Upland Resources Share Discussion Threads

[jungmana] 22/7/2024 11:00

The Malaysian (at national level) are very selective who they let in;
Listen from 33 mins to 35 mins:

[jungmana] 22/7/2024 10:49

I always work hard and smart lool

[michaelwhight] 22/7/2024 10:48

You're working hard today Jung. It's risky..we get it. Communication is poor from the BoD and politics is obviously at play. Some tough questions coming UPL's way at the AGM no doubt.

[jungmana] 22/7/2024 10:37

I will place a chance of 1/10 for this lot to ever get the psc. Why ? go.listen carefully to the recent presentation done by LBE chairman and ceo. Malaysian are very careful who they hand a psc to. The company must have a team with a proven track record of delivery and capability. They just don't hand it to anyone who turns up.And the track record of this lot especially their history in Tunisia is poor.

[michaelwhight] 22/7/2024 10:17

It's a high risk share. Always has been. As part of a balanced portfolio it's fine.

[ohisay] 22/7/2024 10:15

Uninvestable actually ..

[michaelwhight] 22/7/2024 10:01

I think what the RNS is stressing is that the government are the final arbiters and not Petros. UPL has close government ties. Risky admittedly.

[zengas] 22/7/2024 09:41

At least if they'd been on AIM there would be a nomad. No such thing with their standard listing.

They must be aware of the Petros article as we are, but made no reference to it other than saying we are in communications. Share price has been slaughtered on this from an already high m/cap which at 3p was £40m.

Cash value is about point 3 of a penny.

[stockhunters] 22/7/2024 09:33

zengas there was a sliver of hope that maybe management were being truthful in their extreme confidence but seems to be fading fast but maybe they can bring back confidence at AGM

[zengas] 22/7/2024 09:28

They should have about $4m cash net after the recent placings in April and May.
People posted naively about the partners maybe being Shell or Exxon here but that in itself was a glaring problem.

The fact is WITHOUT a PSC, UPL could be sidelined by multi billion dollar companies such as those and companies like that could tell the government - if they want mega investment expenditure that would dwarf UPL. They'd only be a distraction imo to have them involved.

16/5/24 "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."

It's hard to square that companies would negotiate with a company that doesn't have a psc - whats to stop them going to the government and offerring them xyz $$$ for the PSC ? !

Government owe UPL nothing. UPLs own adm document clearly said they might never get a PSC.

The PSC should have been in the bag for UPL before they started farmout discussions (Did they really ?) because bigger companies can without doubt clearly undermine them.

Todays news that Petros will offer the block to all interested investors shows that and UPL chose not to comment on the article detail of 2 days ago and if so clearly puts them in a precarious sitaution. Without it, cash value £3m/$4m.

[1sharewithme] 22/7/2024 09:26

They haven't got the field right in the article Let's see what transpires

[jungmana] 22/7/2024 09:04

Sell this and buy LBE,Market cap is a third of this, far more reputable experienced management, psc granted , farm out process ongoing with interest from multiple large companies , finalising DROs to be granted any day. EtcAs always dyor

[2prsimo] 22/7/2024 09:03

Overvalued pap and a complete con. The amazing thing is, it's taken a full year for folks to eventually cotton on. Incredible really.

[deanmatlazin] 22/7/2024 09:03

corruption happens everywhere

If UPL did not get the PSC, this will be a cash shell. Value will be < £1m.

[goforgold1] 22/7/2024 09:01

Another Scam lol never ending

[argyle underclap] 22/7/2024 08:57

I think the important thing is to look at the mkt cap ( still £30m ? ) and ask what have UPL actually got that justifies it.

Would a cap nearer £3M be more appropriate?

Is it out by a factor of 10?

[argyle underclap] 22/7/2024 08:53

All pie in the sky as we all thought

[zengas] 22/7/2024 08:48

After this article and todays RNS that UPL are in communication (could that be inferred as no discussions on the psc award now ?), they need to make some open and concrete commentary on that article. Seriously i hope they are in better grasp of communications etc with what the government has been doing and saying given the absolute shambles in dealing with a bogus bid and a week to establish such while the share price ran away to silly levels and m/cap.

UPL have continually emphasised final stages and as someone else posted, the same story about expected shortly has been trundled out for months.

This article from Petros saying it will be available to all interested investors clearly signals UPL are not as sure of themselves as they think and is nowhere near being close to a done deal. They want more seismic and FTG before it will be offered to all interested investors. Not good at all. Some serious explaining needed.

[zengas] 22/7/2024 08:29

No - LBE have their PSC and commenced farmout.

I think Petros are more aware they can get other interested bidders. Seriously why award to UPL until other bids are seen or even involve UPL at all. All UPL have ever had was a study and they could be sidelined whether some find that unpalatable or not by other players. Farming out something you don't have always seemed incredibly 'cart before the horse' and this article lays it bare imo.

[divmad] 22/7/2024 08:24

Zengas, any read across of this rns for Lbe?

[zengas] 22/7/2024 08:21

I see they released this RNS after this article appeared from Petros. Not only do i not expect any drilling before 2025 as i had said a number of times - (even UPL allowed this to creep into their most recent commentary) but more seismic and FTG needed 'before' they will offer this block to 'ALL interested investors'.


REJUVENATING AND UNLOCKING SARAWAK’S ONSHORE HYDROCARBON POTENTIAL

Date: 20 July 2024

Another focus is Block SK334, located near Limbang & Lawas in Northern Sarawak with total area spanning around 6,685 sq km (Figure 1). A total of 450 line km of 2D seismic data were acquired over Limbang area in 2016 while the rest of Block 334 acreages have no seismic data coverage. The block is covered by first generation of Full Tensor Gravity (FTG) data acquired in 2015.

PETROS will be conducting a blockwide de-risking activity in SK334 by reprocessing all the existing seismic data which is scheduled to be completed in Q1 2025. A feasibility study on the application of e-FTG in Block SK334 is also currently being assessed.



Upon completion of the feasibility study in Aug 2024, a full e-FTG survey over Block SK334 is envisaged in second half of 2025. It is necessary to acquire the e-FTG survey over the entire SK334 block in order to have a wider comprehensive dataset (full tensor, gravity, magnetic and LIDAR) which will be processed, interpreted and integrated with seismic and other geological data. Given that e-FTG will provide high quality data with speed and wide coverage, the results will enable design and cost optimisation of future seismic acquisition plans.


PETROS has also recently completed the northern onshore Sarawak geological field work. The integration of the collected geological samples and analysis from the field data is part of our effort to improve the geological understanding of the petroleum system in SK334.

PETROS is confident that with the additional high-quality datasets gathered, we will possess far better geological understanding to mature a technically robust prospect to drill in SK334. This will then enable PETROS to offer Block SK334 for competitive bidding to all interested investors.

Full article

[simon8] 22/7/2024 08:17

very odd RNS this morning which gives no information but just clouds thing and probably is suggestive that there will be no PSC before the AGM - I think we all assumed that would be the big announcement before or on the AGM judging form the prior company mood music. Hence share price down significantly... more can down the road and no PSC for the foreseeable. This is not good and awful comms from the company. URGHHH..

[1 frank] 22/7/2024 07:53

I agree with with Charles Archer , it's a good bet, imho.

[jungmana] 22/7/2024 07:21

These lot are not competent enough to be handed a psc by the Malaysian Authorities.

[stockhunters] 22/7/2024 06:29

I thought I would look to see how long management has kept this going