Upland Resources Share Discussion Threads

[simon8] 16/5/2024 13:25

Indeed more talk, good but what we want is the signature on the PSC, all else will then fall into place, until then talk is talk. All crossed the PSC comes quickly now.

If we have O&G majors interested what is the risk we get trumped for the PSC and one of those major does a separate deal for it?

Get the PSC signed to firm up the business please.

[ashleyjv] 16/5/2024 13:12

16th May 2024



UPLAND RESOURCES LIMITED

("Upland" or the "Company")



PSC, Joint Venture & LOI's Update





Following the meeting with key heads of Sarawak State in London on April 23rd Upland is pleased to confirm that a number of meetings have been held in Kuching throughout the week commencing May 13th with key officials of Sarawak State and with Petros. Discussions have been to finalise Upland's application for a Petroleum Sharing Contract (PSC).

While the Company awaits the PSC award Upland also confirms that it is now in discussions/negotiations with five established E&P companies, including Oil & Gas Majors to participate in the Exploration and Production of Block SK334.

Upland has signed two Letters of Intent on potential Joint Venture, Farm-In Agreements, with discussions progressing to Exploration Strategy & Field Development Planning (FDP), with one party, including progression into investment appraisal and campaign planning review.

At this stage it would be prejudicial to our negotiations to name the interested parties. The Upland Financial & Investment Committee, announced on Jan 22nd 2024, is actively determining which of the current options will provide the best shareholder value.

Bolhassan Di, Upland Chairman and CEO commented:

"As we would expect the potential of SK334 is attracting a lot of attention and we already have some very serious alternatives to consider. We do expect there to be a lot more interest and as a Company we will make sure that the options we choose move us ahead but also are in the long-term interests of all our stakeholders."

[argyle underclap] 16/5/2024 09:52

gramarhhhh!

nice work spangles

[jungmana] 16/5/2024 09:37

When are we back trading then? I see waiting for fca .O/ t HEX worth a good look if anyone fancies helium investment.

[spangle93] 16/5/2024 08:16

Direct link to annual report



Still waiting
"The JTS was completed on 26 November 2023. On 24 September 2023 our associate Upland Big Oil Sdn Bhd (UBO) commenced discussions with PETROS about the award of a Production Sharing Contact. Discussions are ongoing"Directors Renumeration

One more grammatical moan ...
"Directors Renumeration" - Double Ouch.

[spangle93] 16/5/2024 08:11

I guess if they are getting into drilling wells, and hopefully even starting production, there will be more need for a competent CCO then in the years when they didn't have 2 ha'pennies to rub together.

From the annual report
". Since we anticipate significant growth and to broaden our range of required experience, post period we have also appointed a Chief Commercial Officer"

"...where it has it's focus"
Shame that Harvard Business School, Cambridge University, and even the NOMAD, don't correct english grammar errors ;-)

From a search on his background, he does appear to be quite a big hitter to join UPL on presumably a full time basis - typically he's been assisting companies as a NED, or advisory consultant.

Fingers crossed the suspension will lift shortly

[michaelwhight] 16/5/2024 06:20

We are delighted that Albert has joined our executive team at this transformational moment. He brings to the team a range of commercial expertise that complements our strong experience in oil and gas exploration and production. We intend to grow the company significantly and it has been a priority for the board to make sure we have the skills and experience in our team to drive that growth."This does suggest that there has been a perceived credibility issue but that they are addressing it.

[simon8] 16/5/2024 06:16

Yup... and a new BoD member to pay ;-)

Let's hope he gets the PSC signed as his first priority!

[siggs44] 16/5/2024 06:07

Back in business

[simon8] 15/5/2024 06:45

You have to wonder whether Littlejohn auditors are competent, Uplands affairs are not that complicated you'd of thought, they are not a multinational with dozens of companies to consolidate... this should be a straightforward exercise unless there is something we are not being told. The accounts should be signed off by now. Perhaps the Board need to go out to tender for new auditors once this is all resolved.

Still no PSC signing either... dragging on too long.

[spangle93] 10/5/2024 07:24

And another week drifts by without a signed PSC

Thought it would have been in hand by the end of April

[stockhunters] 07/5/2024 09:09

amateur hour from UPL something so basic

[jungmana] 03/5/2024 12:51

These auditors better get there acts together

[henrymcivor1] 02/5/2024 09:07

https://x.com/davidburton1971/status/1785569965040435416?s=46&t=PuE8rK3ApziVhjJmecf2og

[richsif] 01/5/2024 16:56

Do you know which other companies?

[echoridge] 01/5/2024 16:08

I was more right than I realised: I'm reliably informed that as many as 8 companies suspended their shares due to PKF yesterday/today. Its way more serious than I imagined

[soulsauce] 01/5/2024 07:58

Not again, doh!!

At least I don't feel like it's going to the wall this time.

[haggismchaggis] 01/5/2024 07:54

The entire market for auditors is hugely understaffed, it's a staffing crisis for them.hTTps://qxaccounting.com/uk/the-staffing-crisis-in-the-accounting-industry-stats-that-are-a-wake-up-call/

[echoridge] 01/5/2024 07:38

trust me, this one isn't management's fault. PKF's chronic understaffing and resulting mistreatment of its clients, especially the smaller ones, is finally starting to get recognised in the market. Their failure to meet deadlines have caused scores of listed companies to have to suffer unnecessary suspensions and the inevitable rumour-mongering that follows.

[argyle underclap] 01/5/2024 07:16

Ding Dong

Amateur hour strikes again (rns)

[argyle underclap] 30/4/2024 21:50

Great posting as always from Zengas on lse thread. (thanks Zengas i hope you dont mind me reposting here) Well worth a follow...


Zengas: "Imo ideally you want a major farmout with a committment for 3-4 exploration wells.

At 4p it was a £50m m/cap with barely £3.4m of funds.

If UPL go it alone with the limited funds they have, it becomes a one shot wonder on the outcome of that one well and a long way to fall on a poor result if no back up funds, thus likely heavy future dilution.

A 3-4 well farmout deal would prevent that to some extent unless all wells were failures and investors sit each well out.

Need the CPR, the COS on the well and more meat on the bones re derisking but with the limited funds, a farmout is the only way to go."


Also today...


Zengas: "On the 23rd March i posted about needing cash but was immediately tackled by Flip Flop saying 'oh here they come' and assured us in print that the board told him a placing was 'lies' and 'we'll silence them' - Strange his posts are all gone. I'd be wary of these telegarm groups trying to control info, re-spouting it here and just trying to remove any relevant questions just beccause it may be deemed negative to those that wont ask serious questions.

Other than the funds,

The same questions still stand in my 23rd March post more so as i see they haven't

"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.

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. '

-----------------

As of today 30/4/24 now potentially 1.6 billion shares fully diluted. It will surely mean a further rise at some point as about $3.7m net from the raise will not cover all.

Latest presentation doesn't go beyond end June and no drill shedule - stuffed with photos but light on significant info that matters - therefore what slot or when will that rig be available for a designated slot. Is it cold or warm stacked ready to move ? Will it sit around earning no money until UPL/Govt decide to give the well go ahead ?

[michaelwhight] 30/4/2024 11:02

Should see some buying now. If the price was good enough for the big boys it's a fairly safe bet.

[henrymcivor1] 29/4/2024 14:34

If you believe that

[richsif] 29/4/2024 13:14

Jaknife closes short with a loss! lol