Upland Resources Share Discussion Threads

[argyle underclap] 17/9/2018 08:58

Not a one Wick pony here. two other big plays currently on the table that could put Wick in the shade. And the worst that’s happened to Wick is a short delay into the following quarter. Chilled

[walter walcarpets] 17/9/2018 08:50

Every single Oil company I have been invested in over the years has experienced delays. It's the nature of the business. Relaxed here.

[michaelwhight] 17/9/2018 08:45

Good progress made and probably only a slight delay. Original spud targets were for Q4 brought ahead to Q3 so I would expect it to be pretty close to the start of Q4.

[tyler90] 17/9/2018 08:41

Some nervous folk on here.The spud date was expected to be 30/9 (the last day of Q3) and it has been delayed until Q4 (which could be 1/10..the 1st day of Q4)I think we are talking about a couple of weeks at most, if thatAIMO but the drop is overdone

[trulyscrumptious] 17/9/2018 08:36

Yes, but has it actually been contracted out to them or has that process still to go ahead?

[pembury] 17/9/2018 08:28

I think Ensco 72 or 121 - one of them is in the Dundee area not sure what one

[trulyscrumptious] 17/9/2018 08:24

Thanks pembury, which rig is it, do you know?

[pembury] 17/9/2018 08:20

they do TS

[nlmbidc] 17/9/2018 08:20

I think news on Tunisia next would be helpful to underpin the value of the company.

[trulyscrumptious] 17/9/2018 08:18

At least we know why the share price has been in the doldrums.
We don't actually know the length of the delay. They still have to get all the approvals to hand so that the drill can go ahead. They don't mention one important fact - whether or not Corallian Energy actually have a rig.

'We look forward to the receipt of the necessary regulatory approvals to enable the well to spud in Q4 of this year...'

[argyle underclap] 17/9/2018 07:13

Slight delay. Beyond Upl control. Totally chilled.

[thejaba] 17/9/2018 06:37

Wen dealing with multiple partners a delay is expected. This is a very small delay. Could be one day to max 3 months.Really don't see an issue.

[doughty] 17/9/2018 06:36

...depends how full your glass is :-)...or empty ;-)

[trulyscrumptious] 17/9/2018 06:32

Not great news, reassuring yes, but not great, delays never are.

[doughty] 17/9/2018 06:21

Great news...no problems...everything on track...slight delay

[michaelwhight] 17/9/2018 06:08

So it's Q4 then. Could be early October I guess.

[spangle93] 16/9/2018 22:29

Henry - as nimbidc says, convention is that you start paying for the rig once it's en route from the previous location, so it depends on where the contracted rig is currently operating. If however it's in Invergordon, then it's not much of a trip ;-)

Again, conventionally, it's the operator's call on news release, not FWM who are just managing contractors. However, this convention is trickier here, with the operator not having to report publicly to shareholders. I think though that with 3 listed stakeholders (UPL, RBD, BOIL) Corallian will prepare a statement that partners/shareholders can use.

Rig rental prices have crashed down markedly since the oil price started to fall in late 2014. Unfortunately rig contractors have cut their exposure by decommissioning some of their surplus ones, but there are still some low-spec jackups in the North Sea arena, more than capable of drilling Wick and Colter, on less than $100k/day. Most North Sea jack-ups are now sizeable, impressive, and modern, and come at a much higher price, but nonetheless, if one is idle and there's a 2-well contract available, there are negotiations to be done.

As for how long it takes to set up... whooo, now there's a good one. For a jack-up, probably around a day (order of magnitude) but as well as sea bed-dependent, it's at the mercy of wind and sea-state. There are certainly examples of a vessel waiting a fortnight for a weather window, and autumn is typically the wildest season. So you should hold your breath.

[nlmbidc] 16/9/2018 18:21

It'll cost the consortium every day the rig is travelling as well as its time on site.

[doughty] 16/9/2018 15:01

The Geo Ocean iii is approaching Whitby on its way to Colter...Wick survey complete !

[henrymcivor1] 16/9/2018 14:37

I don't know payment terms on hiring a rig, but I know some are $250,000 per day cost on a dayrate.

If the clock starts ticking as soon as the rig gets to site then it won't be there until the last minute.

SEPA permit has 30th September as the start date. Two weeks yet. Rig could turn up on 26th, 27th.

Anyone know how long it takes to set up from arriving?

The overall operations are being overseen by Fraser Well Management, so they will determine when the news is released. Boil,RBD and UPL will RNS at the same time.

[shares188] 15/9/2018 18:44

I hope so!!!

[nlmbidc] 15/9/2018 13:24

I have a sneaky feeling there will be a 0700 RNS on Monday.

[spangle93] 15/9/2018 12:08

Dan etc

I'm sure Upland would like the luxury of managing news about Wick, but unfortunately some of its partners are also listed, and so the timing of material news is in the hands of Reabold (through the operator Corallian) and Baron.

[dandadandan] 15/9/2018 11:04

Rig news contract / movement for Wick but only after a Tunisia statement, in my view. Management will want to counteract any suggestion of Wick risk with a more inclusive balanced business plan message of their other activities.

The next 2 weeks will be interesting.

This share price is consolidating and getting ready for the 4p plus push upwards , IMO.

Sit tight and enjoy the share price rollercoaster ride as the MMs have a bit of share price movement for financial gains to undertake..

Some of the smaller O & G portfolio managers are also taking an interest.

Patience pays.
Topped up on the dips last week. More please MMs before lift off.

GLA.

[2solaris] 15/9/2018 10:28

If they are drilling Wick at the end of this month isn't it time there was a rig on the way, or at least news of one being prepared?
On second thoughts, perhaps this is like remote keyhole surgery and they do it from a laser on a satellite in space, just a thought!