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Share Name Share Symbol Market Type Share ISIN Share Description
Upland Resource LSE:UPL London Ordinary Share VGG7552A1075 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 1.95p 3,085,612 09:12:46
Bid Price Offer Price High Price Low Price Open Price
1.90p 2.00p 2.00p 1.95p 1.95p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -0.94 -0.20 11.5

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Date Time Title Posts
21/1/201923:52Upland Resources 7,365
05/11/201811:11UPL & BOIL, Wick and Sarawak Twins?3
13/6/201807:50Where's that admission doc and CPR?-
22/11/201218:06Upper limits for share prices6

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Upland Resource (UPL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-01-21 15:32:551.9225,083480.87O
2019-01-21 15:07:021.94721,53514,004.99O
2019-01-21 13:49:091.9830,000592.50O
2019-01-21 13:23:281.98100,7831,995.00O
2019-01-21 13:20:431.96100,0001,960.00O
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Upland Resource (UPL) Top Chat Posts

Upland Resource Daily Update: Upland Resource is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker UPL. The last closing price for Upland Resource was 1.95p.
Upland Resource has a 4 week average price of 1.50p and a 12 week average price of 1.50p.
The 1 year high share price is 4.75p while the 1 year low share price is currently 1.35p.
There are currently 592,012,060 shares in issue and the average daily traded volume is 10,050,847 shares. The market capitalisation of Upland Resource is £11,544,235.17.
tyler90: Thank you and more than anything that is what I find really annoying and unforgivable from this episode.Jeremy must have known that it was a duster and to proceed with issuing the note means the broker has to be replaced since the trust has been severely damaged with LTH'sI can see that Optiva tried to prop up the share price but the timing of it means why would anybody believe their valuations of Saouf even though I know they are correct leaving the stock undervalued and so they are now IMO a liability to Upland.
zengas: 3 UK assets in the last two and a half years that didn't come in or even get off the ground and the share price suffered heavily regardless of country risk profile. Unfortunately it has used up or tied up some of its earlier funding in the process. Who really says investing in perceived well run UK listed companies with production, reserves and top notch exploration in places such as Africa/rest of the world is any more riskier than where we've been with the likes of UPL in UK assets this far ?
nlmbidc: Tyler90. No they would not do that. Their motivation is building the company, not supporting the share price. Of course building the company would automatically support the share price....
cashandcard: "We have calculated that on the basis of the lower in place resources estimate, a recovery factor of 30% and an estimated NPV per barrel of recoverable oil of $14.79, Wick could be worth $485.9m net to Upland on an unrisked basis. This is equivalent to 72p per share on a fully diluted basis, a huge uplift on the current share price in the event of a successful exploration well. For the purposes of our fully risked valuation, we have ascribed a considerably more conservative discovery to the Wick exploration well amounting to gross recoverable reserves of 23.4 mmbbls. To this we have applied the economics of a relatively low cost field development which should avoid most UK onshore planning delays. This consists of two production wells and a water injection well which could be drilled from onshore or offshore locations. After the application of a 40% chance of success, we have calculated a risked valuation of $56.2m to Upland’s 40% interest, equivalent to 8.4p on a fully diluted basis. This pre-drill valuation estimate forms part of our fully risked aggregate valuation of the company seen on the next page" hTtp:// Cash
throwingmuses: Stunning risk reward here at these prices. Without the general market slump I suspect we'd be nudging 4p already, but surely we'll be much closer to 30 mil mcap than 20 when drilling gets underway, after that depends how many hop on for the thrill of the ride. In my view Sarawak will be responsible for steady incremental growth that'll seem stunning when we look back on it in a couple of years, no reason why the tentacles can't be spread quickly when things get underway there. As long as we get the funding right, which I have full confidence in as current facilities excellent and management know how do this to both their and other shareholders advantage. Massive skin in the game as we know. 2000% in 3 years from 20 mil start I think! Tunisia could be anything, smaller than Wick, bigger than Sarawak, or way bigger than Sarawak, very much the exciting project to follow on from Wick. Always reassured by Steve's knowledge of the area and track record. Big find and farm out offering from our first class team with first class contacts, another 3000%?? Then there's the immediate Wick, a lot of great info from posters here and elsewhere, seems to me like a 35 to 40% fall on failure, and a 350 to 400% jump on success. That, and the rest, and whatever else our expert team have their eyes on, leads me to believe we're very much undervalued. The figures may be fanciful, but I bet we're much closer to that, than we will be to 20 million in 2 or 3 years time. We're only just starting to grow, and I get the feeling once things get moving we're going to accelerate away, too many drivers at play here, too much personal wealth in play, too much motivation to succeed, coupled with ability, experience, and heavy hitting contacts. Seems to me a heady mix, an alchemy that sets us up for some explosive share price growth! Maybe not tomorrow, maybe not next week, but in its own good time. A natural growing machine in the infancy of life.
throwingmuses: Enjoyed reading through the posts today, agree with argyle, but yeah some meat on the bones would be nice soul! So much real potential shining through across the board here, and when a little more light gets cast on our various interests I think the potential growth lying ahead for this company will become all the more obvious, and should be reflected in the share price. Always a great comfort to know how much skin in the game the BOD have, and even more the influential Malaysian's who are surely invested heavily on the back of our involvement in Sarawak, and who's knowledge may be of great assistance in the future. Great comfort to know we'll grow in a way that protects shareholder value, that's the stated priority of the company, to grow the share price. Seems obvious, but some are happy to dilute and issue more and more shares, maybe growing the mcap with a static share price, that will not do here! The BOD aren't going to damage themselves, or damage shareholders who get in early, I believe our growth will always be managed in a way to protect shareholders. We have been told this as clear as day, and when I'm told this by someone of the calibre and experience of SS i tend to believe it. Management's interests are very much aligned with ours here, much more than most companies, but much more than that, management have a proven track record, not only in the oil and gas industry, but in growing tiny wee companies into great big massive billion pound companies! Good luck folks, if we need it!
throwingmuses: Sorry guys and gals, my fault for the 249k sell, had to cover for a T20. Did buy back moments later for 3.65 though, and would've bought more if they hadn't pushed the price up to 3.8! Had to register here to set your minds at ease, it's not 'a seller', certainly not a seller who knows any better than you, and to be fair I've done my bit to help the share price up by accumulating 8 million of these golden tickets!..over half my portfolio. I'll add more on any weakness, so you should know even sellers can be super positive. If even one our three interests were to take off, the way we're structured to raise money is just about the best it could be, for a variety of reasons, and it's typical of the attention to detail shown by the good Dr, full listing, calibre of board, investors with influence, the list goes on. All components in the share price appreciating machine that's being created here. Not just mcap growing, but crucially share price growing, that's the stated aim, and with massive skin in the game there won't be any lack of motivation
doughty: ... "it is the company's aim to reward the shareholders with share price appreciation" They have plenty of skin in the game and I am with them... "we have done it before and we will do it again with Upland" ...they are clearly out to build an empire where the reward is a high share price and then a take out...IMHO I am happy to leave them to it...but also am fascinated by the day to day ! The situation is too complex and has too many permutations to be second guessing a possible share price !
argyle underclap: Note well. From the 13 April 2018 RNS... “Upland Resources Limited 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. The Upland Board believes that considerable potential exists in Sarawak for further discoveries and for the reappraisal of existing fields.” UPL and Brooke are not looking for small potatoes. No new challenge as of writing has been made by Petronas. New licences to be dished out by Petros from 1st July 2018. So, anytime from next Monday. UPL and Brooke likely to be included. Capped at £18M, the impact on the UPL share price would likely be significant.
stark industries: hxxp:// ‘Wick could be a true game-changer for a firm of our size’: Upland Resources CEO Staley talks next stages in company’s global development (UPL) by ValueTheMarkets • May 3, 2018 Last November saw Upland Resources (LSE:UPL) enter phase two of its business plan with a 40pc farm-in to UK offshore permit P2235 including the Wick prospect, which is thought to hold hundreds of millions of barrels of oil. This marked the beginning of the oil and gas explorer’s move away from focusing solely on low-risk assets nearing production to also investing in higher-risk assets that could have company-changing potential. The market has so far responded well to this switch in approach. Since the Wick investment, Upland’s shares have nearly tripled in value to 3.3p thanks to a hefty £1m cornerstone investment and the announcement of major progress in the firm’s focus area of Malaysia. With a well planned at Wick and plenty of newsflow imminent, spoke to Upland’s CEO Steve Staley about the firm’s future and the importance of a diversified approach. Opportunities at home Wick is part of the UK Seaward Production Licence P2235, where Upland (subject to final Oil & Gas Authority approval) owns a 40pc stake and is partnered with operator Corallian Energy. Based offshore North-East Scotland, the total Wick structure is estimated to hold in-place P50 resources of around 250MMbbl. Upland also believes additional, attractive opportunities lie in the permit area. Although Wick is at the higher-risk end of Upland’s portfolio, it has already been de-risked somewhat by 3D-seismic and the presence of several nearby discoveries. Upland, Corallian and partners will drill a well at Wick in Q3 this year in 35m-deep water using a jack-up rig for a total estimated cost of around £4.2m. Upland’s share of the costs – which at 53pc come in at c.£2.2m – are fully-funded, and Staley believes a positive outcome could be genuinely game-changing: ‘Wick will be drilled in very shallow water, which is cheaper than drilling an offshore well in deep water and also avoids many of the onshore planning delays common to onshore UK wells. When you combine these low costs with the fact we could have a 40pc share of a very large resource, Wick could be a true game-changer for a firm of our size.’ Upland also owns a 25pc stake in licence PEDL 299 in the UK, which contains a low-risk, low-cost conventional field rejuvenation project called Hardstoft. Based in the East Midlands, Hardstoft was Britain’s first oil field and was last drilled in 1925. Oil production continued for several years from a simple vertical well. Ineos Upstream, which owns 50pc of PEDL 299 and is also its operator, will focus on unearthing the area’s unconventional potential. Meanwhile, Upland, Ineos and fellow 25pc stakeholder Europa Oil & Gas will all focus on realising conventional potential at Hardstoft missed by the earlier, less advanced, drilling techniques. The firms believe the bulk of Hardstoft’s hydrocarbons lie in semi-vertical limestone fractures that old wells were unlikely to uncover. It plans to access these by drilling a directional well once it has acquired the necessary seismic data. Hardstoft has a much smaller estimated resource than Wick at just 6.75MMbbl, made up of 3.1MMbbl contingent resource and 3.65MMbbl prospective. But it also much lower risk due to the earlier production from Hardstoft Oil Field- indeed, it has an 80pc chance of success for contingent resources and 64pc for prospective resources. Due to its low cost of development, the site is also expected to be value accretive at oil prices somewhat below $30/bbl. With a 25pc stake, the total resource net to Upland is an estimated 1.6875MMbbl. This figure is nothing earth-shattering, but Staley believes it could be enough to provide a decent low-risk revenue stream: ‘In general, whether or not we hold an asset until production depends on several factors. If we are lucky enough to make a huge discovery, then it is likely that the capital required to develop it would be well beyond our means, even with project financing, so we would probably sell this project on or at least sell a majority stake. With things like Hardstoft, which is onshore, not very big and cheap to develop, we would probably try and stay with it into production.’ Malaysian potential Last month saw Upland shoot up by more than 11pc after revealing a memorandum of understanding with a state entity called Brooke in Sarawak, one of the four states that make up Malaysia. The partnership – which is the first ever such public/private collaboration with a Sarawakian upstream oil & gas entity – will see the businesses jointly assess, explore for and develop hydrocarbon assets in Malaysia. Upland will offer international experience and technical expertise while Brooke will provide local contacts and knowledge in the oil and gas industry and Sarawakian society. Details on Upland’s progress in Malaysia had previously been thin on the ground. The firm had bolstered its weight in the country with the help of chairman Dato’ Norza Zakaria, political secretary to the Malaysian Minister of Finance from 2004 and 2008. It also brought on board Datuk Haji Bolhassan Bin Haji Di, an elected member of the Sarawak State Legislative Assembly from 1987 to 2011. But last month, Upland said it has been working with Brooke for some time and is well-advanced in its assessment of several upstream oil & gas opportunities. Importantly, the collaboration also comes at a time of political change for Sarawak. The region holds a more significant share of hydrocarbons than any other Malaysian state and has a longer history of oil production. It is looking for more autonomy in recognition of this. Staley said this political backdrop provided an excellent opportunity to team up with Brooke: ‘We are seeing some exciting technical opportunities arising out of the changes in Sarawak and our unique local position in the state, thanks to Brooke’s vast local knowledge. Overall, the beauty of Malaysia is that it is politically stable and there is a lot of oil. Our operations here are very much ongoing, and there is a lot of newsflow to come.’ Diverse approach Upland is also looking for opportunities in North Africa, focusing principally on Morocco and Tunisia. In February, it said it had made substantial progress in the assessment several low and higher risk discoveries and prospects, including a permit with estimated in-place resources of more than 1Tcf gas potential. Importantly, Upland’s North African focus means it will eventually split operations between three critical geographies with very different geological opportunities and political backdrops. From a risk perspective, by spreading itself in this way and focusing on both low and high-risk projects, Upland is partially mitigating any potential risks arising from an individual project or location. In the future, this approach could separate Upland from many fellow AIM resource plays that are severely hit by bad news because they pin all their hopes on just one project or region. Staley told us the company is in the process of creating an ‘optimum size of portfolio’: ‘We don’t want all of our eggs in one basket, but we can’t stretch ourselves over too many projects and geographies. It is nice to have a geographical spread to reduce the geopolitical risk, and three areas is probably about right in my experience. We are putting together an optimum-sized portfolio with a spread of risk across three main areas. We plan to have some assets that are relatively low-risk but offer less reward – like Hardstoft in the UK – alongside larger, potentially higher-risk sites – like Wick in the UK.’ Strong footing Upland also boasts a strong financial position to support its growth strategy. In its results for six months ended 31 December 2017, released in February, the firm reported no debt and cash burn of just £294,815 cash over six months – around £49,000 a month. On the cash side, near-term growth is fully-funded. In January, it received a £1m investment from Tune Assets, run by Tony Fernandes – the Malaysian businessman who bought AirAsia for less than £1 and turned into Asia’s largest low-cost airline. Upon its announcement, Upland’s share rose by 35pc. The cornerstone investment has been combined with the business’s £2m cash balance at the time to fund its obligations at Wick as well as contributing to existing assets, new ventures, and working capital. In the absence of any revenues, the fact that the majority of this cash already has an allocation means Upland is likely to need to raise money at some point to pursue its expansion plans. However, for the time being, it is worth noting that in March the company announced a £3.5m convertible loan facility, giving it the option to draw down sums at short notice to protect against cost over-runs at existing projects. This convertible loan is particularly interesting because of the “death spiral” reputation such facilities have. Convertible loans are often associated with poor share price performance, but in the case of Upland since the loan was announced the company’s shares are up 35%. The facility is provided by Tune Assets, Upland’s chairman Zakaria, and clients of its broker Optiva. It is unsecured, interest-free and can be paid back in any combination of cash and shares (these are locked in for six months), minimising shareholder dilution. To access the facility, Upland paid a £105,000 commission to the facility provider split between £64,000 in cash and £40,000 in shares. Staley told us: ‘The facility gives us a quick solution in the case of cost over-runs on the Wick well – which we do not expect… I was keen to avoid death spiral financing options, so we have established a facility with people who already have skin in the game and do not want our share price to go down.’ Talking of skin in the game, Upland’s directors own 38.3pc of its issued shares, aligning their interests with shareholders. A question of value Upland had net current assets of £2,134,302 at the end of 2017, as reported in its most recent results. With a current market cap of £14.2m, this means the market is giving its assets a future value of c.£12m. At current oil prices of $74.65/bbl, Upland’s 40pc share of Wick’s 250MMbbl estimated resource alone makes this figure look conservative. On the other hand, Upland’s netback per barrel at Wick are currently unknown, and there is always the risk that drilling will not even be successful. Regardless, investors are buying into a lot of potential at Upland’s current 3.3p share price if they take the firm at its word- it has promised to try and deliver a lot across Malaysia and North Africa as well as at Hardstoft. The business also has a good record of success across its management team. Aside from chairman Zakaria having good connections in Malaysia, Staley was a director of highly successful Cove Energy plc, co-founder and managing director of two AIM-listed exploration companies and has 35 years of experience in international oil, gas and power. For what it’s worth, Staley said he believes Upland is undervalued at its current price, although he acknowledges that this is common for firms of its type: ‘I think we are undervalued given the potential we have even just at Wick, let alone our other assets. We are not alone, as the market tends to do that- we have to cope with this and push on. We have plenty of catalysts, we are well financed, and we are in relatively stable regimes.’ Bright future Since listing in 2015, Upland’s lack of debt and low overheads have allowed it to benefit fully from the buyers’ market for oil and gas assets in the wake of the 2014 price crash- something Staley says continues to this day. This dynamic sets the scene nicely for Upland as it prepares to step up in Malaysia and North Africa. With a good chance of Hardstoft delivering a steady future revenue stream and Wick offering the opportunity of something transformational in Q3, Upland’s prospects could be very bright if things work in its favour. Of course, there is a risk with exploration companies that projects will fail and the macro environment will sour. But Upland is at least mitigating this somewhat with it highly-diversified approach to risk and geography and its strong financial grounding. At 3.3p a share, it could soon leap in the face of the right newsflow. Author: Daniel Flynn
Upland Resource share price data is direct from the London Stock Exchange
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