Upland Resources Share Discussion Threads

[potpot1980] 21/6/2024 11:54

You guys are numpties....you might want to get the name of the companies right before you spout mis information!!

[tyler90] 21/6/2024 11:32

Zengas, I agree this does not look good. This could be a house of cards about to fall. I hope not since invested but your research on Vanguard does concern me

[jungmana] 21/6/2024 11:31

There is a poster on twitter who actually raised some very important points including this rig issue a few months back but many thought he was deramping but I can now see he has valid points.Am beginning to doubt these lot will ever be handed the psc.Good luck folks before I will be accused of deramping.

[jungmana] 21/6/2024 11:10

If that's the drilling company then this company is NOT a serious one to hand a psc to.

[tyler90] 21/6/2024 11:05

Joshua Andrew Galloway is the Director of

[tyler90] 21/6/2024 11:01

Vanguard Drilling Limited is an active company incorporated on 28 April 2022 with the registered office located in Bradford, West Yorkshire. Vanguard Drilling Limited has been running for 2 years. There is currently 1 active director according to the latest confirmation statement submitted on 27th April 2024.

[jungmana] 21/6/2024 11:01

Zengas, good posts there and I personally have my doubts about this Company's communication. I was a holder until about a month ago.Something is just not right here imo.

[zengas] 21/6/2024 10:01

On the issue of waiting for the PSC and the latest progress report -

The latest RNS states a list under 'Supplier Engagement' but where are they in terms of actual contracts ? They say certain companies have been shortlisted and selected to work on the block - so are they contracted yet or just selected for a shortlist ?

Back in April they RNSd

"In addition to this, Upland has now placed a deposit and signed a Rig Reservation Agreement with Huisman Geo BV, on the LOC 400-6, New Generation compact rig with horizontal drilling and completion capabilities. Further detail of the rig specification and capability will be published to our website shortly."- I don't see any sign of that being updated to the website since almost 2 months on.

Also "The Huisman LOC 400-6 has the capability to deliver over and above our specified requirements, alongside this we have assembled a best-in-class team through our partners NRG Group & Vanguard Energy Services."

Fair enough - the drilling contractor/partner is Vanguard Energy Services /Vanguard Drilling - but their website gives nothing on who they are ?

4-12-23 Upland Resources Limited (LSE: UPL) is pleased to announce that, further to the announcement made on 28th July 2023, the company has now signed a specific Letter of Intent (LOI) for the provision of specialist drilling crew services with an established and proven partner Vanguard Drilling Limited.

They must have taken note because in this progress report they've cut out the plethora of photos of people looking at screens sitting around desks which tells absolutely nothing.

So Huisman supply the rig (deposit paid) but they are not the drilling Co.

The drilling company is Vanguard Drilling (but their website doesn't say who owns it or what jobs they've done. Can anyone find anything on Google of jobs they've done ?

Who owns it ? Directors etc. No details on the website at all that i can find ??? Has the same logo on the website as used on UPLs progress report but no details of any jobs they've done for anyone which is a bit strange if you want to promote your company ?.

Another thought, why does a crew need to be trained that UPL announnced ??? Ie crew selection. Has the drilling Co not got experienced drilling teams ?

There's a 34 year old guy who is the director of 3 companies listed at Companies house, Vanguard Energy group Holdings Ltd established April 2024, Vanguard Drilling Ltd established aPRIL 2022, and Vanguard Energy Group ltd established 2015. Maybe unrelated but who exactly are UPL employing when you can't find much reference to work they've done under a google search.

There's a Vanguard Energy Services ltd formed Nov 2023 with one director based in Inverness Scotland.

Thoughts ?

[jungmana] 21/6/2024 08:20

Simon well said. This is what am getting to .they keep waffling on about this and that when a the psc ( which is the key document) is not awarded yet.What could stop the government from awarding it to another company?You cannot farm out or carry lots of necessary work on a licence you have not been awarded yet? You can only do work that you are contracted to carry out .

[1sharewithme] 21/6/2024 08:13

If it is such a slam dunk THEN WHY IS THE share price SO LOWJam tomorrow No psc

[simon8] 21/6/2024 08:12

I remain hopeful it will come good but as i said previously this is not guaranteed, it's not "in the bag". Clearly the company has good working relationship with Govt and in the state Oilco,but until the PSC is awarded there is no way forward - we can get as many op updates from the company as they like but they can't really physically do much more - it all hinges on one document:

- they can'y farm down something they don't have, they can line something up, "majors" are mentioned, but ultimately its a dog eat dog world, can they be trumped by one of these majors for the PSC
- they can't prove financial capability until they farm-down, so they need to get that pretty much over the line before PSC award. What would those farm down terms be, how much do they give up for what - minnows like UPL tend to get screwed in such farm downs
- they can't commit to any rig contracts or seismic until they formally have the PSC, why would yu spend money on something you don't have, they can line up but that's as far as it can go.

Sorry to be sounding negative, i am not really, i have a fair amount tied up here and will dance for joy if / when the PSC is awarded. I just can't adhere to that ultra positive view it's a done deal

Come on BOD do the deal, you have had a long time, we need this over the line!

[jungmana] 21/6/2024 07:55

Yes I know the state is the ultimate owner but am sure you get what I meant. Has UPL been awarded the licences to SK334?

[spangle93] 21/6/2024 07:41

Jung - Even after award, the state continues to own the licence under a PSC. The applicant becomes a contractor to the state.

[jungmana] 21/6/2024 07:04

If I hand you a contract to carry a major study on my farm that does not mean you own the licences or tenancy to my farm

[jungmana] 21/6/2024 07:01

Who actually is the owner of licences SK334?
My understanding is that UPL was only awarded a contract for study of the petroleum potential on the licence?

"The Company is focused on opportunities in South-East Asia with an initial emphasis on Sarawak.  Over the last 7 years the Company has developed an opportunity on a block in Northern Sarawak, block SK334.

A major study of block SK334 was awarded to Upland in the 2018 Malaysian bid round.  That study is now complete and Upland is in discussion with the regulator to move to Exploration and Production."

[spangle93] 21/6/2024 06:53

It doesn't seem odd about the 3D shoot - if you haven't got a PSC, why would you spend the money. They may not even need it; in this terrain drilling a well on 2D might reduce uncertainty in a way that gives better bang for the buck

It can't produce a CPR because without a PSC, they have no resources. Again, any details on figures should follow award.

What I was surprised about was that for all the year, posters have been saying "PSC any day now". Based on what the company said I even posted that it should be likely in April. In this update we read "May 16th Upland confirmed that we are engaged with PETROS to finalise Upland's application for a Petroleum Sharing Contract (PSC). The Company awaits approval."

Does May 16 now become the starting gun for the wait for a Yes? Even this quote can be read 2 ways - are they waiting for an answer, or is the application yet finalised pending the outcome of this engagement.

The JV is also crucial - a PSC isn't going to be awarded without PETROS being satisfied that the licence holder has sufficient means to fund the licence development.

I remain hopeful that it will all come together, but I'm frustrated with the word games being played

[jungmana] 21/6/2024 06:10

Is time you genuinely start to question why no psc, no 3D shoot, no presentation, no cpr , no jv despite all the promises for over 12 months.Don't just accept what management continue to tell you.Good luck

[haggismchaggis] 20/6/2024 21:38

Not sure which cry-baby is voting my posts down today but I find it hilarious that someone somewhere is such an immature imbecile that they go round voting down posts, as if any investor ever takes any notice of how many votes up or down a post has on an anonymous chat board when making their investment decisions. I do hope they don't act this way if they ever grow up.

[jungmana] 20/6/2024 20:04

Oh dear! talking gibberish

[haggismchaggis] 20/6/2024 19:22

"Over the last 7 years the Company has developed an opportunity on a block in Northern Sarawak, block SK334."
.
7 years ..... 7 years. Of course the PSC is already in the bag.

[haggismchaggis] 20/6/2024 19:21

UPL is onshore, far quicker and far cheaper to drill and monetise than LBE's offshore block.
.
You can think about buying LBE with your huge profits from here after drilling, LBE is that much further away .
.
UPL have a rig lined up and everything else lining up ready to fast track the mutli well drilling campaign. UPL well(s) will be drilled before LBE even spuds it's first well.
.
Having read the LBE pivot RNS and Longboat presentation, I see no reason to rush over there, as their farm out might not legally complete until early 2025. Kertang is estimated at 8-10TCF. UPL looks massively bigger and with the oil seeps it should be Oil rather than Gas which is also easier to monetise and far more valuable by volume.
.
LBE valued at £11.42m, UPL £38.48m. There's a reason for that, 8-10TCF potential vs billion barrel oil field potential.

[haggismchaggis] 20/6/2024 18:53

Do people really believe that UPL would be doing all the work they are doing on the project, spending countless hours of board and senior management time if the PSC was not 100% expected to be incoming to them? Of course they wouldn't, they would wait for the PSC to drop on their desk before lifting a finger on most of the things announced as progressing in today's RNS.
.
Preparatory Work Streams - In Progress
.
1. Geoscience: including CPR, basin modelling, pore pressure assessment and well design
.
2. Drilling: including all rig requirements, site preparation, mobilisation and spud
.
3. Health, Safety & Environmental: including impact assessments and rig safety
.
4. Supply Chain Management: including all local logistics & contracting, tubulars and long lead items
.
5. Human Resources, General and Administration: including all recruitment of staff/sub-contractors and land management
.
6. Finance and Contracts: including PSC, JV's, farm-outs, financing options and sovereign states engagement
.
7. Supporting Group Activity: including supporting IR/PR, legal and financial services for SK334 long-term success
.
The Company is working on many fronts to expedite drilling in the shortest possible timeframe. Once commenced the Company anticipates drilling throughout 2025 and beyond.
.
They currently have zero revenues because they are not being paid a penny for any of their work on the above. Do people think they are doing all this work for free, to end up with nothing or nothing of a worthwhile value to them and their shareholders???? Well obviously they are not, they fully EXPECT the PSC and are doing all this work ahead of receiving it so that they can move rapidly to drilling once it arrives on their desk, instead of waiting for it and then doing all the work, which would have put the project back over 6 months (all the time they have been working on it since completing the paid-for JTS study in November 2023).
.
And before anyone says we need to wait to see what UPL receive in the PSC, we do not. UPL are not doing all this work to end up with a pittance share, they are doing it because it is so huge that the share they expect will be massive for it and it's shareholders. It is the reason they have exited all other operations bar this Sarawak block, if there was any risk then they would have kept the other operations as something to fall back on, but they didn't.
.
Of course some of the low risk or risk-off investors will wait for the PSC RNS, but those wanting the lowest price and therefore the biggest gain, they don't need to wait for it. I certainly did not wait, and bought more in the past few days too, as to me it is far too cheap to resist.

[divmad] 20/6/2024 18:43

The hot money playing SE Asia offshore is moving to LBE after its pivot. Watch and learn.