Upland Resources (LSE:UPL) shares rose after announcing it had signed an asset acquisition agreement with Vanguard Drilling Limited to acquire its proprietary intellectual property and project management software.
The deal also includes the integration of select senior personnel into Upland's operations.
It sees Upland gain the Vanguard Business Management System and the Mission Control AI project platform, tools that it says provide end-to-end oversight of drilling performance, logistics, and cost management.
"This agreement marks an important milestone for Upland at a pivotal and transformative stage in our development," said Upland chair Datuk Bolhassan Di.
"We are significantly enhancing our ability to deliver projects to the highest international standards."
Upland told investors it is also establishing a new unit in South East Asia, Upland Drilling Services Sarawak (UDSS), which will serve as a regional operations hub. This is expected to set Upland up as an operator and also a specialist in the region.
"For investors, this is a clear and confident statement: Upland is building a platform for growth, operational excellence, and long-term value creation in Southeast Asia's energy sector," the Upland chair said.
Upland shares traded around 10% higher in Wednesday morning's trade, at 1.76p.