Upland Resources Share Discussion Threads

[undertaker] 21/2/2018 09:01

ok missed the RNS....but why we up 17%(so far) based on that RNS?

[undertaker] 21/2/2018 09:00

why are we up so much this am on no news?

[soulsauce] 21/2/2018 08:59

Buyers now paying a premium for size :-)

[tomboyb] 21/2/2018 08:58

This is going very nicely -

Nice one saf -

Wish I picked up a few more now -

[jungmana] 21/2/2018 08:55

Tune are definately not here for Wick alone. There is something big coming up in Malaysia or Indonesia imo.

[soulsauce] 21/2/2018 08:43

Tune subscription complete. Hopefully we can now complete on Sarawak.

[showme01] 21/2/2018 08:33

Cheers Guys

[acrussell] 21/2/2018 08:23

Thanks, will do

[zengas] 21/2/2018 08:20

No problem AC but please add dyor if u can.

[soulsauce] 21/2/2018 08:12

showme I'm in for the background of SS who made me a decent amount of money at cove where he had great success and for the assets they hope to bring in. The wick prospect is a happy addition.

[acrussell] 21/2/2018 08:08

Zengas, would you mind if I shared a picture of your previous summary on twitter?

[zengas] 21/2/2018 08:06

showme, i'm in since ipo and kept buying when quiet and ahead of the acquisition strategy but here for more than just N.Sea/UK. Like I said on 13e when buying there, with the very low free float the risk being that there would not be much stock for PIs to get a sizeable holding and institutions would get any new stock in a placing keeping the free float fairly tight.

[cashandcard] 21/2/2018 07:54

Showme,Yes, that's the case for me.Cash

[showme01] 21/2/2018 05:23

Guys,I can see a few of you here that also post on the i3e board. Can I ask is your driver to invest here the farm into the North Sea Oil asset? Cheers

[zengas] 20/2/2018 22:49

In terms of value, EME could have been bought at circa 1.5p in October 2016 - about 223m shares and a m/cap of £3.5m.
By June 2017 with the open offer that wasn't even 50% taken up, placings and option excercises they had $8.5m cash and 10% in Duyung before farming into some US exploration assets.
By August 2017, 9 months after the 1.5p lows, there was 399m shares in issue.
The share price hit a high of 31p in early September 2017 and a m/cap of circa £125m. Fallen back since and waiting on further positive news to drive it forward again.

Likewise Sound Energy in Morocco. You could have taken up the open offer at 4.2p in 2014 before the share price raced ahead to 103p in 2016 and £530m m/cap.

In relation to UPL, i beleive a similar potential opportunity could happen here.
2.1p here now, 457m shares, £3m ($4m) cash. M/cap £9.6m. Main listing and huge director skin in the game and able to attract a cornerstone investor. Imo it won't be unreasonable to see this circa 4p and still under £20m.

Wick has potentially some $200m+ of value = 31p (on current shares in issue). As for now it's funded though maybe the cash will go towards a further project first and some more shares to come.

In the presentation - they highlight Malaysia, "unique access to opportunties" Unique ? Maybe this attracted Malaysian Tune to become a cornerstone 16% investor ?
What might one or two of those new assets potentially also create even by early investor sentiment?

Next potential opportunities - "Onshore Morocco and Tunisia - now accessing several attractive opportunities" - specifically highlighting - "Permit with estmated in-place resources > 1 TCF gas potential in open acreage. Multiple low risk discoveries & prospects".

Why specifically highlight that ie multiple low risk discoveries/prospects ? Could it be a similar opportunity that still has Sound at over £500m on Tendrara ? Wasn't Steve Staley involved some way in bringing the Tendrara permit to Fastnet ?

If they land a 1 tcf permit/low risk discoveries or some of those unique Malaysian opportunities the potential could be significant as per Sou or EME. (EME got into Malyasia for $2m and a existing discovery - just not flow tested - rest is history) .

Whatever way you look at it, the assets being chased are very significant in addition to the Wick asset.

Tune 16%. Optiva Ned on board circa 7.25%. Chairman 26%. Bolhassan Di (NED) 1.6%, S.Staley CEO 4.3%, A.Bin Nasharuddin 5% (all rounded) = 60%.

Free float from the 457.242m shares = 182m. I'm over 1.25% and i've seen some other large holdings posted so maybe not that much of a free float in reality. I expect to see this get coverage in the press/tip sites in due course as Sou/Eme were covered early days. The CEOs associaton with the £1.2b sale of Cove will add to investor sentiment as will 60% being held by 6 inst/director investors.

[cashandcard] 20/2/2018 22:47

Euclid,Totally agree, they should be nabbing to get a slice of the pie at Oulton, rather than simply waiting for something to happen in southeast Asia.Cash

[euclid5] 20/2/2018 22:01

Hello Spangle,

One good asset if UPL manage to farm into it is the Oulton Prospect owned by Corallian Energy. Recall reading somewhere it has a 64% GCoS


Licence P2222 contains the Oulton Prospect which could be developed via a low cost subsea tie-back to the Cheviot FPSO. Oulton represents an appraisal of an Amoco discovery from 1974 in the Jurassic Emerald sandstone formation which flowed up to 1,000 bopd of light oil at the time.

Corallian estimates a mean recoverable success case of 20mmbbls with a high chance of success, currently estimated to be 64%. With a gross well cost estimated to be £7m, the company has ascribed a success case NPV of £132m

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[goodbloke1] 20/2/2018 21:45

Thanks for replies everyone

[soulsauce] 20/2/2018 21:23

Yes very much so, the stage 3 big assets.

[goodbloke1] 20/2/2018 21:14

So they are still in discussions about a possible Malaysian deal and /or other deals?

[cashandcard] 20/2/2018 21:02

Spangle, soulsauce,That's fair enough, of course with them onboard, our chances of bagging a good asset increase. However, it's taking quite awhile and I would be happy for them to put it onto the back burner for now and concentrate on what should be an exciting and active 12-24months on UKCS. Waiting for a big ticket in southeast Asia is not the best thing as they do tend to take forever.Cash

[spangle93] 20/2/2018 20:23

Not quite as bluntly as that ;-)

I'm saying these two guys from their bio's appear to be well connected, and I can't see why half the board is from Malaysia if we're not going to see something in that country. I know we've had the investment from Malaysia by Tune in the last month, which is hard to imagine not being a direct result of this board representation. But in the AGM they said

Relationships with Petronas & in Sarawak
Excellent local contacts & unique access to opportuni6es
Discussions well advanced

Followed by

Strong, positive near-term news flow potential:
◦ Progress on high potential opportunities in Malaysia/North Africa

Maybe I'm reading too much in, or being too optimistic, but it's hard to read those words and not think that something suitable is going to come our way

But I don't want to lead you, or anyone else, to these conclusions, so always DYOR, and remember that bulletin board punters are not experts and only hear 1/10th at most of the real story going on

[goodbloke1] 20/2/2018 19:41

Spangle

You saying that with the Malaysian ex government bloke on board it could mean we have a lot of influence in getting a decent Malaysian asset?

[spangle93] 20/2/2018 19:29

Cash - there are certainly O&G assets on the UKCS that a nimble company of UPL's size could profitably exploit. Hopefully Nicholson & Staley are running their eyes over them.

But we've got a board with a Chairman who's ex-PETRONAS and Malaysian Central Bank, and a NED who's ex-Shell Sarawak and Malaysian government.

With all due respect to their international credentials, they aren't North Sea experts. If we're not going to get something meaningful in Malaysia, then having 50% of the board living in one country on the other side of the world seems like a odd choice? ;-)

[cashandcard] 20/2/2018 19:14

I would prefer they spend more time & resources on UK north sea assets than abroad. They have been waiting an age for Malaysia/North Africa. It does not have the appeal to me that good old blighty does.Cash