Upland Resources Share Discussion Threads

[tyler90] 12/2/2018 15:26

Soulsauce, good price on the offer. Folk can see a bargain when one turns up.

[soulsauce] 12/2/2018 15:23

Good volume today ;-)

[soulsauce] 12/2/2018 13:24

Cheers cash. Begs the question though why Corallian would farm down 40% to Upl and then look to buy back a 15% stake to take them back to 40% unless they think they can get that 15% on the cheap or now that Upl has reappraised the seismic they realise that it is better than first thought.

[cashandcard] 12/2/2018 13:16

As I understand it, corfe hold the balance between Corallian & UPL. I'm unaware of any other partners in that license.Cash

[soulsauce] 12/2/2018 12:11

No that's not right if we have 40% and Corallian currently have 25%?

[croasdalelfc] 12/2/2018 11:44

Corfe has 40% afaik

[jungmana] 12/2/2018 11:16

Not sure exactly how much interest Corfe have in Wick but looks like they will be selling to Corralian

[soulsauce] 12/2/2018 10:56

How much have Corfe got?

Still it is a great vote of confidence in the UPL guys reading of the seismic that they now want up their holding.

[jungmana] 12/2/2018 10:50

Corfe energy is best guess?

[soulsauce] 12/2/2018 10:14

Question:

Why would Corallian give away 40% of Wick to Upland and then now look to increase back to 40% from 25%. Is that because they now have more confidence since the guys Upland processed the seismic?

And who are they going to get 15% from?

[soulsauce] 12/2/2018 10:06

From RBD this morning:-

On 1 November 2017, Reabold announced the signing of two share subscription agreements ("the investment") in Corallian, whose portfolio of UK oil and gas licenses includes the Colter prospect, offshore South of England. The investment, the first in line with Reabold's stated strategy, resulted in the prospect becoming fully-funded at a 40% planned Corallian working interest, and comprised GBP1.5 million in two tranches to acquire a 35.4 percent interest in Corallian, and also included the right to appoint a director to the board.

Since Reabold's investment, we are delighted that significant progress has been achieved within the Corallian portfolio, including the farm out of Colter to United Oil & Gas, and the farm out of its Wick prospect to Upland Resources and Corfe Energy for a fully carried well at 25% working interest.

Corallian has informed the Company of its intention to raise additional capital ("the fundraise") in order to increase its exposure to the Colter prospect from 40% to 50%, to increase its exposure to the Wick prospect from 25% to 40%, and to further progress additional assets including the Oulton prospect. Following the fundraise Corallian will be fully funded for all of this activity.

It is Reabold's intention to participate in the fundraise in order to increase its exposure to Corallian, and thus to Colter, Wick and the additional Corallian opportunities.

Reabold is fully funded from its existing cash balances to participate in this raise as planned, and will continue to have cash on its balance sheet to pursue additional exciting opportunities.

Reabold is pleased to announce that the drilling of Colter remains on track for the first half of 2018. The Company also notes the release on 2 February 2018 by Upland Resources PLC, Operator of the Wick prospect offshore North-East Scotland in which it has a 40% interest, that environmental survey work has been completed. The low-cost, potentially high-impact well is due to spud in Q3 2018 and Reabold looks forward to updating shareholders of subsequent developments on these high-impact wells.

[soulsauce] 11/2/2018 13:17

Divmad the 250m is oil in place, 23m would be net to Upl remembering that current techniques would probably only allow a third of that oil in place to be produced.

But 23m barrels would have a very significant value to Upl.

Think I have that right. Spangle and Zengas will have more idea.

[divmad] 11/2/2018 12:36

Quite a spread between 23mn and 250mnbls. I wonder which end will be the more accurate?

[soulsauce] 11/2/2018 11:53

Yes may be tyler as the completion day was Friday. Hopefully the final piece of the jigsaw ahead of getting more assets.

Think it has consolidated enough given the investment but who knows a drop back to 1.5p might be possible depending on how long more news is coming through. Keeping some powder dry just in case.

[tyler90] 09/2/2018 22:14

I assume TF paid for his shares today!I would expect a listing RNS next week.

[euclid5] 06/2/2018 16:33

That's the info they have from the well data from Corallian Energy

[soulsauce] 06/2/2018 16:26

Exactly ;-)

[spangle93] 06/2/2018 16:18

Certainly don't think Tune Assets piled in for 40% of 23 MMbbl prospective resources with a 36% chance of success...

[soulsauce] 06/2/2018 15:54

Cheers euclid

[euclid5] 06/2/2018 15:44

below taken from a broker note for RBD

Licence P2235
Wick prospect

We have also included some value for the Wick prospect in our Corallian RENAV. Wick
is a near-shore shallow water oil prospect in the North Sea. It’s a fault bounded trap with proven Jurassic sandstone reservoirs, which lies immediately up-dip of the spill point of the Lybster oil field, and only 2km from land. The licence benefits from an extensive 3D data set.

On the 30th November, Corallian farmed down to Upland Resources and Corfe Energy,
to a 25% stake in exchange for a full carry on an exploration well. The Wick well is
currently estimated to have a dry hole cost of about £4.2m.

Upland estimates the Wick prospect could hold in place P50 resources of c250mmbls.
Data from Corallian suggests the Wick prospect has c23mmbbls of gross mean
prospective resources, with a chance of success of c36%.

[euclid5] 06/2/2018 15:11

Has anyone seen a CPR report for the Wick prospect?

[tyler90] 06/2/2018 11:41

Thanks all :-)Exciting few months ahead for UPL

[soulsauce] 06/2/2018 10:51

Thanks Spangle and Zengas for putting more meat on the bones. Of course much of the money to be made by us shareholders would be on a find, although I think this will be nearer 4-5p ahead of drilling and that is without Malaysia or anything else.

Best not to be fully invested when the drill bit hits but be prepared to pile in for a week or two if we hit the pay dirt.

[spangle93] 06/2/2018 10:40

Water depth is only 35m souls, so it would be a struggle to get an FPSO over subsea trees. A small fixed platform is a likely option based on Water depth alone, but how extensive is the field, and as it's a shallow reservoir, could all the wells be drilled from one site? So then you start playing with platform numbers and locations.

Then there's the delight of how to get the oil to a market. Tie in to the Beatrice export line to Nigg would be a candidate, but it depends on its condition, bearing in mind Beatrice partners have applied for decommissioning. Could they tie back to a new onshore separation plant? It would be cheaper to do a subsea development to shore (35m is just enough depth for subsea trees), but think of all those folks like fishermen and folks living near Brora who wouldn't want that.

So, let's hope for success with the drillbit, but even if that were the case there would be lots to consider before anyone cut any steel - your 2-3 years I think will prove optimistic but it's the right sort of magntiude. [20-30 years if it were Italy ;-)]

As Jungmana reminds us, Cove grew exponentially, but sold long before a cubic foot of gas was produced

edit - Zengas, touche ;-)

[zengas] 06/2/2018 10:39

tyler

they don't necessarily need to be producing oil, finding it would be enough and even farming it out or selling up. Cove never produced one barrel and they were involved in 8 successful wells before the first one was every flow tested.