Upland Resources Share Discussion Threads

[thejaba] 23/1/2018 14:55

soul

according to their presentation there is no debt, I would rather they take debt on rather than issue shares.

the share price lift would be much more pronounced in that case.

[soulsauce] 23/1/2018 14:50

Hard one to answer thejaba as I am sure there will be quite a few more shares in issue by then.
However with that sort of potential and a big slug of oil from Wick a share price of between 10 and 20p would not be out of the question.

[soulsauce] 23/1/2018 13:08

Yes got it thanks Zengas excellent work by Spangle. Makes very interesting reading.

[zengas] 23/1/2018 12:58

Soul (thanks to Spangle for noticing it)

[soulsauce] 23/1/2018 12:56

Where did you get that Zengas?

[zengas] 23/1/2018 12:49

Dated 14th December but have to admit I didn't spot it as I had always looked for presentations and the site isn't a great layout so maybe others missed it too.

Wressle decision obviously came out after this.

In respect of Morocco/Tunisia it's the first I've seen or heard mention of a permit with estimated in place resources of over 1 TCF gas potential. When they mention in the following line of multiple low risk discoveries and prospects - are they implying that these are on that 1 TCF+ permit ? (page 13).

The CEO here was instrumental in getting the Morocco gas discovery permit for Fastnet that they didn't drill yet Sound eventually acquired it and helped take them to a £1b valuation.

[spangle93] 23/1/2018 08:16

Was the 2017 AGM presentation on the website before, or did I miss it? I can't see any posts about it?

References to Wressle are now out of date, of course. I appreciate some are more excited about Wick, but Upland has a "two phase strategy" of "near term revenues to underpin the company, followed by higher risk transformative assets". The strategy was important, given the challenge for small oilers of raising capital, particularly for exploration. Wressle was a large chunk, and the only near-term component, of stage 1, and while it would have taken money from the coffers to secure it, it was proven production. I hope Upland doesn't turn into pure exploration.

Obviously there's nothing in the AGM presentation that hasn't been previously said in the public domain. For me, the most interesting thing is "Future" on slide 14, which talks about near term news flow. The top item is Malaysia/North Africa, ahead of Wressle planning permission, while the other items are pretty much sequential. Hopefully that implies that the sleepers are being roused.

[zengas] 19/1/2018 11:53

The accounts show they had £2.25m at the end of June 2017 with £91k liabilities due. Plus £160k due back from the Wressle termination.

So about £2.43m less another 7 months running costs plus the costs of evaluating any projects so possibly around £2m now I would say.

The net cost of drilling the Wick well by the end of the year to a dry hole hole status is £2.3m. I doubt they'll need the capital for that yet and more likely to have a possible new asset first.

I don't know what is happening with Hardstoft but one well was previously pencilled in for 2018 and a second in 2019 at a cost of $500k net each with possibly the 2nd one being self financing - but again with all the planning issues over Wressle I'm not sure how this reflects on moving Hardstoft forward.

On Hardstoft, Optiva had a price target of 2.3p on 0.8 mmbls based on the original share issue prior to the the placing at the time of Wressle. This would obviously fall to 1.3p based on the last placing where there's now 383m shares in issue. There is a further 9 times potential upside on the possible oil to over 7 mmbo net against the 0.8 mmbls used on the share price target but unfortunately no news so far with what the plans are for that project.

[maverick247] 18/1/2018 13:23

Yep indeed got my eye on that too!

[soulsauce] 18/1/2018 12:23

Indeed maverick but I think Wick will just be the start. If Steve & co can land the elusive Malaysian and or Moroccan assets they are chasing then this may rerate significantly.

[maverick247] 18/1/2018 11:27

Thanks soulsace wanted wressle out the way main interest is i wanted to be positioned for wick given 250mmbbl prospect and UPL 40% interest so in before the pre drill riseHowever with wressle commitments shot of believe they can execute an interim deal now hopefully Cheers

[kemche] 18/1/2018 11:07

Distraction well shot of. Onto new ventures.

[soulsauce] 18/1/2018 11:00

Welcome maverick.

Strange comment from EOG, me thinks they would very much like to be considered part of whatever else Steve S is bringing in here ;-)

[maverick247] 18/1/2018 10:43

Bought is 180k and a 250kyet to show bloody hard to buy

[soulsauce] 18/1/2018 09:20

Yes well happy with today's news, onwards with the other projects.

[zengas] 18/1/2018 09:15

Yes still in TXP Brasso along with Zen, AAOG, and Eme for the China psc hopefully this year. I had over 5.5m Eme earlier in the year and sold 4.5m of them. They didn't get all their funding (c.50%) away at 3.5p and wished I had taken a lot more on the back of the existing Duyung discovery that I had a 17p target for. Was going to get back into PPC but opted for i3e energy for about 2% of the Co but a very small f/float anyway. Kept nibbling here when they drop below the 1.3 level given the huge skin in the game that the directors have here as at i3e and possible share price appreciation maybe on the scale of eme when the press/tip columns get round to seeing what they have. Main holding is Savp and holding both these for near 3 and 2 years now. Had a stab at MYT indian power generation earlier in the year and with their possible indian listing and rumours about coming off the uk market I got shot of about 90%. Sold out of Trin entirely and just happy with one Trinidad e&p co for now.

[billyboychrisd] 18/1/2018 08:15

Some nice buying, people like this news and I'm not surprised

[brasso3] 18/1/2018 08:09

Hi Zengas

Are you still in TXP?

[billyboychrisd] 18/1/2018 08:07

Yes indeedy, very happy to see this news. Crack on with more active projects now.

[zengas] 18/1/2018 08:06

This will free up the circa £1.3m that has dragged on for so long with Wressle.

Circa 30 mmbo net recoverable Wick prospect later this year.
Ongoing discussions for other projects.
I wonder what the current position on Hardstoft is?

"The Company maintains a good relationship with Upland, with whom it is a
partner on PEDL299 in the East Midlands which contains the Hardstoft oil
field. As a result, management would have no hesitation in cooperating with
Upland in future new venture opportunities."

[yogaboy] 18/1/2018 07:56

Concise and transparent announcement today. No more Wressling with this one, move on.

[cinques] 10/1/2018 07:48

Excellent disclosure re auditors Firstly an RNS and secondly a clear explanation of the reasons

[cashandcard] 06/1/2018 21:01

This is quite frankly an utter shambles. What sense is there in granting companies planning permissions to explore for oil to then go and deny them the ability to develop/produce it?Cash