Upland Resources Share Discussion Threads

[thejaba] 11/1/2017 16:41

Hard to grasp why rejected based on planning officers recommendation to approve.

This is just LAs showing some muscle.

Appeal will likely be approved given the conditions set.

A chance to accumulate cheap stock.

The mgmt have oodles of stock here so I'm quite happy to back them.

[alexios1201] 11/1/2017 16:38

Cheers Zengas

[zengas] 11/1/2017 16:22

They have granted 4 borehole monitors so if they were totally opposed to the project these would not have been granted.


"Europa Oil & Gas (Holdings) plc, the UK and Ireland focussed exploration,
development and production company, notes today's update from Egdon Resources
('Egdon') regarding the refusal of planning consent by North Lincolnshire
County Council's Planning Committee for the development of the Wressle Oil
Field ('Wressle') at Lodge Farm, Wressle, North Lincolnshire.

At the same meeting the application for the installation of groundwater
monitoring boreholes was approved.

The decision of the Committee goes against the positive recommendation of the
County Council's Planning Officer which was determined after an extensive and
thorough review of the field development plan. The partners in Wressle will now
consider their options which include the right to appeal.

Europa's CEO, Hugh Mackay, said "We are disappointed with the Planning
Committee's decision. Lying just 5km away from the Europa-operated Crosby
Warren field, Wressle is located in the heart of the East Midlands petroleum
province, a region with a long heritage of conventional oil and gas
production. Furthermore, at an anticipated gross rate of 500 bopd, Wressle has
the potential to generate meaningful revenues not just for the participating
companies, but also for the government in the form of tax receipts. With this
in mind, we will be exploring with our partners all options on how best to take
these licences forward and further updates will be provided in due course.

On 24 November 2016, Europa announced it had signed a Sale and Purchase
Agreement ('SPA') with Upland Resources (UK Onshore) Limited ('Upland') in
relation to a 10% interest in PEDLs 180 and 182. Completion of the SPA, which
is subject to approval from the Oil & Gas Authority and the granting of
planning consent ".

[alexios1201] 11/1/2017 16:07

When is the 2nd application going in?

[kemche] 11/1/2017 16:04

zen, agreed. Setback, but that is the beast that we wrestle.

[zengas] 11/1/2017 16:01

Likely to be appealed given that they want conditions mainly re the aquifiers.

We have our £1.5m in the bank regardless, so will be interesting to see where we go from here.

[kemche] 11/1/2017 11:24

2hrs and 35mins to meeting............

[comedy] 11/1/2017 10:59

been dumping profits in here over last 2 to 3 months.

[rolo7] 09/1/2017 16:43

good finish there!

[tyler90] 09/1/2017 12:19

MM's asking for more than quoted bid (1.425) for 500k as indicated by trade just gone through.

[kemche] 05/1/2017 16:47

Things moving at a pace:

[billyboychrisd] 16/12/2016 07:21

Good reminder, completely forgot. Money is in safe hands here.

[kemche] 12/12/2016 19:58

AGM on Friday.

[yogaboy] 09/12/2016 15:37

Nicely back inside the one-year trend line boundaries.

[[e-mail]] 09/12/2016 14:47

looking on the bright side

[kemche] 09/12/2016 13:42

Optiva increased shareholding by 15m - which, as the Financial Advisor and Broker to the company, I shall simply file in folder marked "interesting".

[zengas] 25/11/2016 15:13

What it throws off could self fund increasing that initial 50 bopd to beyond 100 bopd at Wressle.

Then with the Hardstoft field 2C oil to develop, they could bring on a few hundred bls there via the 2 wells that are to be drilled at a net cost of around $750k each to UPL.

They are burning very little cash - just £420k for the year to end of June 2016.
Cash burn/admin is estimated at £300k per year.

At the end of June (5 months ago) they had £1.039m cash remaining and if they have used say £239k since then, they would still have cash of £800k.

They are raising £2.2m - about £2m net of expenses at a 30% premium to the first placing despite no movement beyond the 1st asset acquired.

This new acquisition is costing £1.6m and they are paying for it with £1.3m in cash and £300k in shares at 1.3p.

That will leave them with £700k cash from the placing and imo from the recent accounts a further £800k - so in total they should be sitting on £1.5m of cash.

Existing shares = 213.98m. £2.2m placing shares = 169.230m. Consideration shares instead of £300k cash payment = 23.076m.

Total shares in issue post placing = 406.245m @ 1.3p = £5.2m m/cap with £1.5m cash.
Reserves and near term production and therefore possibly self funding as they build production to a higher level across both the UK assets.

[kemche] 25/11/2016 14:41

The figures above represent merely turnover from the oil and not the net profit attributable to UPL.

[on target] 25/11/2016 14:37

Presumably there will be a lifting cost and overheads to pay though?

[yogaboy] 25/11/2016 12:59

There is movement billy but sadly in the wrong direction. Despite substantial buying, the market appears to be moving the price down towards the forthcoming placement price of 1.3p, suggesting it places no premium on the value of this announcement.

That's a little surprising, as anyone basing their decisions on "follow the directors" will see that the BOD considers this to be a golden opportunity to top up.

I guess the market was hoping for something more spectacular in time for Christmas - whereas this is merely in line with the solid but low-key strategy the company is following.