Upland Resources Share Discussion Threads

[stockhunters] 04/12/2023 14:04

rns

sell pre drill brigade soon?

[siggs44] 03/12/2023 14:11

Fyihttps://twitter.com/Uplandtweets/status/1731297256748319163?t=g029KhRr-U3authLApybjA&s=19

[seagreen] 01/12/2023 14:56

Looks like worth slipping a few in the bottom draw mind 8-)

[spangle93] 29/11/2023 20:12

Ref the link in 12250
It's great to see some positive viewpoints on UPL for new investors. However if that's part of the poster's course material, you'd waste your money - you could drive a coach and horses through half of those 20 points.

e.g. Conclusion 20.This is an oil and gas discovery
No it's not, it's a prospective licence

"the drillings rigs chosen are mobile and can be moved from site to site within a day"
really?? A day? What, on the back of a landrover?

"Oil prices are expected to rise to $135-140 by 2027"
By Whom?

Chucking supposed global average costs and margins around and saying they apply to Sarawak has all the relevance of saying the average premier league ground capacity is 35,000 seats, therefore now Luton are promoted, they should get 35,000 a week to watch them


Some of the points are indeed accurate, and positive, so it's not a complete dead duck, but please don't read the points at face value.

[dead duck resources] 28/11/2023 20:26

Completion of Joint Technical Study - RNS Highlights

"The report was successfully completed" (not just completed but successfully so - Ed)

"the 15-month study has enhanced our understanding" (ok, sort of goes without saying)

CEO Bolhassan Di said: "This study has been a major success" (now a 'major' success!)

[throwingmuses] 28/11/2023 19:43

'Upland has now commenced preparation for the SK334 exploration campaign, with news flow expected across a number of fronts, which includes, license undertaking through a Production Sharing Contract; commencement of formal farmout process; well planning and drill site preparation.'

Commencement of 'formal' farmout process shouldn't be overlooked. Considering how well the major surrounding players know the area, probably unlikely informal talks haven't taken place.

Everything obviously unlocked by the PSC award, with the further news stacking up behind it, joint ventures could well be a part of that. Can't hang around too long if we've got a drilling campaign next year.

[richsif] 28/11/2023 12:53

The assumption above appears to be Drill or Farmout, rather than Drill AND Farmout. ;-)

The area is absolutely huge!

‘Campaign̵7; suggests multiple drills.

[zengas] 28/11/2023 12:34

Hi Spangle,

I think you might have misconstrued my comment. No i didn't conclude the farm out is delayed. This is the first time in any of the RNSs that i saw a farmout even mentioned (unless i've missed it and which i apologise in adavance for) despite them announcing they went and looked at rigs first etc. Absolutely you can't farm out something that hasn't been awarded yet.

Seperately, looking at rigs doesn't make drilling imminent. Especially so if they then seek a farmout. How long will a farmout process take and be approved ?

A rig can be looked at and i think its part of the announcements to keep investor interest high but until there's a farmout the rig company doesn't keep their rigs on hold. Until theres a definitive available drilling slot or they have one cold stacked or one coming off another job but it won't be certain. It's why i was surprised to see the farmout intention now slipped into todays RNS. A rig available now for the next 2-3 months mightn't become available again until later in the year but by the sounds of it their intention is to drill this coming year i assume subject to farmout or finance.

The cost of a well and services is still in the dark. There's no 3D and will a potential farminee commit on that basis or want more detailed coverage which ups the cost and potentially delays drilling until that's done ? A PSC will likely have a time period of drilling a well in the first up to 2 year period. The cash position isn't great but they can make small placings as before until a farmout happens or decide to go it alone subject to financing.

At the end of the day there could be enough net bl potential after a farmout at this m/cap and they must feel the PSC award is a forgone conclusion but sometimes i feel the cart is before the horse and comes on top of last months debacle in how they manage things.

[michaelwhight] 28/11/2023 09:45

Sure I get it. I've been here since pre Wick too. Hope for a good outcome but was expecting a bit more from them today.

[richsif] 28/11/2023 09:33

I have held since 2018, so to be honest I have no interest in the daily fluctuations. It’s a well known fact traders sell into any news so how this performs in the first 90 mins of the market opening is inconsequential.

We are meeting Petros in the next few days. The next RNS, which is likely to be PSC related is imminent.

[richsif] 28/11/2023 09:18

They had a draft copy at the start of the month which was due to be presented in 3rd week of November. Today’s RNS confirms that is all complete as well as adding in some nice bits of new information if you care to look.

[michaelwhight] 28/11/2023 09:00

Spangle they've had this since the beginning of the month and they've been in talks for weeks now.

[spangle93] 28/11/2023 08:53

Would you expect PETROS to award a PSC without reviewing the content of the JTS?

ZENGAS - just curious how you conclude that the farm out is delayed. Not saying you're right or wrong, but I can't see that from today's RNS, and I'm not sure how you can "formally" farm something out that actually you don't yet have rights to?

[michaelwhight] 28/11/2023 08:45

Completion of JTS and award of PSC is what we needed today.

[richsif] 28/11/2023 08:27

Underwhelmed!? Jeez it's teeing up a period which will have a continuous flow of news.

"Our team will be meeting PETROS in Sarawak in the coming days”

[michaelwhight] 28/11/2023 08:14

Yep. I could help but feel a little underwhelmed by this RNS after what seems like a long wait and with much anticipation. We will have to wait for more substantial news.

[haggismchaggis] 28/11/2023 08:10

Kind of is not what the big money wants, it wants clear unambiguous statements of fact. Let's see where it goes over the next week or two.

[michaelwhight] 28/11/2023 07:53

We kind of knew this already though, didn't we?

[stockhunters] 28/11/2023 07:53

how many years until drill?

[haggismchaggis] 28/11/2023 07:50

"Upland has now commenced preparation for the SK334 exploration campaign, with news flow expected across a number of fronts, which includes, license undertaking through a Production Sharing Contract; commencement of formal farmout process; well planning and drill site preparation.".No questions needed, it's clear what is stated and obvious what is going to happen.

[michaelwhight] 28/11/2023 07:36

Yes this throws up more questions than it gives answers. They're looking forward to working positively with Petros but let's see the contract.

[zengas] 28/11/2023 07:20

They Looked at drilling rigs etc but they’ve slipped in the commencement of a farm out process. Will be interesting to see how long that may take, what they will retain and when they actually earmark a spud date and how long until the award of the psc ?

Farmout needed in place of cash raise I suspect.

[wiseacre] 27/11/2023 11:43

seems to be a tap of stock. 3 million purchased without moving the price.

[henrymcivor1] 27/11/2023 10:58

https://x.com/uplandtweets/status/1729087609987830020?s=46&t=PuE8rK3ApziVhjJmecf2og