Upland Resources Share Discussion Threads

[ride daice] 06/8/2018 11:38

Is the Tunisia acreage related to what IRG used to have ?

[maverick247] 06/8/2018 11:36

Looking incredibly strong and well bid. Expecting a strong pre drill run into wick given UPL hold the largest listed stake Further Tunisia and Sarawak news are very sweet icing on what is already a very tasty cake being baked!

[michaelwhight] 06/8/2018 11:35

Nicely poised now for a push above 4p

[stark industries] 06/8/2018 11:07

My 200k top up today came mostly from my TERN trade profit and it was under an hour.
Don't get my bearings right all the time though

[stark industries] 06/8/2018 11:02

So just a reminder of what's currently brewing in the UPL cauldron.We have :-Wick potential 50p plus Tunisia - could mimic...I think it will eclipse what SOU did. aimhoSarawak deal(s) awaiting announcement from the Dr regarding his recent rendezvous in Malaysia.North Africa - Morocco And other adhoc spontaneous surprises that may be in the hat.Remind me if I have left out anything ?Still cannot believe our micro Mcap4p will be taken out and be distant memory this week.:))

[stark industries] 06/8/2018 10:53

Argyle I think Jabba is slightly ahead if I'm correct
I'm well and truly stuffed here to the brim.
Last month I mentioned the SOU gas scenario as per Zengas past postings and it seems like I have got the right batch of organic tea leaves that I'm consulting nowadays:)
I got rid of the Oracle that I used to rely and call upon ...she was a real lazy haggis :(

[argyle underclap] 06/8/2018 10:12

Heavy on the bid at the mo. Looking strong.

[argyle underclap] 06/8/2018 10:03

Starkers - there’s your additional 200k. Sshhhh, don’t tell Jaba. :)

[michaelwhight] 06/8/2018 09:10

Nice trade stark. Wish I had done the same!

[stark industries] 06/8/2018 09:01

Just bought another 200k at 3.97p May show up later.Wishing you all a wonderful week ahead

[spangle93] 06/8/2018 08:10

Zengas - you're right - I did miss the point ;-)

The way I see it, Upland, through SS's consultancy, has sufficient access to subsurface personnel resources, or can manage any specialisms like seismic reprocessing, but don't have in-house drilling or facilities. Hence the decision to form an alliance with Brooke in Sarawak, which provides the offshore design and engineering to complement UPL. Likewise, (while this is Corallian) the need to bring in Fraser Well Management for Wick.

So IMHO it can advance the understanding of the block to define prospects, plan appraisal activities, but would need money and external skills for developments. A larger partner is a means of achieving this as you rightly say.

Not sure Dunraven has technical skills in house - it states on its website that "The Company has entered into negotiations with a major international technical services company to provide the technical and operational resources necessary to develop the Company’s Tunisian assets". But it does have in country personnel and the manager in Tunisia used to be the boss of ETAP, so you can't be much better connected!

[stark industries] 06/8/2018 07:35

Need some volume to smash the 4p once and for all.New highs will be upon us this week as we inch up towards realistic levels here.10p - 15p before Wick ?Its all possible here....all to play for

[hulltiger] 06/8/2018 07:35

Good morning all, I trust you had a great weekend and back into a bit of blue this morning.

Divnad, with regards to your post last night, it was not an easy decision, as I had been in Tern since day one, always had problems with the way the BOD treated PIs but believed in their portfolio.I started to get the jitters at the dizzy heights of 50p plus and even more silly mistakes by the BOD. So I started selling and to be honest the private BB I posted on, will probably be pleased to see the back of me, as I had become what I would call a negative bull and Tern PIs don't like a wrong word to be said. If the present circumstances change I would go back,as I still believe in the portfolio.

Enough of Tern I think, I have now chose a company with a first class BOD and great prospects.

[zengas] 06/8/2018 07:34

Spangle - think you missed the point i was making. Sorry if confusing, I wasn't referring to multiple operators. I refer to bringing in a technical partner like Dunravens' intention to remain operator and what Sound did while remaining operator on Tendrara. Dunraven have 100% as i said in last Fridays post 4062. The latest info came from Legendary Investments having 2% of Dunraven as an investor. (Cotl is the named operator but fully owned by Dunraven and of course the same thing).

[trulyscrumptious] 06/8/2018 07:22

Playing catch-up at last.

[stark industries] 06/8/2018 07:19

Filling those boots aye ;-)

[spangle93] 06/8/2018 06:56

Hi Zengas - I'm not following your point?

There are many ways to fund wells, or structure equity holdings, but there can only be one operator of a licence, with its accountabilities. COTL is a 100% owned subsidiary of Dunraven, so effectively for these purposes the same company.

The partner with the largest stake is conventionally the operator, although not always the case. Another possibility is that a partner (typically a state company) is carried through execution, and pays its share through reduced revenue take when the field is on production. Until recently, Schlumberger (SPM) has favoured a model in which it is paid through a profit per barrel - it hasn't wanted to have reserves on its books, but inatead acts as a field management company with exclusivity of its service products.

I agree that it's likely that UPL will need to bring in a partner. The perfect situation of a smaller company with a big block is to advance the knowledge, value and desirability of that block far faster than the money they spend doing it, but any development would require deeper pockets. According to its Wiki page, Nawara was estimated by OMV to be €500 (ca. $570) for their 50% stake of 560 bcf, i.e. Devex was thought to be about $2/bcf recoverable.

[zengas] 05/8/2018 21:24

Re Malcys comment on majority stake.

This permit is a discovery and we already saw what Marathon Oil left behind in a 4,000 boepd gas/condensate well. I expect that UPL could go down the appraisal route in a similar way. Both companies below being operator while bringing in/negotiating to bring in technical partners.

From Jul 2018 on the Tunisian permit held by Dunraven -

"COTL holds and is the operator of the El Mediouni East and Central oil asset ("ELM") in the Mahdia Permit . As announced by Legendary, in December 2017, ELM's previous owner, Circle Oil Plc invested heavily in ELM, and in August 2014 announced a potential large discovery following preliminary results from the EMD 1 well drilled by COTL which gave evidence of a working petroleum system and traces of hydrocarbons. Internal results were estimated by Circle Oil Plc as potentially recoverable prospective resources of approximately 100 million barrels of oil.
Dunraven has already developed an ambitious 18 month work programme for ELM, including a drilling programme. Dunraven is also in negotiations with a major services company to be their technical partner."

From Oct 2015 Sound Energy Morocco -

"Tendrara: Schlumberger Field Management Agreement
Schlumberger will provide integrated technical services, equipment and personnel to Sound Energy, Operator of the Tendrara Licence; Schlumberger will fund a significant proportion of the capital expenditure on the first three Tendrara appraisal wells, and of the development of the licence area thereafter; and
Schlumberger will be granted an upside linked to production performance."

[trulyscrumptious] 05/8/2018 20:50

Malcy's coverage should enlighten a few who might otherwise have been left in the dark. From August 1st:

Upland Resources
I don’t formally cover Upland yet but have spoken to CEO Steve Staley and requested a meeting next time he is in town but I sort of like what I see and need to get to know them a little more.

Today they have announced that they have had their application for a licence in Tunisia accepted in an area where gas was discovered 50 years ago! They feel that this discovery de-risks the play and with spare pipeline capacity running through the block would make exports to local gas markets highly convenient. The company only announce that they have taken ‘a majority stake’ which is confusing and also that any success would lead to State Company ETAP backing in for a ‘minority stake’ but I’m sure that details will be forthcoming. The normal work programme has been agreed so expect a 2D seismic programme which if successful would lead to one or more exploration wells to be drilled.

North Africa is very hot right now as we know from a number of companies who are trying to enter the space and also from a number of companies in the post code who are getting plenty of inbound enquiries as well as competition for new acreage, watch this space…

[divmad] 05/8/2018 20:30

hulltiger,

I bet you are sighing a huge sigh of relief at getting out of TERN, a 10-week wonder stock.

[tyler90] 05/8/2018 11:59

No weekend press coverage so still under the radar for most retail investors despite the appealing broker note. Middle of the holiday period so expect things to pick up end of August/first week of September.

[hulltiger] 04/8/2018 12:37

Good afternoon, I hope you are all enjoying a lovely stress free weekend. For those of you who are interested in such things, an update from Barchart.

[euclid5] 04/8/2018 10:05

I would of thought they now have access to the past oil well reports, to give them much more detailed information on these 4 - 5 wells that where drilled many years ago.

[nlmbidc] 04/8/2018 10:02

Autre is other.