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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Upland Resources Limited | UPL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.10 | 2.33% | 4.40 | 16:35:10 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4.30 | 4.10 | 4.30 | 4.40 | 4.30 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| 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 ZENGASHmm, 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 24/3/2024 11:29 by richsif A quote from Zengas 6 years ago, and now he turns up again of the brink of PSC sign off with his word salad of doom haha………… Now if UPL had the same success on what SOU have reported they'd be worth around 95p. (Depends what they pick up). So even a fraction of that could be transformational. Sou also have a partner who carried them and they have already dropped back by over 50% in value from its peak. Also if they get a decent deal or a number of deals with 'Brooke' in Sarawak in their preference position and you can see how any of their intended acquisitions could be company making for UPL not to mention the high impact Wick prospect drilling in Q3. |
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/stipula 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 30/10/2023 08:34 by haggismchaggis Thank you Upland board for confirming that what I said last night (copied below) about the FCA is correct!.....FCA won't be investigating UPL, as UPL did precisely what they are required to do when they are advised of a potential bid, they notified the market and invoked Rule 26a to force the bidder to put up or shut up.If the FCA investigate anything, it will be those telling UPL they are interested in buying the company for 14p per share and claiming that they were associated with Mr Bollinger when they are not, which is false representation.The best thing about the bid fiasco is it alerted many to a stock that the board believe is going to be worth far more than 14p per share, and we got in well below that, so plenty of upside to look forward to as business progresses."the company described Block SK334 (which hosts Sarawak) as containing similar resources to those found in the neighbouring billion-barrel Seria field and said it is equivalent in scale to some of Europe's largest offshore Oil & Gas fields."I'll be keeping my UPL stock for that, meanwhile the shorting lowlife will take their profit on the drop Monday and wander off to attack their next stock, leaving this one to a more natural rise as that oil gets closer and closer.Follow whichever crowd you want makes no odds to me, I will follow the company prospects, as that is where the real money is to be made. |
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 24/10/2023 15:41 by pwhite73 apfindley - "Why have they not even tried to buy a stake at market price, at a price lower than their supposed preliminary approach price?"In the RNS UPL stated the offer of 14p was for all the issued and to be issued shares. If SEC were picking up shares at 6p then this is clearly a lie. RNS 23/10/2023 - "The Board of Upland notes the recent media speculation concerning the possibility of an offer being made for the entire issued and to be issued share capital of Upland. The Board of Upland confirms that it has received an unsolicited, very preliminary approach regarding a possible offer for Upland at an indicative price of 14p from a potential offeror referred to in the approach as SEC Capital ("Potential Offeror")." |
Posted at 22/10/2023 16:57 by jaknife LOL!I remember in the good old days when rampers had proper ramps rather than just the tired old worn fake takeover rumour! FFS, UPL doesn't own anything that's worth taking over! Why would a major, for example, takeover UPL paying £25m+ when they could simply outbid UPL to buy the license? All that UPL have is a minority stake in a tinpot company that's done a desktop study on a bit of rock. I could knock you up a dektop study on the whole of the North Sea for half the price but it would still be worthless - I don't have a license to drill the North Sea, in the same way that UPL doesn't have a license to drill Sarawak. Come on guys, try harder! JakNife |
Posted at 19/10/2023 00:17 by jaknife Spangle93,You are mistaken. Sarawak is NOT an "asset", for Sarawak to be an "asset" then UPL would need to own it and they don't. Furthermore, UPL doesn't have a license for Sarawak. What UPL does have is: ======= On 1 September 2022, the Company’s wholly-owned subsidiary Upland Resources (Sarawak) Sdn Bhd (“URS”) signed a Joint Technical Study Agreement with Big Oil Ventures Sdn Bhd (“BOV”) and Petroleum Berhad Sarawak (Petros) to conduct a study on Block SK334 which covers 6685 km2 in the northern region of Onshore Sarawak, Malaysia. On 10 October 2022, the parties to the agreement formed a joint venture company Upland Big Oil Sdn Bhd. BOV and URS will finance the joint venture company 80:20 respectively. ======= ^^ from UPL's last annual report, see: So UPL has a 20% interest in a company which is performing a desktop study on a Sarawak block. In plain English that basically means that UPL has SFA. You can read UPL's recent RNSs here: If you can find an RNS that says UPL have acquired/bought/own a piece of Sarawak then feel free to highlight it but you will waste your time trying. However, the very fact that you've written what you've written probably explains why so many retail shareholders have got so excited about UPL and are paying 3p+ for shares that were only issued last week for 0.4p. You've been mislead about what UPL owns! Would you like to pay me £1m to join a JV that's going to perform a desktop study on the Ghawar Field? It's the largest oil field in the world! JakNife |
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