Upland Resources Share Discussion Threads

[trulyscrumptious] 17/9/2018 07:32

Not great news, reassuring yes, but not great, delays never are.

[doughty] 17/9/2018 07:21

Great news...no problems...everything on track...slight delay

[michaelwhight] 17/9/2018 07:08

So it's Q4 then. Could be early October I guess.

[spangle93] 16/9/2018 23:29

Henry - as nimbidc says, convention is that you start paying for the rig once it's en route from the previous location, so it depends on where the contracted rig is currently operating. If however it's in Invergordon, then it's not much of a trip ;-)

Again, conventionally, it's the operator's call on news release, not FWM who are just managing contractors. However, this convention is trickier here, with the operator not having to report publicly to shareholders. I think though that with 3 listed stakeholders (UPL, RBD, BOIL) Corallian will prepare a statement that partners/shareholders can use.

Rig rental prices have crashed down markedly since the oil price started to fall in late 2014. Unfortunately rig contractors have cut their exposure by decommissioning some of their surplus ones, but there are still some low-spec jackups in the North Sea arena, more than capable of drilling Wick and Colter, on less than $100k/day. Most North Sea jack-ups are now sizeable, impressive, and modern, and come at a much higher price, but nonetheless, if one is idle and there's a 2-well contract available, there are negotiations to be done.

As for how long it takes to set up... whooo, now there's a good one. For a jack-up, probably around a day (order of magnitude) but as well as sea bed-dependent, it's at the mercy of wind and sea-state. There are certainly examples of a vessel waiting a fortnight for a weather window, and autumn is typically the wildest season. So you should hold your breath.

[nlmbidc] 16/9/2018 19:21

It'll cost the consortium every day the rig is travelling as well as its time on site.

[doughty] 16/9/2018 16:01

The Geo Ocean iii is approaching Whitby on its way to Colter...Wick survey complete !

[henrymcivor1] 16/9/2018 15:37

I don't know payment terms on hiring a rig, but I know some are $250,000 per day cost on a dayrate.

If the clock starts ticking as soon as the rig gets to site then it won't be there until the last minute.

SEPA permit has 30th September as the start date. Two weeks yet. Rig could turn up on 26th, 27th.

Anyone know how long it takes to set up from arriving?

The overall operations are being overseen by Fraser Well Management, so they will determine when the news is released. Boil,RBD and UPL will RNS at the same time.

[shares188] 15/9/2018 19:44

I hope so!!!

[nlmbidc] 15/9/2018 14:24

I have a sneaky feeling there will be a 0700 RNS on Monday.

[spangle93] 15/9/2018 13:08

Dan etc

I'm sure Upland would like the luxury of managing news about Wick, but unfortunately some of its partners are also listed, and so the timing of material news is in the hands of Reabold (through the operator Corallian) and Baron.

[dandadandan] 15/9/2018 12:04

Rig news contract / movement for Wick but only after a Tunisia statement, in my view. Management will want to counteract any suggestion of Wick risk with a more inclusive balanced business plan message of their other activities.

The next 2 weeks will be interesting.

This share price is consolidating and getting ready for the 4p plus push upwards , IMO.

Sit tight and enjoy the share price rollercoaster ride as the MMs have a bit of share price movement for financial gains to undertake..

Some of the smaller O & G portfolio managers are also taking an interest.

Patience pays.
Topped up on the dips last week. More please MMs before lift off.

GLA.

[2solaris] 15/9/2018 11:28

If they are drilling Wick at the end of this month isn't it time there was a rig on the way, or at least news of one being prepared?
On second thoughts, perhaps this is like remote keyhole surgery and they do it from a laser on a satellite in space, just a thought!

[argyle underclap] 15/9/2018 11:23

Hi all. By all accounts, wick and Tunisia it’s now belly up to the table time.

[hulltiger] 15/9/2018 10:50

Good morning all. A poster on the RBD BB states the Wick site survey has now finished. There is also a link on there,

[doughty] 14/9/2018 17:03

I think UPL will want to hedge aWick duster with at least one v positive RNS on Tunisia before the Wick result is known to keep up momentum and the share price ..IMHO...and I agree...the numbers might surprise us :-)

[nlmbidc] 14/9/2018 15:04

You're right euclid5.

Thing is they can do the 2d in a month and be ready to drill in 2 months as well as having a CPR in the 2 month time frame.

[nlmbidc] 14/9/2018 15:02

I topped up this morning

[euclid5] 14/9/2018 14:58

Don't they have to carry out 2D siesmic in Tunisai first then a exploration drill after that. Can we expect a CPR on theis asset, guess not until they complete & interpret the siesmic

[soulsauce] 14/9/2018 14:56

Yes stark I am happy to sit patient but the constant selling has been an annoyance. Who is it and why not notifications.

[stark industries] 14/9/2018 14:44

Just don't get the selling hereWho is selling these daily...?Been like this for months Crazy imo

[scotty666] 14/9/2018 14:42

Interest waning now and some short termers bailing, should see the share price pop north soon then :)

[nlmbidc] 14/9/2018 14:34

And Tunisia could end up being the bigger asset.

[dandadandan] 14/9/2018 14:15

Stick with it.
In my books Tunisia news will be first, then WICK.

Sit tight.

GLA.

[michaelwhight] 14/9/2018 13:47

Pressure ramping up in the region. https://www.freemalaysiatoday.com/category/nation/2018/09/10/sabah-to-emulate-sarawak-in-controlling-oil-and-gas-laws/

[nlmbidc] 14/9/2018 12:10

Very quiet here today on a trading day.

No doubt we will have the usual clamour of posters at the week_end when there is no possibility of buying or Selling.

Now where's that blurry filter button so that I can enjoy the week-end...