Upland Resources Share Discussion Threads

[henrymcivor1] 04/6/2024 19:13

Been buying and holding for seven and a half years. Seen plenty come and go, pretend long term holders that couldn't go the distance, trolls, dreamers, the full spectrum. I'll still be here next year.

[dddkkk1] 04/6/2024 14:44

Rodney, this Time Next Year We'll Be Millionaires... please STOP with this nonsense !!!! We've been hearing the PSC award is just around the corner for the last year yet all UPL post about is that it's imminent and they have signed yet another letter of intent (wow) or they hired a new member of staff (double wow) ... As Henry would say "The mind boggles...seriously"

[upl_investor] 04/6/2024 11:21

PSC is days away. JV will drop also and its massive. We will be up 200-300% by month end

[1sharewithme] 04/6/2024 06:17

But not today Maybe this weekOr monthOr yearOr never

[henrymcivor1] 03/6/2024 13:00

That is correct dddkkk head

[dddkkk1] 03/6/2024 12:14

Any day now Henry 😂

[zengas] 30/5/2024 06:53

They don't but why would the company and broker in the document even issue that risk warning if it might not be a future issue. PIs will tut tut it, but oil Cos farming in may want a bigger margin of safety on terms hence legal dd and possible delay so far to the psc being issued.

" P13 In the event that in the future Petros grants the Group an interest in an oil and gas licence there is a risk that Petronas may contest the validity of that licence or seek to obtain a share of the revenues produced from within the licence area. "

Spangle I agree re BigOil, but it could well be that a larger oil company will be the operator post farmout.

[henrymcivor1] 29/5/2024 22:50

Petronas have nothing to do with SK334.

[spangle93] 29/5/2024 22:15

ZENGAS - having in the past worked on PETRONAS projects and with Shell Sarawak, my perceptions are that either of them (1) isn't particularly interested in onshore, and (2) would in all circumstances want to be the operator

I recognise that in your LBE block, PETRONAS is currently the minority partner. Maybe they will continue - sometimes they are OK with that because it's not core and they have insufficient staff to progress all of their opportunities.

I don't nelieve BigOil has the corporate authority, nor the corporate desire, to be an operator, and possibly not even an equity partner. So that begged my earlier question about how they will be satisfied.

[zengas] 29/5/2024 21:37

Thanks Spangle


Re the PSC and my estimates. That's relative to UPL plc shareholders in having that net share of reserves/value .

There's very little detail other than 2 people on the bigoil.com website or in the prospectus that i could see.

Upland and Big Oil formed the JV company 'Upland Big Oil Sdn Bhd which will apply for the PSC (owned 45% by Upland/55% by BOV stand to be corrected).

4 directors from BigOil Ventures and 2 from Upland Res and the Chairman and MD from Upland Resources sitting on UBO Sdn Bhd.

It was formed so as to look favourably on winning a psc for local content ?

Will the Sarawak govt allow or relax that to be changed in favour of Upland owning more or all of the JV company ? I always wondered why a JV company was needed by the govt but it's their way. But if you owned 55% of the JV company why would you give it up especially if at the farmout stage a farminee could/might carry the JV company anyway through x amount of wells as the psc will be awarded to them ? Only other sticking point is the Petronas issue in not fighting against this award by Sarawak which could be part of the legal dd process.

[spangle93] 29/5/2024 17:11

Hi ZENGAS

Sorry that LBE kicked you in the nuts this morning.

Just an observation, on your maths on 12588

"Both UPL/LBE have the Sarawak potential for $250m/£200m - $500m/£400m value based on a net 80-160 mmboe discovery at just over $3/boe.

UPL current shares in issue 1324m = 15-30p potential (M/cap £200m - £400m) versus 3.3p today = 5- 9X upside if successful for that level."

I think your valuation is for Upland BigOil, the JV that carried out the technical study, of which UPL paid 45%? So the assumption would be that UPL numbers would be ratio-ed accordingly?

If not, then what?

The structure moving forward into any PSC would require a single company to be the operator. So it begs the question, how will Big Oil be accommodated? From their website

it appears that they are a body shop providing services to operators that need in house staff supplementing. It doesn't look like they take stakes in PSC's. So, what will be their future in SK334, how will BigOil be recompensed? As an adjunct to the PSC, I suspect that the JV relationship will also need a bit of shaking about too

[dddkkk1] 29/5/2024 15:28

Super post Zengas.
It's refreshing to see such a well researched and informative post.
Of course the gob$h1tes here will respond with the usual bull trying to slate you. Sometimes they just can't handle the truth, refuse to do their own research, and if they do, they can't properly decipher it. I'm waiting for one of these brave keyboard warriors to attempt to have a proper discussion with you about UPL or LBE.
As the saying goes - empty vessels make the most noise..

[zengas] 29/5/2024 14:02

rich FY'F'I I own UPL stock !

It's time you grew up and allowed discussion to take place.


Can you actually answer the question put to you ? No !

[richsif] 29/5/2024 14:01

It’s down almost 60% intraday. Maybe you should concentrate less on UPL and more on your own investment in LBE, and whether the cross ramping you have been doing has inadvertently led to some people unfortunately following you into a loss.

We know you were previously invested in UPL. We know you missed out on the huge rise. Don’t be bitter.

[zengas] 29/5/2024 13:22

A lesson for you richsif

LBEs update today relates to the delay by the operator Equinor in bringing on 2 drilled wells to the main hub and a cost over-run for its Norwegian JV.

By the way, Can you show me one presentation where UPL have detailed the asset, location map to other discoveries, structure other than report after report of pictures of them sitting in chairs looking at screens while info is painfully slow on the actual PSC !

You actually have to look at other oil/gas Co websites to see what potential UPL may have because so far they've shown not one detailed presentation yet on what they have or what they will have post PSC award and net interest.

Might pay you to do some actual research because i believe they'll be looking at potentially multiples of Kertang in terms of possible recoverables with the same risk profile to UPL and not an out and out exploration play as UPL. The onus on here is to find hydorcarbons recovered when they do drill here because there is nothing else to fall back on.

LBEs Sarawak 2A block - Kertang prospect with DHIs, brights, gas cloud and multiple samples = 9 tcf estimated (1.5 BBOE) recoverable.

Todays update - "Additional, significant prospectivity on Block 2A has been identified. Two areas of interest have been delineated: firstly surrounding the Kertang structure, where several large structural closures analogous to Kertang have been mapped and secondly in shallow water, in the southwest of the block, where the continuation of a play that has seen several notable recent gas discoveries made in younger, shallower horizons to the south of 2A.

Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A."

LBE will also farm down from their current 52.5% to around 15-20% i expect.

LBEs m/cap is £4.56m. UPL £44m.

UPL retreated from over 4p mid 2018 with 456m shares.

Languished sub 0.5p - 1p range for 3.5 years.

No other assets now than exploration only .

Trebled it's shares in issue to 1324m with warrants still to convert and about $4m in cash awaiting the farmout and PSC. More cash is a certainty down the road.

Both UPL/LBE have the Sarawak potential for $250m/£200m - $500m/£400m value based on a net 80-160 mmboe discovery at just over $3/boe.

UPL current shares in issue 1324m = 15-30p potential (M/cap £200m - £400m) versus 3.3p today = 5- 9X upside if successful for that level.

I expect either LBE could sell off some or all of the Norwegian JV or potentially double their shares in issue from the current 57m to around 115m possibly and bring in a similar cash amount. Also have a sizeable fully carried interest in a Norwegian well with 56% COS Q3 along with a number of others progressing.

Same Sarawak value prize of £200m - £400m value prize for LBE even on 115m shares (double todays amount of 57m) = 175p - 350p (£200-£400m m/cap) or 20-40 X for same money at play as ever.

The same lesson was learned here at 4p in 2018 then languishing at 0.5 - 1p for the next 3.5 years, tripling of shares in issue and now pinned on one asset that offers hope - but as yet until the psc comes, cpr comes, a farminee with deep pockets, the net remaining interest for investors is known, nobody knows what level of potential they are buying into full stop.

[haggismchaggis] 28/5/2024 21:32

dddkkk1 stop talking sh1te FFS, the PSC is closer than the end of your nose is to your face, Pinocchio.

[haggismchaggis] 28/5/2024 21:31

When the HNW/UHNW investors ask the company for shares, you know you are on to a good thing, and the right thing to do is follow the big money.

[henrymcivor1] 28/5/2024 13:49

The mind boggles....seriously.

[dddkkk1] 28/5/2024 13:35

Not a bad decision to sell tbh, I've just sold my investment too and left my profit in.
The constant delays with the PSC doesn't fill me with confidence. Lets hope I'm wrong as I still have a nice chunk here.....
Knowing my luck the PSC will be awarded tomorrow !!!
GLA