Upland Resources Ltd on Monday said it raised money from investors and that it engaged in discussions with ‘key’ stakeholders.

Upland shares fell 24% to 3.36 pence each on Monday afternoon in London.

The Jersey-based oil and gas company focused on Sarawak, Malaysia said it raised $4 million from new and existing strategic and institutional investors, which it said bolsters its balance sheet and supports its business plan.

Further, the company noted ‘significant’ progress in discussions with potential partners of strategic interest regarding potential joint venture or farm-in agreements, as it cited signed letters of intent.

Upland added that it engaged in productive discussions with ‘key’ stakeholders, including a briefing with the premier of the Malaysian state Sarawak, as well as its deputy premier and state secretary.

Chair & Chief Executive Bolhassan Di said: ‘Upland is now technically and financially well-positioned to deliver on our intended strategy. We are committed to updating the market further on our ensuing activities, including the progress of our joint venture discussions.’

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