Upland Resources Share Discussion Threads

[tyler90] 25/1/2018 21:14

Seems like a 'pump & dump' with all the sells today. Price was talked up over the last few days and when it starts to reach near the top of the historical range, the sells come in for a quick profit.

[argyle underclap] 24/1/2018 22:20

Ha!

The very high volume today - and resultant share price rise - comfirms a sudden positive interest here.

I do think those AGM slides are just now beginning to hit home. They state: "Strong, positive near-term news flow potential".

Peeps taking seats comes to mind.

Additional: we are near the top of a historical trading range, so let's see. But it Does feel quite different this time.

[soulsauce] 24/1/2018 21:55

Totally agree Argyle. No guarantees as you say but the clues are there to paraphrase a well known TV programme ;-)

[argyle underclap] 24/1/2018 21:18

Soulsauce

Hi.

The CEO Steve Staley defo leads the pack. But what a pack to lead!

You mention Cove while Steve was there and that went from $3M to $1.9B (Billion). Wow. Unreal. Congrats to you and the holders here who had that!

The due diligence here taken over many months/year clearly tells they are only interested in the cream. They are aiming big. Cove Mark 2 would be nice ha.

the self stated intent from Steve is to make shareholders rich (Steve said those exact words in an interview re UPL - was on voxmarkets audio I think

The market cap here is tiny. With £2M+ cash, no debt.

As ever no guarantees but the body language of the management and the skin they have In The game (38%) suggests they are backing themselves to do it big time

[soulsauce] 24/1/2018 20:08

Argyle I think us ex Cove winners are very much here for Steve Staley and hoping he can turn that trick again.

I would expect they will go for both and farm down to be mostly carried.

Massive potential here if they can land another asset but as you say Wick in itself could be transformational for this small cap.

[argyle underclap] 24/1/2018 18:54

double post

[argyle underclap] 24/1/2018 18:54

Those AGM slides from Dec are a must view. (The link is on this BB a page back)

A great spot, thanks.

I'm suprised this BB and others isn't buzzing with it.

Wick alone (some bread and butter) could be transformational in itself. (Their words)

Then there's the big prospects. The big prospects UPL have taken so much care and attention in identifying. Firstly the 1tcf prospect in Africa, AND in Malaysia their: "excellent local contacts gives them unique access to opportunities" (their words). discussions WELL advanced (as at Dec17)

I wonder if UPL will target both The biggies in Africa AND Malaysia? Or just cherry pick the best 1?

The directors hold 38%

It's easy to see why.

Any newbies check out the director backgrounds. And you'll see another reason why a few of us are getting quite excited indeed.

Dec quote from the company: Strong positive near term news flow potential.

Sounds like a heads up to me.

GL

[spangle93] 24/1/2018 16:33

Goodness yes, good spot Jaba, biggest for several months.
Let's hope for good news tomorrow

[thejaba] 24/1/2018 16:14

Big volume day here today

[soulsauce] 24/1/2018 13:54

Thanks very much Zengas will check it out ;-)

[zengas] 24/1/2018 13:52

Soul/Jaba, talking of how much money, off topic but might be one to watch in the months ahead re John Craven and Tom O'Gorman ex Cove Energy in this current environment. Little life on the WTE thread last time I looked.

Tom O'Gorman made millions at Cove. He was one of those that got John Craven to invest and join Cove in 2009. Keep an eye on what they are now doing in refocused Westmount Energy (WTE) at £3m m/cap. Looking for a major deal I believe and WTE have a chunk of Eco.

O'Gorman 11.38%, Craven 9.79% (Total directors circa 46% and Marlborough Micro Cap 14.68%)











"Evaluation of Exploration & Production opportunities with potential for a substantial transaction continue"

[thejaba] 24/1/2018 13:18

Zengas true,

yes I think 10-20x is what I'm here for and been accumulating slowly over the last 8 months.

Anyone with a fairly sizeable holding will do well when the herd arrive.

[zengas] 24/1/2018 12:45

Depends what you invest Jaba, but from these levels 10-20+ possibilities is what I came here for.

£5.7m m/cap now with £2m cash. £200m+ is my belief if Wick were successful. Use a m/cap of £10-£20m+ with possible other similar assets/funding against that. If there are 1-2 other assets of similar potential in the stable, there's every possibility that UPL could yield 10+ here.

I think when the press and tip sites start to look at the assets as they get nearer and with Steves reputation for bringing Tendrara to Fastnet ,eventually going to Sound that yielded a £1b valuation there at one point plus being involved with the Cove success story this will gain future momentum with patience. If the directors maintain their significant holdings the free float might be fairly tight also and all adds up imo for investor interest.

[thejaba] 24/1/2018 12:12

Whats a lot of money Zengas?

[soulsauce] 24/1/2018 12:09

Indeed Zengas

[zengas] 24/1/2018 12:05

If Steve steers this right we could make a lot of money.

If we were to get into even a small producing or near term producing asset in either of those regions it could provide end of year cash for Wick.

The mention in the presentation of the 1 Tcf gas permit shows the scale of what they are chasing.

[soulsauce] 24/1/2018 11:51

Even with a worst case scenario of a billion shares in issue the potential is still very compelling on Wick alone.

However I doubt the mgt will dilute that much here and there will be more good assets coming.

I wonder now with the Corollian contact if they might try and sneak a small percentage of the prospect adjacent to wytch farm?

[zengas] 24/1/2018 11:28

Just to refer back to what i said about the 250 mmbl in place Wick prospect.
30% recovery and 40% interest means a target of some 30 mmbls net.
I said it could be worth around £200m to UPL.

Without giving a price target, do the maths on shares in issue, plus likely future shares for these upcoming acquisitions (not forgetting the value potential from those when they arrive) and you can see why this could be many multiples of where it is now on a success case. No wonder the directors hold such a massive amount.

I'm a holder in i3energy and this is an excellent example to correlate the Wick value success case (described as relatively low risk) from I3e in their recent presentation.

I3e have a pre production valuation for the 11 mmbs at Liberator of $93m and with a 2nd field of 22 mmbls = total 33 mmbls and a total value of $279m (ie £199m at £1/$1.40 exchange rate) ie $8.45/boe.

They then expect a further valuation uplift when production starts later in the year to $557m (£397m).

Page 7 for reference

[soulsauce] 24/1/2018 09:57

Going well again today after the agm presentation was put on the web site. Lots to be excited about here in the coming months.

[zengas] 23/1/2018 18:21

M/cap is £5m and have £2m cash in presentation plus £130k due back from Egdon.

I could easily live with it if they double the m/cap to £10m+ here with a bigger cash pile say £7m and a possible asset farm in producing/near term production ?

There could still be a lot of possible upside in Hardstoft beyond the Optiva valuation if they can forge through any planning issues but given the Wressle issues best not to get too excited about progress.

At 40% interest in Wick that needs circa £2.3m of dry hole drilling funds, there might be a possibility that this could all come from a possible producing asset acquisition before then or in part ?

Either way it's not major down the road funding at that time. It's a 30 mmbo net recoverable prospect so still worth a lot of money if it came in - maybe >£200m and would be then debt finance capable/farmout contender even if UPL had a £10-£20m m/cap. They reckon there will be other prospects on the licence so if initially a success there could be more future potential beyond Wick.

[spangle93] 23/1/2018 17:37

Thanks Zengas, very interesting

thejaba - tough to take on debt when there's no revenue to service the loan repayments. And also tough to do reserves-based lending without reserves! Wressle would have provided production revenue and reserves, but Hardstoft is contingent/prospective resources. So it looks like equity or farmout

The wells in 11/24 so far have taken more than a month to drill, and reached about 6,300-6,700ft depth. Wick is updip, so maybe a bit shallower and quicker? Cheapest jack-up contract in North Sea just now is ca. $125k/day, so that's $3.75MM if 30 days. Services are ball park the same as rig, then there's the tangibles. They say £4.2MM estimated cost, sounds an optimistic rather than pessimistic estimate unless they can get it down to under 20 days including data gathering. Also that's dry hole - assuming the success case, it would then be tested (though we'd probably not care about extra cost if that were the case ;-)

I think we'd have to farm-out to preserve shareholder value, unless an event like a very positive CPR, or some other transaction such as has been discussed could raise the shareprice significantly beforehand and avoid dilution.

[soulsauce] 23/1/2018 16:52

Cheers Zengas, very interesting.

[zengas] 23/1/2018 16:41

Soul yes I did very well out of Cove myself.

Steve owns Derwent Resources Limited a private company and notably had a 6.875% interest in the Ksar Hadada permit Tunisia so knows his way around there. There was a further minority partner but not sure if they still have that. Echo Energy (James Parsons) acquired the bulk of this when they took over IRG. Permit history had Oil and gas and failed to flow but the tests were not conducted for more than 30mins for whatever equipment reasons. The short tests were considered inadequate to let the wells clean up. Echo Energy under JP are focussed on Latin America and had Ksar Hadada up for farmout and I just wonder if this asset could be on the cards or what the status of it is. It was Steve who landed the Tendrara permit for Fastnet that then went to Sound. The 2014/15 period basically crippled IRG before Echo was formed that now have a Latin America focus. If he had KH before and it was not progressed could he be chasing it again for a bigger interest ?

[soulsauce] 23/1/2018 15:54

Zengas I did very well at Cove and I think Steve has a better than average chance of delivering again here and I am happy to be here.

thejaba I reckon we will see a combination of equity, debt and farm ins