Upland Resources Share Discussion Threads

[spangle93] 26/3/2024 08:14

Henry - yes

I'm referring to an overall corporate investor presentation, to introduce the company in a succinct way to those who maybe want a holistic picture of its objectives, USP, management, assets, upcoming share price triggers, etc.

The monthly report isn't that.

[henrymcivor1] 26/3/2024 02:32

Are you sure you're looking at the correct website?https://upland.energy/presentations/https://upland.energy/wp-content/uploads/2024/02/Monthly-Progress-Report-for-Shareholders-Ending-Jan-2024.pdf.

[spangle93] 25/3/2024 16:00

Hi ZENGAS

Hmm, I'm sorry, I don't think I can answer too many of your questions. Other people who read this thread are closer to the chairman, and might be able to shed more light on things... Over to you


The UPL website is, well, there are earthier words, but let's just say other companies make it a higher priority to be up to date, comprehensive, and accurate. The last investor presentation I have is dated September 2020, and that's no longer listed on the site. Brooke was mentioned in that, as being a source of access to opportunities. But Upland doesn't come up in a search on Brooke's website, and while there's no search facility on UPL's (hum), Brooke isn't mentioned in any of UPL's last 3 annual reports.

I guess I'd assumed, even before starting to search, the Brooke alliance had died even before the award of the JTS. It did seem a bit of a strange deal, based on the respective size and core skills of the two organisations - perhaps it depended on personal relations of people who are no longer on the BoD. ..


As far as I'm aware (though happy to be corrected) there was no communication by the company that the right to deliver a JTS was solely awarded to Big Oil.

Nor do I believe that the award of a JTS precludes others from being considered for the PSC - on JTS award, the chairman noted "We believe that the outcome of the Joint Technical Study will give Upland an advantage for the subsequent stages in Block SK334." An advantage, rather than sole rights to be considered.


Based on what I know about PETRONAS, they are an organisation that is more designed to consider higher risk, higher reward, primarily offshore licences. While the link between PETROS and PETRONAS may not be totally opaque, I don't think corporately, PETRONAS would be interested in SK334, at least at the exploration stage. There isn't really a European equivalent of a state oil company where the state has onshore licences, so the best I could do would be to suggest it's like BP wanting to muscle in on Bramhill's West Newton play. I hope I don't have to eat my words! Perhaps there's a clause being considered in the PSC that offers PETRONAS back-in rights if commerciality is proven, but UPL might struggle with the cash flow to fund a developmeny anyway. Though by that stage, the share price will be £1, so it wouldn't be much dilution ;-)

[zengas] 25/3/2024 13:19

Thank you Spangle for clearing that up re cash needed for acquiring the PSC and your thoughts on the seismic.

Do you know if any other JTS bids were submitted or are being made from any other entities for this particular block ?

Interesting on how you view the lack of detailed presentation on the PSC - plausible but i would have thought the prospectivity might be already guaged/known about by others in the industry and from Petronas ?

Did Vidaconn, Brooke dissappear of the radar/eleswhere 2018/19 to do their own prospective deals or partner up with anyone else ?

richsif - you'll find i keep an eye on any prospective investment or take a second, third or tenth look as i did around the time of the bid and thankfully could not see any logic in it. You yourself were confident that the 'PSC' news was imminent back in November.

So yes indeed 6 years that comment - but in the meantime S.Staley departed immediate effect in Q4 2019 and the shares/warrants have tripled, made a mess of Tunisia imo, no revenue and not much in the way of funding so yes i still could see more than 1.5 billion shares post warrant exercise being needed and i try to mitigate the risk along the way whatever happens at a company as they always tend to surprise whether good or bad.

There's a near identical poster over on LSE UPL who shouts down any questions and had the legs pulled from under him extolling Boil to 12p on a quick rise and then finds himself shocked at the 5p placing afterwards (much like the fictitious bid pushing it up to 6p here and back down to reality).

Not saying that any placing is needed here, but they are getting to the stage where the S/P is falling and the warrants are still excercisable if need be but nothing worse for a company with partners imo and not a big pile in the bank while still waiting on the issue of the PSC as to who may fund what so something i bear in mind re risk.

[richsif] 24/3/2024 11:29

A quote from Zengas 6 years ago, and now he turns up again of the brink of PSC sign off with his word salad of doom haha…



………;….
Now if UPL had the same success on what SOU have reported they'd be worth around 95p. (Depends what they pick up). So even a fraction of that could be transformational. Sou also have a partner who carried them and they have already dropped back by over 50% in value from its peak.

Also if they get a decent deal or a number of deals with 'Brooke' in Sarawak in their preference position and you can see how any of their intended acquisitions could be company making for UPL not to mention the high impact Wick prospect drilling in Q3.

[henrymcivor1] 23/3/2024 17:22

Email the company. Or ask them at the upcoming online presentation.

[zengas] 23/3/2024 13:54

Had a further look at this since I was cautious here ever since the bid talk and to me jumping the gun hype at looking at rigs in Q4 last year that i didn't expect imminent drilling activity and now the share price back at 2.95p and a bid talk high pushing it to 6p. To me a cloud over the whole company judgement that they took so long on it about a potential 14p bid but that's been and done.

On the 10p posts pre drill (£150m potential m/cap considering the cheap warrants/options in play 1.5b f/d) - don't disagree on that maybe, but a couple of things

This is an out and out exploration play with nothing re reserves/production to back up the current m/cap of £36m at 2.95p should even the first well be drilled out of structure/closure etc/ ie no 3D.

They say they are well financed for work activities but - How much if any will they need on bidding for the PSC ?

No funds that i can see for drilling so they'll need a farmout - they've since indicated in an RNS 22/1/24 which wasn't out there before officially that i could see. Is that happening conditionally ahead of the PSC award if won and on farmout how long before that partner is ready to go, requirements/stipulations re risk/seismic etc).

Also will they shoot any 3D seismic - they have absolutely none. Will a farmout partner want this first or take a chance on the very limited 2D lines they have commiting drilling funds on limited seismic - thus pushing drilling activity back ?

Also the warrants/options in play have this potentially reaching 1.5 billion shares in issue and i don't think that's enough to run the company (3D/Drilling) without that farmout.

It's fine when the PSC is awarded but - then need an oil in place estimate when it comes and an independent CPR (not the company estimate) but a RECOVERABLE estimate is needed more so to go on and the biggest point of all is - how much left relative post farm out and then net to UPL considering the JV status. These 10p posts are based on not knowing what the ultimate share will be post farmout and after the JV split.

On the project schedule there's nothing on actual drilling by the end of Q2/end June other than Partner & Strategic engagement on PSC til end Q2 - what's that actually mean ??? Acquire 3d next ? Drill without it ???

Maybe a clue that the seismic matter could hold this back as item 3 objectives is -

"Design new seismic acquisition plan and/or other feasible exploration tools for execution in future De-risking activities".

These are questions the board haven't answered in any presentations and it could all dither on til Q3 Q4 or early 2025 before spud ?.

The monthly progress report presentation is poor on facts that actually matter.

From the adm doc - P34 - SK334 " This block is approximately 6,685 sq km and is located in the northern region of onshore Sarawak, Malaysia. It is a virgin block from an exploration standpoint as no wells have been drilled in the area to date, and only 456 km of modern 2D seismic ".

[riskyinvestor] 22/3/2024 10:54

Tower Resources (TRP) is the Stock to be in

[richsif] 08/3/2024 11:51

There will be costs involved so it wouldnt really make sense to go to the trouble of getting themselves setup on this platform if news which they wanted to share wasn’t close.

[spangle93] 08/3/2024 11:32

Yes, let's hope they give a presentation soon, but even better, let's hope there's concrete positive developments soon for them to present :-)

[henrymcivor1] 08/3/2024 11:26

Do what you want. Any presentations would be announced via RNS in advance obviously. Just passing on what that company tweeted incase anyone didn't see it. Would imagine most are already registered as they cover a lot of companies.

[spangle93] 08/3/2024 11:00

??
But there's no actual presentation scheduled, right?

So we register NOW just in case (a) they do a presentation, (b) they choose to use the investor meet platform, and (c) they don't issue an RNS and no-one mentions it on a BB?

[haggismchaggis] 07/3/2024 14:16

Price shooting up at 1pm, close to USA market opening hours, does suggest some interest from USA. What do they know that we don't I wonder!

[soulsauce] 07/3/2024 13:14

Let's hope so Upl Investor and lets hope it is good.

[michaelwhight] 29/2/2024 16:21

As far as I remember Wick had a 30% chance of success. Not particularly good but when deciding whether to derisk or go heavy a poster who suggests favourable shipping movement can have influence. Once bitten....

[soulsauce] 29/2/2024 14:16

I never said they did and not who I am referring to. Nothing to do with the company. I said a poster.

[henrymcivor1] 29/2/2024 14:09

Yeah sure it was an individual that convinced everyone to buy shares and believe in the prospect. Dr Staley of UPL at the time and Malcom Butler of Baron didn't talk it up at all. If you don't have the balls for oil exploration, don't play the game, it's that simple.

[soulsauce] 29/2/2024 10:55

It was probably what happens with drilling so close to shore.
A lot was made of that by a certain poster and suckered people into failure.
Same with this, just saying beware.

[henrymcivor1] 29/2/2024 10:37

I didn't see any other counter theories to why the particular boat was making trips back and forth to that yard onshore. Can only make best guess on what information is available.

[henrymcivor1] 29/2/2024 10:28

You wouldn't know how to read a chart if your life depended on it you tit

[texaschaser] 29/2/2024 10:19

Charts indicate continued downtrend. Beware the pumpers.

[henrymcivor1] 29/2/2024 10:11

Malaysian listed companies don't post operational news the same as LSE, only financial. You won't find any announcement of when Petra started the operations at SK433 on the Bursa Malaysian website or won't get anything regarding the appraisal well that's being worked on, that's why we rely on research from Russian spies.

[michaelwhight] 29/2/2024 09:49

Agreed. Not reliable. Either over enthusiastic or deliberately misleading.