Upland Resources Share Discussion Threads

[tyler90] 13/4/2018 09:41

"Upland and Brooke have already been working together for some time and are well-advanced in their assessment of a number of upstream oil & gas opportunities."Plus North Africa news still to come.It is all coming together. Don't wish it but looks like the situation in the ME is about to get worse and that will undoubtedly lead to a spike in the price of oil.

[cudmore] 13/4/2018 09:39

Huge RNS....these will take off any second!!

[soulsauce] 13/4/2018 09:34

WOW!! SS pulled it off again. Topped up.

[croasdalelfc] 13/4/2018 09:34

Upland and Brooke have already been working together for some time and are well-advanced in their assessment of a number of upstream oil & gas opportunities

[druidinvestor] 13/4/2018 09:30

Superb news. I particularly like:"Brooke is a government statutory body, wholly-owned by the State Government of Sarawak and based in Kuching. It was founded in 1912 and is currently, with the exception of Petros, the State of Sarawak's only entity involved in the upstream oil & gas industry."

[scotty666] 13/4/2018 09:28

13(th) April 2018

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Sarawak Memorandum of Understanding

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with Brooke Dockyard and Engineering Works Corporation ("Brooke"), a Sarawak State entity, to jointly assess, explore for and develop hydrocarbon assets within the State of Sarawak, Malaysia.

This MOU with Brooke represents a unique arrangement within the Sarawak upstream oil & gas industry, being the first such public/private collaboration with a Sarawakian entity. It also comes at a time of considerable change and opportunity in the Malaysian oil sector. This joint venture follows meetings with, and is at the behest of, the Chief Minister and State Secretary of Sarawak and so enjoys the full backing of the State of Sarawak.

The skills and experience of Upland and Brooke are well-matched; Upland bringing international experience and technical expertise whilst Brooke provides excellent local contacts and experience in both the oil & gas industry and in wider Sarawakian society.

Upland and Brooke have already been working together for some time and are well-advanced in their assessment of a number of upstream oil & gas opportunities.

[scotty666] 13/4/2018 09:27

Nice bit of news just popped up !

[yogaboy] 10/4/2018 15:19

Oh hello what's all this then?

[soulsauce] 10/4/2018 13:36

Well somethings got it all hot under the collar :-)

[kemche] 10/4/2018 13:23

Let's hope soul.

[soulsauce] 10/4/2018 12:33

Good to see this strengthening again. Hopefully news not far off.

[druidinvestor] 08/4/2018 20:37

Cheers, just edited those. Yes some news would be good.

[soulsauce] 08/4/2018 20:17

Good work druidinvestor.

If you change the tt in http to capitals TT the links will work.

Be nice to get an update this week.

[druidinvestor] 08/4/2018 19:45

Sarawak getting tough with Petronas

[druidinvestor] 08/4/2018 19:37

Bit more info on the Hibiscus PSC

[soulsauce] 06/4/2018 10:51

Yes big bed & ISAs.

Cheers Euclid and Zengas.
Lets hope for something soon, the 'updating shareholders in the coming weeks' comment of February and the comments made in the podcast of 31/1 are starting to wear a bit thin bearing in mind how long this deal (or these deals) have already been in the process.

However everything comes to he who waits :-/

[sull75] 06/4/2018 10:38

euclid5 Those sells you see today are bed and isa's so all good.

[euclid5] 06/4/2018 10:35

Good post Zengas,

Hopefully UPL bags a good contract on a producing / appraisal field, but slightly smaller. Seems there are the fields out there rto be had.

[euclid5] 06/4/2018 10:34

shame since 03/04/2018, nearly 5m sells gone through - could be to do with closing out to YE tax period

Even today nearly 2m sells gone through

[zengas] 05/4/2018 09:30

Really good find Euclid, surprised not more comment on it at this time given the recent announcement on the loan facility.

UPL - Presentation -
Relationships with Petronas & in Sarawak.
Unique access to opportunities.
Discussions well advanced.

-----------------------

Hibiscus have a m/cap of $350m (£250m)+.
No debt, Cash $2.5m.
29.2 existing mmbo 2P and 3500 boe/d production.

Completed the North Sabah acquisition from Shell (Sabah being the neighbouring Malaysian state to Sarawak) which is 50% of 4 producing offshore fields with 14,600 bopd gross so 7,300 bopd net and a net 20.5 mmbls P2 and 38 mmbls net 2C.

Opex appears $14/b and total cost is $25m payable as -
$2.5m at signing date.
$12.5m at completion date 4th April 2018.
$5m 12 months later.
$5m 2 yrs later.

So effectively being able to get their hands on a net 20.5 mmbo and almost 7500 bopd for an upfront $15m and likely the balance will be paid for from production.
This deal was with Shell and approved by Petronas.

Bottom line and given our funding, could we get something transformational on a smaller scale ?

Back to our presentation, i know some of the board were pictured with Sarawak ministers, but worth bearing in mind that Sarawak may not be the only Malaysian option. It sates relationships with both Petronas (which could be other than Sarawak) and in Sarawak.

Imo i beleive the $5m convertible loan facility just recently being made available could be the fore bearer for a deal. "Over the coming weeks ...." and in relation to a deal - "Discussions well adavnced" - hence posibly the loan funding being made available recently ?
"This will be a useful facility over the coming weeks and months as the Company expects to become increasingly active....."

With £3m cash and £3.5m loan facility from Tune, The Chairman and our other Ins/investor Optiva that comes to $9m available. With Wick in later Q3 could we possibly have an asset with production/reserves that might part or fully finance the Wick drill which is just $3.1m exposure on a dry hole basis ?

[euclid5] 04/4/2018 21:38

Anyone come across Hibiscus Petroleum before, news from Polo Resources today

Malaysia's 1st O&G co

Some interesting assets they own

Pg 23 to 26 has details on the Malaysian asset - North Sabah EOR PSC

hxxp://docs.wixstatic.com/ugd/6a7e03_e9d46d1254b143dfbedd6df97ca609bf.pdf

[soulsauce] 04/4/2018 16:20

Good question caters. One thing I think we all agree on is that Tune did not invest for Wick, too much of a gamble. They will be interested in something that is going to significantly lift the value of this company without relying on a drill bit hitting pay dirt.

As druidinvestor says all this upheaval in Sarawak is probably going to create opportunities and may be we are in on the ground floor with our excellent contacts.

The Vox podcast on 31/1 with SS seemed to suggest something was nearly over the line and they would be updating shareholders in the coming weeks, yet over two months later we are none the wiser with the exception of supposition as to what may be happening and news cuttings suggesting things are still up in the air in Sarawak.

Me thinks an update from the company would not go amiss.

[druidinvestor] 04/4/2018 15:43

My opinion would be that they are most likely investing because of the issue. Legislative changes create opportunities. In this case a huge one.

[caters] 04/4/2018 14:44

So why would the Tune boys invest heavily if there is still a big issue of authority in Sarawak? Perhaps the target isn't in Sarawak?