Upland Resources Share Discussion Threads

[argyle underclap] 02/8/2018 13:43

The 250k priced at 3.566p, timed at 13:37 (trade 38) has to be a buy

[moormoney] 02/8/2018 13:40

Thanks Zengas. I’ve added a few more too!

[zengas] 02/8/2018 13:38

Tunisia imo. I would say 1 tcf is an initial figure and maybe based around the potential of the existing discovery/wider connected area ?

The licence is 1 million acres and it's full potential can't be known.

By comparison in Tunisia - "The Sabria concession (26,195 gross acres, Serinus 45% WI) comprises a large Ordovician light oil field that provides Serinus with a stable production base from its large reserve base and long reserves life index.
The Ordovician reservoir at Sabria contains 358 MMbbl OIIP (P50)1, into which only eight wells (12 including re-entries) have been drilled".

Also worth noting - "Allows the company further scope to build on this initial acreage" - would suggest that there could be more to come in due course.

[soulsauce] 02/8/2018 13:32

Nice post Zen.

[doughty] 02/8/2018 13:14

...great stuff as always Zengas !

[argyle underclap] 02/8/2018 13:10

Zengas - on balance, do u think the 1TCF relates to Morocco or Tunisia? Tia.

[zengas] 02/8/2018 13:03

Some months back i mentioned the potential that UPL could possibly create relative to what happened at Sound Energy if they got the right permit - and one with an existing discovery!

This licence is also appraisal. "There is the potential for very substantial quantities of recoverable gas within the permit area". Note not just substantial but 'very'. I also think that they could tell us that this licence (on account of the discovery) could have contingent resources. In the case of 2 companies ie Sound and Mazarine - each had a contingent resource due to existing discoveries.
Yesterday the RNS said the permit has an existing discovery - What is the extent of the existing gas discovery (when gas wasn't the target) ?

Going back to page 13 of the Dec presentation where they mention Morocco/Tunisia. Permit with estimated in place resources > 1 TCF gas potential in open acerage. Multiple low risk discoveries and prospects though unclear if those multiple discoveries/prospects relate to this permit.

Steve Staley was responsible for bringing Tendrara in Morroco to Fastnet for $300k entrance fee and a $2.75m bank guarantee. (Fast never drilled the existing unnappraised discovery) and subsequently went to Sound Energy who created over £1b of value at it's peak and now down to £440m.

"Upland will act as operator and hold a majority stake" - This is what Sound did but brought in Schlumberger to pay for a 3 well programme.

Mazarine Energy are a private oil and gas company founded in 2013. They acquired the Tunisian 5,100 km2 Zaafrane permit in 2014 with prospectivity for over 200 mmboe (which is 1.2 TCF on a gas basis).

They drilled it in early 2015 with the CAT-1 well and got 4,300 bopd oil and 13.9mm cu/ft gas/day. 2nd well also came in. The giant Carlyle group in mid 2016 came in as an investor and an equity line for $500m.

Ambition for UPL to make a lot of money for the shareholders which includes themselves as directors who have a massive amount of skin in the game - if they can do it on a par with Sou or Mazarine from this one permit alone, this would be a game changer for a £20m m/cap company with Sarawak/Wick/Hardstoft all as seperate opportunities.

[doughty] 02/8/2018 12:28

...spring and coiled Argyle....

[argyle underclap] 02/8/2018 12:25

Doughty - Agreed!

As I keep saying nothing AT ALL is priced in here for Sarawak and Tunisia.

NOTHING.

Wick alone covers the current £20M cap and justifies a multi bag re rate.

A groundswell of interest is in evidence here.

[hulltiger] 02/8/2018 12:22

A view from Barchart

[doughty] 02/8/2018 12:20

Also from the chat group...interesting point well made....

"How often does a CEO of a micro cap oiler give shareholders an insurance policy against downside risk on a wildcat 10 bagger well? thats what SS of #UPL has given. 1tcf + appraisal drill with infrastructure! funded!"

[stark industries] 02/8/2018 12:16

Awesome stuff Argyle

[doughty] 02/8/2018 12:07

Its a v well informed hive of information Argyle !

[argyle underclap] 02/8/2018 12:01

From the chat group thanks Sasha...

“Watch out for a 1m print on UPL - Optiva have just taken out the last of SCAPs seller, clears the way now”

[ivortex] 02/8/2018 11:17

Have increased my share to 2.95% over the past few weeks, looks like good news is coming...

[zengas] 02/8/2018 10:51

Picked up 2 more 500k blocks at 3.366p. Think there will be some exciting news on the Tunisian permit in due course.

[argyle underclap] 02/8/2018 10:21

Doughty re UPL, Agreed. Steve said just a little wait while paperwork completes then a lot more info/numbers to come.

Hmmmm. A Gas prone area a 1/4 the size of wales. Could well encompass the previously mentioned 1TCF gas play. Either way, the potential there is very large indeed.

Just a matter of time before the share price gets a real big march on.

[doughty] 02/8/2018 10:07

Good appraisal...we should get some numbers v soon

[argyle underclap] 02/8/2018 09:56

A great summation of yesterdays Podcast from Amnesic over on the lse board. Thanks Amnesic...

Some highlights/interpretations:

Saouaf - Northern Tunisia - gas prone
Gas discovered in 50's but never properly appraised, because nobody wanted gas then.
Several local pipelines across block supplying local markets.
Also Transmed pipeline to Europe.
Well known source rocks there and good reservoir rocks.
UPL thoroughly mapped area from Tunis data room - believe only co to see this assemblage seismic/well data
Chosen Saouaf as the BEST _FIRST_ asset.
UPL looked at this area closely for 1 year.
UPL have 2 decades experience in Northern Tunisia
$7-$7.50 / Mcf - very favourable
1000km 2D seismic existing
4000km2 block = 1m acres ( = 0.25 Wales units )

Can't provide full details about licence until it is formally awarded.

Shooting 2D seismic "fairly quickly" - crew availability looks good now.
2D fast to acquire and interpret - few weeks - aim to identify 1st a drilling location

Wick spuds in Sep. Well advanced in Tunis planning by then. So hope real news from Tunisia soon after Wick is drilled.

Wick -CoS : Good. Very good. Relative to the reward that's on offer.

Wick - On success, will be planning further wells.

Sarawak trip - SS confirmed he was there recently. Can't say a great deal. "Encouraged". Will announce when they can.

SS reminds us not to forget Hardstoft.

Well funded and backed by supportive cornerstone investors. Not reliant on farmouts.

Ambition - To make money for the shareholders and enjoy the journey.

Justin seems to draw SS on next big mileston being Wick. Steve confirms Wick details, but seems guarded by not confirming it is the next news.

Very confident and fluent regarding Saouaf - as to be expected from 2 decades of interest in the region.

[argyle underclap] 02/8/2018 09:50

Yoga lols, you’ve had a very timely lucky break with sum1 unloading into strength, so maybe the Hoover Gods are coming to your aid. GL

[yogaboy] 02/8/2018 09:26

All the more for me to go at with the new hoover *when it arrives* :)

[stark industries] 02/8/2018 09:24

Short term pain medium / long term pleasure Have a wonderful day ahead

[yogaboy] 02/8/2018 09:23

Not going to make any friends for saying this, but can we please quit drawing attention to UPL for the time being? My "transformational news" from NCCL is taking *cough* a little longer than expected *cough* to arrive, so the purchase of a new UPL hoover is temporarily on hold.

[2prsimo] 02/8/2018 09:20

Looks like the mm's pulled a few punters in the last couple of days to help the seller out.