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UPL Upland Resources Limited

3.30
0.58 (21.32%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Upland Resources Limited LSE:UPL London Ordinary Share JE00BJXN4P16 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.58 21.32% 3.30 9,151,682 15:02:58
Bid Price Offer Price High Price Low Price Open Price
3.20 3.40 3.40 2.75 2.80
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs -494k -0.0007 -47.14 22.66M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:29 UT 200,000 3.30 GBX

Upland Resources (UPL) Latest News (3)

Upland Resources (UPL) Discussions and Chat

Upland Resources Forums and Chat

Date Time Title Posts
28/3/202414:46Upland Resources 12,414
01/11/202309:49Where's that admission doc and CPR?1
01/8/202317:50Upper limits for share prices13
16/11/202213:48UPL & BOIL, Wick and Sarawak Twins?9

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Upland Resources (UPL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
16:35:293.30200,0006,600.00UT
16:28:453.2838,8861,273.52O
16:23:053.405,882199.99O
16:13:543.4029,5881,005.99O
16:13:183.2725,000818.00O

Upland Resources (UPL) Top Chat Posts

Top Posts
Posted at 28/3/2024 08:47 by haggismchaggis
The update is totally unambiguous. No investor can have any doubt about what UPL are doing, or what news flow to expect in the near term. UPL can't make it any clearer.SK334 Exploration: Progress Report & Next Steps· Drill crew & Project teams identified, contracts under review.· Onshore drilling rig Inspection completed on 26th February 2024 at Sviadnov, Czech Republic, as part of SK334 drilling rig selection and operational preparation.· Pre-drill work programme developed for accelerated drilling programme.· Commencement of formal farm-out proceeding with interest from strategics reviewed, shortlist now being finalised.· Planning & scheduling of anticipated works with PETROS.· Engagement on PSC work scope with PETROS.Following a successful week spent in Sarawak in March progressing and finalising the PSC framework, and further to the announcement made on 5th February, Upland and PETROS are now in the final stages of deliberations on the PSC award and framework.Bolhassan Di, Upland Chairman and CEO commented:"Full focus is now on our intended high impact drill campaign onshore Sarawak. We look forward to updating the market on the lead prospects for Block SK334 as well as licencing and contracting arrangements in the coming weeks as we scale up development on Block SK334 in Sarawak."
Posted at 25/3/2024 16:00 by spangle93
Hi ZENGAS

Hmm, I'm sorry, I don't think I can answer too many of your questions. Other people who read this thread are closer to the chairman, and might be able to shed more light on things... Over to you


The UPL website is, well, there are earthier words, but let's just say other companies make it a higher priority to be up to date, comprehensive, and accurate. The last investor presentation I have is dated September 2020, and that's no longer listed on the site. Brooke was mentioned in that, as being a source of access to opportunities. But Upland doesn't come up in a search on Brooke's website, and while there's no search facility on UPL's (hum), Brooke isn't mentioned in any of UPL's last 3 annual reports.

I guess I'd assumed, even before starting to search, the Brooke alliance had died even before the award of the JTS. It did seem a bit of a strange deal, based on the respective size and core skills of the two organisations - perhaps it depended on personal relations of people who are no longer on the BoD. ..


As far as I'm aware (though happy to be corrected) there was no communication by the company that the right to deliver a JTS was solely awarded to Big Oil.

Nor do I believe that the award of a JTS precludes others from being considered for the PSC - on JTS award, the chairman noted "We believe that the outcome of the Joint Technical Study will give Upland an advantage for the subsequent stages in Block SK334." An advantage, rather than sole rights to be considered.


Based on what I know about PETRONAS, they are an organisation that is more designed to consider higher risk, higher reward, primarily offshore licences. While the link between PETROS and PETRONAS may not be totally opaque, I don't think corporately, PETRONAS would be interested in SK334, at least at the exploration stage. There isn't really a European equivalent of a state oil company where the state has onshore licences, so the best I could do would be to suggest it's like BP wanting to muscle in on Bramhill's West Newton play. I hope I don't have to eat my words! Perhaps there's a clause being considered in the PSC that offers PETRONAS back-in rights if commerciality is proven, but UPL might struggle with the cash flow to fund a developmeny anyway. Though by that stage, the share price will be £1, so it wouldn't be much dilution ;-)
Posted at 23/3/2024 13:54 by zengas
Had a further look at this since I was cautious here ever since the bid talk and to me jumping the gun hype at looking at rigs in Q4 last year that i didn't expect imminent drilling activity and now the share price back at 2.95p and a bid talk high pushing it to 6p. To me a cloud over the whole company judgement that they took so long on it about a potential 14p bid but that's been and done.

On the 10p posts pre drill (£150m potential m/cap considering the cheap warrants/options in play 1.5b f/d) - don't disagree on that maybe, but a couple of things

This is an out and out exploration play with nothing re reserves/production to back up the current m/cap of £36m at 2.95p should even the first well be drilled out of structure/closure etc/ ie no 3D.

They say they are well financed for work activities but - How much if any will they need on bidding for the PSC ?

No funds that i can see for drilling so they'll need a farmout - they've since indicated in an RNS 22/1/24 which wasn't out there before officially that i could see. Is that happening conditionally ahead of the PSC award if won and on farmout how long before that partner is ready to go, requirements/stipulations re risk/seismic etc).

Also will they shoot any 3D seismic - they have absolutely none. Will a farmout partner want this first or take a chance on the very limited 2D lines they have commiting drilling funds on limited seismic - thus pushing drilling activity back ?

Also the warrants/options in play have this potentially reaching 1.5 billion shares in issue and i don't think that's enough to run the company (3D/Drilling) without that farmout.

It's fine when the PSC is awarded but - then need an oil in place estimate when it comes and an independent CPR (not the company estimate) but a RECOVERABLE estimate is needed more so to go on and the biggest point of all is - how much left relative post farm out and then net to UPL considering the JV status. These 10p posts are based on not knowing what the ultimate share will be post farmout and after the JV split.

On the project schedule there's nothing on actual drilling by the end of Q2/end June other than Partner & Strategic engagement on PSC til end Q2 - what's that actually mean ??? Acquire 3d next ? Drill without it ???

Maybe a clue that the seismic matter could hold this back as item 3 objectives is -

"Design new seismic acquisition plan and/or other feasible exploration tools for execution in future De-risking activities".

These are questions the board haven't answered in any presentations and it could all dither on til Q3 Q4 or early 2025 before spud ?.

The monthly progress report presentation is poor on facts that actually matter.

From the adm doc - P34 - SK334 " This block is approximately 6,685 sq km and is located in the northern region of onshore Sarawak, Malaysia. It is a virgin block from an exploration standpoint as no wells have been drilled in the area to date, and only 456 km of modern 2D seismic ".
Posted at 22/1/2024 15:12 by haggismchaggis
Upland Resources Limited (LSE: UPL) is pleased to announce the formation of a Finance and Investment Committee responsible for advising the Upland Board of Directors on activities related to the Company's assets. This underscores the Company's commitment to effective management on workstreams such as Block SK334.The Finance and Investment Committee's mandate encompasses a number of critical functions, including the oversight of joint venture funding offers which the company has received, preparation and oversight of formal farm-out proceedings, reviewing strategic interest on Block SK334 and unsolicited funding/farm-in offers.The company is now in the clarification stage of the PSC process, pre drill activities have commenced, a new illustrated project overview will be outlined to investors in the January shareholder update.Upland Resources is well financed to meet its work commitments, and appreciates the continued support shown from strategic partners and cornerstone investors.
Posted at 31/10/2023 12:21 by jaknife
Ahhh Luke Warm,

"And you know it was “phoned in”
How Jak?"

Because that's what the scumbags on Twitter wrote over the weekend of 21st/22nd October. That weekend various rampers posted tweets claiming that a bidder had called a broker seeking to pay 14p a share. Most of those crooks have deleted their tweets now but if you search Twitter you can still find the odd one or two that are left.

For example, here's a tweet from Geoff (@GSR1966) that was posted on the Friday evening after hours:

===========================
Just informed by major holder of Upland Resources that reputable broker called him on behalf of a bidder to buy Company. Asked if supporting a bid of 14p/share (fourteen). Holder & other large holders not supporting given big upside.
@Uplandtweets RNS required? #UPL #oilandgas


===========================

Obviously anyone Tweeting about the fake takeover on the Friday evening is somehow directly involved in the fake takeover.

You shouldn't feel sorry for these fraudsters - they were encouraging retail punters to buy shares of UPL at inflated prices on the market so that they could dump their shares into the market at a smidge under that inflated price.

JakNife
Posted at 30/10/2023 08:30 by loglorry1
Bit of a pathetic attempt to prop up the share price by UPL today. Given what has occurred I can't see the take over panel will be furious and will do all they can to ensure UPL does not continue as a public company. I'm sure a lot of the other regulators have been pulled in now to make sure UPL can't raise any more money and given there total lack of any substantial funds they'll just die a slow death.

Insiders probably not totally sold out so they will be looking to sell remaining shares for what they can get. Share price still 10x from lows.

PWhite is donk - please ignore his posts if you want to stay solvent.
Posted at 29/10/2023 23:08 by jaknife
haggismchaggis,

"Claims that Upland has no assets is blatant lies."

That claim is "no material assets".

"Upland owns 38 percent of the Dunrobin Prospect in Moray Firth, and 25 percent of Block SK46c in the UK"

Upland has invested an insignificant sum into Dunrobin, no number is recorded in the accounts. The estimated drill cost is £8m:



Upland's share of the drill cost would be c. £3m - £3m of cash that Upland simply doesn't have. Arguably it's a liability rather than an asset.

Block SK46c is similarly not shown on the balance sheet. Again it needs to be drilled and UPL will need to find cash to fund its contribution.

JakNife
Posted at 27/10/2023 16:53 by pwhite73
JUST HOLD ON MINUTE.

The argument by the bears was that the scam was perpetrated by UPL. Tonight's RNS clearly shows they were taken in by it themselves as they report Mr William Bollinger has contacted them, I suspect people were emailing him non-stop.

If you believe the offer news was a scam perpetrated by UPL and tonight's RNS is the closure of their scam now its done its job then I really can't help you.

As for the share price tanking 90% Monday? I doubt it the share price was 3p before the news.
Posted at 25/10/2023 14:43 by ssrover
why would it bankrupt many the share price was 3p before a bid!

ZENGAS,Its called strategy. You never accept the first bid. The bid has to be formal. The reason you are seeing a drop in share price is also due to bid not being formal. When the bid becomes formal, the share price gets close to the offer price. The market currently is not pricing in any offer. Also we had warrants hitting the market. Like i said we have untill 20th November. It will either make many investors very rich or bankrupt many
Posted at 25/10/2023 13:48 by zengas
Originally invested here in 2015 but after COVEs Steve Staley went 4 years ago in Oct 2019, i remained on the sidelines ever since and studying the latest news.

Gone from 213m then and with the latest excerise in warrants just shy of 1.2 billion shares today.

Almost 9 years and regardless of share price appreciation to date i don't see where the value is in any of the assets relative to 14p because i would undoubtedly buy at 3-6p if i thought it was on.

A number of questions for me is why after all this time of languishing do they unequivocally reject the offer as it significantly undervalues the potential ?

That's a (£168m) $200m valuation. Who pays that kind of cash for just part of a virgin block.

It's 45% of a study on a 6500 km2 block with no wells drilled and just 456 km 2D and no 3D seismic and no psc.

That's $200m for something that they haven't got as a psc. So is the entire block really worth pro-rata 100% basis around $445m ?

Phenenomenal money - yet they dismiss it uneqivocally - ie not entertaining it.

Given UPL will need more cash (drilling, 3D, PSC payment and only very small 2D coverage) - how much is needed taking into account further shares in issue versus today ?

On that dilutory basis and taking into account all the drilling risk can they explain why it is significantly undervalued and how they see or think the share price will be relative to the dismissed 14p ? on a further 6-12-months/2 years timeline risk with x amount of additional shares ? versus dismissing 14p which is a 600% premium to the 2p share price 3 weeks ago.

They said in their last results they have to bid for the PSC - this leads me to ask another question, what price the government will seek from UPL for the block now they know the company is dismissing a figure of $200m for UPL itself ?
Upland Resources share price data is direct from the London Stock Exchange

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