Upland Resources Share Discussion Threads

[zen12] 26/10/2023 09:27

Have to admit this is trading very abnormal...how can this be trading at 3.6p when a bid has been made for 14p....normally you would not believe your luck as an investor!

[loglorry1] 26/10/2023 08:55

Petra Energy who is the operator of this other onshore block next to the one UPL is apparently developing just spuded their well. It has mcap is $68m (£56m), but they have oil service / marine business with $100m in revenue and $14m in EBITDA.

If we value the oil service business at 3xEBITDA that perhaps values their block (which I think they have close to 100% of) at around $26m but they have a funded well on it currentlly drilling and sisemic done.

UPL own 40% of a desktop study with no PSC, no real sisemic, no funding, no rig sorted, on the next door block. What a bargain at £170m LOL!

[jaknife] 26/10/2023 08:49

The real question is how (at what price) will Upland raise the money that it needs to:

A. Buy the license (that it currently doesn't have) to drill the block
B. Commit to proper 3D seismic
C. Pay to drill the well

There's easily a £10m funding requirement there. Are the board actually interested in looking for oil or do they just want to play "spiv" with the share price to make some Christmas money from scamming retail punters into buying the shares at an artificially high price?

[truant2tb1] 26/10/2023 08:16

WeeeeeeeeeeeeSee you back at 1p by Xmas

[sensemun] 26/10/2023 08:10

The market is telling you what it thinks of this possible 14p bid

It is a scam bid

if it was proper the bidder would be buying shares in the market now at 4p/5p and they aren't

[apfindley] 26/10/2023 08:09

Because its only a sham bid to pump the price.

[gemstar2] 26/10/2023 07:48

You been spiked then Tidy?

[neo26] 25/10/2023 22:30

What are they bidding for, upl are hoping to drill a well.No wells have been drilled on this location.

[pwhite73] 25/10/2023 22:12

bobo - "He cannot purchase shares privately for himself"

Nos (2) and (4) refer to individuals hence the term 'he'. No 3 refers to the offeror which is the company making the takeover. Read it again.

[soulsauce] 25/10/2023 20:20

truant2tb125 Oct '23 - 19:56 - 11476 of 11476 (Filtered)

Troll!!

[truant2tb1] 25/10/2023 19:56

Come on, own up! Who got suckered into this on Monday?LOL

[bobonumber1] 25/10/2023 18:57

Sorry, I disagree. He cannot purchase shares privately for himself or family knowing that his company or whom he represents intends to make a bid. However, he can purchase on the open market if he is acting for himself or on behalf of the company. Hence when a entity or company cross the 30 percent threshold, they must make an offer for the company. Buying on the open market also gives the offeree more voting power to force the board to accept a bid.

[oilisgold] 25/10/2023 18:41

PROBLEM is a lot of investors /traders are in for very short trades. If it doesnt work out then panic selling starts. Reading the RNS its clear. Its very simple. However, armchair CEOs on this board are many. Some are retired unemployed and just bored. There is a reason why they called armchair CEOs. Best to ignore them

[oilisgold] 25/10/2023 17:46

Fingers crossed. Friday 17th will be key as weekend. Its honna be very exciting week.

[neo26] 25/10/2023 17:01

Of course they can buy stock

[pwhite73] 25/10/2023 16:29

bobonumber1 - Because they are not allowed to buy shares when they have an immediate intention to bid for the whole company. Its tantamount to insider trading. The financial gain for them is that they don't have to pay 14p for all the shares only the ones they don't own. UPL clearly stated the offer of 14p was for all the issued and to be issued share capital.

[bobonumber1] 25/10/2023 16:24

Why would they not have at least got to 10% in the open market before coming in with an offer ? It does not make sense and imo it's all a bit fishy.

[katsy] 25/10/2023 16:06

The alleged bid is informal, so in theory nothing is in writing. So when 20th November comes and nothing comes of this alleged bid, nobody will be none the wiser.

[loglorry1] 25/10/2023 15:52

Zengas if SEC were serious they could just bid for the license themselves directly for <£5m and have £160m to spend exploring. Since UPL are pennyless they couldn't outbid them. It's all just silly.