\u00a3
A
mounts owed b
y
related parties
579,899 -
Total non-current trade and other debtors
579,899 -
The primary Debtor in the amount of \u00a3579,899 is our 45%-owned affiliate Upland Big Oil Sdn Bhd
(UBO). Advances to UBO are interest-free, unsecured with no fixed term for repayment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_E17_CY": { "value": "
14 Cash and cash equivalents
31 December
2023
\u00a3
30 June
2022
\u00a3
Cash at bank 654,721 305,526
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
15 Creditors
31 December
2023
\u00a3
30 June
2022
\u00a3
Due within one year
Trade payables 111,905 154,524
Short-term loan - 150,000
Other tax and social security 5,983 -
Other payables 188,295 -
Accrued expenses
347,307 266,640
Proceeds received for warrants to be issued
20,000 -
673,490 571,164
Included in accrued expenses are bonuses payable of \u00a3255,000 to directors and officers in respect of
the completion of the Joint Technical Study. Trade payables of \u00a3111,905 are payables of Upland
Resources Limited incurred in the ordinary course of business while other payables include \u00a3184,854
payable at 31 December 2023 and since paid relating to the acquisition of our UBO interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": { "value": "
16 Financial instruments
The Group\u2019s accounting classification of its financial assets and liabilities is as follows:
31
December
2023
30 June
2022
\u00a3 \u00a3
Financial assets
Trade and other receivables 647,609 7,185
Cash and cash equivalents 654,721 305,526
1,302,330 312,711
Financial liabilities
Financial liabilities measured at amortised cost
Trade and other payables 673,490 571,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": { "value": "
Stated Capital
17 Allotted and called up (Note 1)
31 December
2023
\u00a3
30 June
2022
\u00a3
Stated capital on 1,194,597,737 (2022 \u2013 686,768,853) shares of no par
value
10,976,259
8,427,732
The Company has one class of ordinary shares which carry no rights to fixed income. Each ordinary
share confers upon the holder: the right to one vote at a meeting of the members of the Company or on
any resolution of the members; the right to an equal share in any dividend paid by the Company; and
the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.
31 December
2023
30 June
2022
Number of shares in issue at start of period/year 686,768,853
686,768,853
Number of shares issued in period/year 507,828,884
-
Number of shares in issue at end of period/year 1,194,597,737
686,768,853
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCommitmentsExplanatory_E23_CY": { "value": "
18
Capital and financial commitments
Group
None
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": { "value": "
19 Related party transactions
Key management personnel
The aggregate of fees and bonuses paid to key management personnel, or their connected companies,
during the 18 month period was \u00a3758,185 (12 months 2022 - \u00a3122,118).
Share-based payments made to key management personnel in the period amounted to \u00a3534,884 (2022
- \u00a3nil).
At the balance sheet date, \u00a3284,364 (2022 - \u00a3120,430) was outstanding payable to key management
personnel, or their connected companies, and included in creditors.
Other related parties
The Group has loaned its associate \u00a3579,899 in the period (2022 - \u00a3nil). At the balance sheet date,
\u00a3579,899 was outstanding due from the associate and included in non-current debtors.
21 Ultimate controlling party
The Directors believe there to be no ultimate controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory_E25_CY": { "value": "
20 Contingent liability
On 22 October 2022, the Group applied for an extension of the Saouaf Permit for one year to 22
December 2023. The Tunisian government did not approve the Group\u2019s application and effective 22
December 2022 the Group no longer had an interest in the Saouaf Permit. All costs have been written
off. It is possible that the Tunisian authorities may seek compensation for unfunded work commitments.
Management has considered this and has taken legal advice about the scale and scope of
compensation and considers the possibility of material outflows in relation to this matter to be unlikely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": { "value": "
22 Events after the reporting date
Details of events after the balance sheet date impacting on the Group are included in the Strategic
Report on page 7 of this Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MRG7ISJEK8YA38", "period": "2022-07-01T00:00:00/2024-01-01T00:00:00" } } } }