UPL

Upland Resources Limited

Energy First-pass screen £45m

140/1000 Overall fit

AI beneficiary 35% 5

Operating leverage 25% 10

Valuation 25% 25

Downside protection 15% 20

First-pass take

Pre-revenue oil & gas E&P holding company with zero AI exposure. Cash burn accelerating to £217k annually; only ~5 months of cash post-IPO (raised £1.3m). No regulatory approvals yet; cyclical sector with oil-price dependency and no defensive characteristics.

Flags

loss-makingno-revenuegoing-concerncyclicalexecution-riskmicro-cap