Upland Resources Share Discussion Threads

[tyler90] 13/10/2019 11:23

MA63 negotiations seems a bit like our Brexit ones!

[nlmbidc] 13/10/2019 11:14

Thing is that the Malaysian folks on the board are surely more influential in Malaysia than the UK directors past or present.

[tyler90] 13/10/2019 11:09

Yes, but would they not have to balance position with that of further producing locations coming online if a deal is sealed which will mean more income for Sarawak but also the national government. Could be wrong but isn't this impasse is stalling further development in the region?

[soulsauce] 13/10/2019 10:56

Yes but Dr.SS is history for reasons we can only speculate, but an internal power struggle aided by the big shareholders is probably the closest scenario.
Question is why, and does it have any links to not sorting something quick enough in Sarawak or Tunisia or both and why do the big shareholders think this new guy is going to fair any better while Sarawak is still short of where it wants to be?

[nlmbidc] 13/10/2019 09:29

Dr SS was expecting things to move quicker now that the PM was involved with the MA63 decisions.
That's good enough for me.

Petros are expecting to be fully autonomous by year end.

I have seen nothing from the Malaysian press suggesting any delays.

Also a potential lift in the share price which may indicate a good time to buy (for any share).

[spangle93] 13/10/2019 09:15

Tyler - surely it's in the Malaysian government's current interest to delay, as the longer they do, the longer they will get tax revenue from the producing fields?

[tyler90] 12/10/2019 00:08

I don't think it is even in the Malaysian government's interest to delay because it is causing uncertainty and means the areas resources are not being fully developed which means less revenue for all parties

[tburns] 11/10/2019 08:50

In KL for business meetings and met a guy today who works in the O & G industry. Got chatting about the current contract situation regards the ownership of the outlying states such as Sabah and Sarawak in East Malaysia. He said that the change in legislation to give ownerships and right to the state legislative parliament as well as value for the resource is a big tanker waiting to turn around. It is a done deal, the Malaysian Govt cannot change the course and direction of the tanker, but they are doing their best to put obstacles in place as the longer it takes to bring into being the higher % they can claim. He said it is a done deal legally but could take 1-2 years to come to pass quite easily.

[doughty] 11/10/2019 08:44

...the new guy is on his travels next week...I would expect more than a photo opp !

[divmad] 10/10/2019 11:51

What we need is a new Twitter photo opp with the new CEO standing outside the Petronas HQ, looking smug and self satisfied.

[soulsauce] 10/10/2019 11:29

Fair comment tyler but I am happy to see them radio silent. If they suddenly burst in to life or we changed brokers I would see that as a red flag for a raising.

[nlmbidc] 10/10/2019 10:30

Too much speculation. But because we don't have the facts I Guess that it is inevitable.

[tyler90] 10/10/2019 10:09

And while there is a bit of reshuffling of the pack, it may be worth reviewing the broker Optiva too....are they doing all they can to promote the company?

[soulsauce] 10/10/2019 09:06

Don't think it's idle speculation Spangle and as tyler suggests, may be the large investors and new CEO are wanting to get Tunisia farmed out asap to provide the wherewithal for Sarawak and whatever these other assets are.

I wonder now if it was this same pressure that forced SS in to calling time on the CLNs? I would like to think so as we all know what they can do to the share price.

[tyler90] 10/10/2019 08:31

I think you are heading in the right direction.IMO Steve was being too choosy with the farm-in of the Tunisia assets and thus the large shareholders did not want to stump up more funds because they wanted him to go ahead with that first. If I was a large investor I would think like that too!

[spangle93] 10/10/2019 00:51

I guess this idea will be spat out, cos it's not my area of expertise at all, but how much cash does UPL have left?

Lasr year the annual report came out on 26 October, so perhaps we will get a better idea then. The interims reported the position to 31 Dec 2018, since when we've had Wick expenditure. Plus we have to make a chunky bond available to the Tunisian authorities, and the CLN's were allowed to lapse.

Just idly speculating that maybe the company is a bit low on funds, and the major shareholders want control of the board before committing more money to Upland?

[soulsauce] 09/10/2019 14:56

I echo those remarks yoga and Sull.

[sull75] 09/10/2019 14:47

Agree with you there Yogaboy, sorry to see him go and I wish him well but I'm much more optimistic and dare I say, excited, about what the next few months will bring. Hopefully no more hot air from the company, let's see.

[yogaboy] 09/10/2019 14:29

I had the highest regard for the good doctor, but his take on shareholder relations was at the “all cards held close to the chest, be patient” end of the spectrum.

Pitman seems to want to move us towards the “all cards face up on the table, read them and decide for yourself” end of that spectrum. In all honesty, that is where I would rather be as an investor.

[soulsauce] 09/10/2019 14:05

Thanks Sull.

Onwards and upwards hopefully in a more timely fashion.

[sull75] 09/10/2019 13:58

Double 'level' there, one for each of you :)

[sull75] 09/10/2019 13:57

Good posts backbone and Soul, refreshing to actually read PIs having a proper discussion and airing their level level headed thoughts.

[soulsauce] 09/10/2019 13:34

Backbone I don't think many will have a bad word for the Doc.

However digging your heels in for the right deal is all well and good if you can afford to do that and may be if he had conveyed that mantra instead of keep suggesting news was round the corner when it obviously wasn't, well then people might have been more patient.

The measures he was having to take due to under valuation were much of his own making.
The share price here is very much determined by PIs and if you can't keep them invested due to the lack of news and following up what you say in podcasts then it is going to remain undervalued.
Add to that the worry that the coffers are shrinking and may be a cash call around the corner then you don't attract new investors required to lift the Sp.
People don't invest like they used to so you have to keep them interested.

All that said, ironically it has obviously been the dissatisfaction of larger holders that have pushed for change and resulted in SS feeling he had little alternative but to go.

So as much as people have a lot of time for the Doc he really shouldn't be surprised by the outcome and I hope we can move on with at least some purpose and hope Sarawak does come off.

[backbone and clingfilm] 09/10/2019 13:14

Doc is a top guy n true gent. Digging ones heals in for the right deal for the benefit of all holders was admirable in this day n age where that principle is sadly lacking.

A rare beacon of light in the stock markets dark murky waters

I was sad to see him resign.

Looking forward, foot to the floor fast is the intention.

the focus is very much on near term share price appreciation to close the value discontent (as discussed by Doc in last podcast - and what prompted the Jersey move to better protect against cheap takeover).

The vehicle to facilitate that process will likely be Tunisia where the interest has been significant. Longer term early stage risky projects such as North Sea is significantly less of a priority now than it was for Steve. Wick and once bitten twice shy sums that up.

Sarawak very much alive. Full resolution of political issues seemingly still the hurdle there. Although recent commentary suggests that moment is close. I’ll believe that one when I see it lols.