Upland Resources Share Discussion Threads

[pembury] 26/9/2018 09:30

boil has fallen from 0.7p in recent weeks?
they are lagging well behind this in terms of share price performance. they have wick & colter drills this year full funded.

[2prsimo] 26/9/2018 09:27

Some nice buying in the last half-hour

[nlmbidc] 26/9/2018 09:10

Panic as much as you want to. Sell sell sell.

I want some more at the lowest price I can get them

Roll on 3P

[michaelwhight] 26/9/2018 08:46

I think there's a bit of unnecessary panic set in here. Sp steady at BOIL

[spangle93] 26/9/2018 08:14

Yogaboy ;-) but have you been there?

To capture trade from folks escaping the region is the reason Humberside airport was built where it is - it's one of the few airports in the world where more people leave than arrive.

[nlmbidc] 26/9/2018 07:56

And RNScs cost money so before issuing one you need to justify it.

[yogaboy] 26/9/2018 07:48

Bit harsh on Grimsby, Spangle ;)

[doughty] 26/9/2018 06:24

Morning !...not frustrated at all...happy to be part of the story...am v excited for it all to unfold and I add when I can...am happy to let the RNSs and the action in the field do the talking...that is ultimately what will count...Wick...Tunisia...Sarawak...in that order :-)

[spangle93] 26/9/2018 00:02

Doughty, ref 5320

I can understand your frustration, cos I'd like to know what's going on too - Sarawak especially - but I don't think you're being fair on the company in respect of retail investors and PR.

If there's no material news to report, then the company has no need to tell the market anything.

The pace, and release, of Wick news, as Souls said, is orchestrated by Corallian. Moreover, SS has done vox markets interviews for retail investors when there has been something to say, and has responded to emails on the couple of occasions when I've sent them.

It seems like the best path - somwhere between companies that stick out a new presentation every month with 2 words changed, or who have Malcy round to tell him that they've had a nosebleed, and other companies (e.g CASP, CAD) that only update that market when they can't avoid it.


Hulltiger,
Ref your outrage in 5309 that a well can't start cos there's no rig. [You could have added "I don't believe it!" as per One Foot in the Grave]. The Wick water depth is shallow, around 60m, the target depth of the well is very shallow compared to the region at 1200m. So it can be drilled with a low spec jack-up rig.

Jack-up rigs (the clue is in the name!) sail up to the well location, then jack down their (usually 3) legs to the sea floor to stabilise themselves, and then off we go.

So, 2 things
1. The firmness and nature of the sea floor dictates the mating of the legs with the sea bed. If it's firm, then you might get away with just akin to a coaster from your holidays under a table leg. If it's soft, then you don't want to sink in the mud (cf half of Lincolnshire when the tide is out), and you'll need spud cans or mats to spread the load. So, AFAIUI, they'd need the results of the soil survey that's just taken place before they can specify the requirements of the rig in respect of the sea bed interface (and then update the environmental application accordingly).

2. The rig is the single largest cost element of a well, and is paid for on a daily basis. There are 5 low spec jack ups operating in the North Sea arena right now, vs 30+ high spec rigs. The average high spec rig is on a day rate that's 2.5x higher than the low spec. Same as car rental - if you want to rent a top of the range Merc from Avis to get you from Grimsby to Mablethorpe (is the model railway still there?), you can do it, but you'd pay more than for a Fiat Panda which is equally capable of doing the job. If Avis only has Merc's available, then you either pay more or wait for someone to bring back a Fiat Panda. Just cos a customer like Petrofac says they'll bring it back in time for it to be ready by 10am doesn't mean that they will

Frankly, paying any amount to get our of Grimsby is probably a bargain, but I'm sure for Wick, partners will be waiting for a rig that comes at an acceptable price.

Finally, Corallian is also planning to drill Colter after Wick. Totally without evidence for saying it, but in a scenario where Colter isn't ready to spud by the time the rig reaches it from Wick, Corallian wouldn't rent the rig for Wick, cos Colter partners wouldn't want to be paying dayrate for a rig that's parked for a while after completing its work in Caithness.

[nlmbidc] 25/9/2018 21:13

Do you believe in the story and the board Doughty?

[doughty] 25/9/2018 20:56

The company is being run for the company and the cornerstone investors...with...rightly or wrongly...little regard for retail investors...the current share price or PR !...they know where they want to go and are concentrating on that...you either believe in the story and the BoD or you dont...for them its not about the NOW...the busy period will still be busy !...Q4 should be very informative in many ways

[doughty] 25/9/2018 20:41

How can UPL update you if Corallian dont update them ?...we are NOT the operator...Ensco 72 is about to move...Multratugs 14 and 20 have just left Antwerp en route to the rig...ETA 6am...will two Antwerp harbour tugs take her as far as Wick ?...who knows but the 72 could be coming off station from Petrofac and there could be a handover somewhere ?...all will be revealed very soon !

[walter walcarpets] 25/9/2018 20:23

Didn't some investor (can't remember his name) say "The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient."

[duplicate book] 25/9/2018 19:31

Chart is looking sickly now too after the recent new highs. This needs to bounce sometime soon or we could be heading for the high 2p region once more!

[nlmbidc] 25/9/2018 19:28

I"m sticking with early November for wick, but I would prefer Shares88 to be right.

As for Sarawak I would be pleasantly surprised if its this year.

Tunisia news should come soon.

.....

[shares188] 25/9/2018 18:42

I'm sticking with Early October,
Shoot me down to your hearts content!!

[soulsauce] 25/9/2018 18:30

Yes moormoney those of us who have been here long enough know there are often big gaps between news. I do feel however too long has passed without anything being said on sarawak.

[moormoney] 25/9/2018 18:26

Well said s. It does seem some on here have swung from upbeat to very gloomy all because we’ve had no update.

[soulsauce] 25/9/2018 18:23

2prismo you do realise that Upl are not operator of Wick don't you and thus have no control over what and when anything is said about the project.

That said I do have some sympathy with posts about lack of news and believe an update should be given pretty soon.

[2prsimo] 25/9/2018 18:02

I did warn folks a few months back that newsflow from these guys was excruciatingly slow - I think we have to be looking at a mid-November spud for Wick now - maybe a touch later - pretty poor when it's all said and done.

[hulltiger] 25/9/2018 17:56

I was in business for many years and I fully understand that problems do arise from time to time. However as an investor, I expect to be kept up to date.Truly, I never imagined that the delay was due to not having a rig, that is shocking.

[trulyscrumptious] 25/9/2018 17:42

If the company had any idea which rig was going to be used and when, I am sure they would have let us know so it seems this is a case of the left hand has no idea what the right hand is doing. Shares188 was super positive but it slowly vanished as deathly silence prevails from the company.
The silence infers that a rig contract has not even been signed. It could be a month or three yet before drilling gets underway but I think it will happen this year.

[yogaboy] 25/9/2018 17:10

I feel your pain HT, but... Wick ;)

[hulltiger] 25/9/2018 16:46

I feel like the proverbial...Mushroom... with this one. Shares 188 got some stick on here for his comments but a lot of what he said has come true. As we all know the market hates uncertainty and delays and i would have thought with our talented BOD they could have allayed some of those fears.