Upland Resources Share Discussion Threads

[stockhunters] 24/7/2024 14:19

big seller working at the moment

[simon8] 24/7/2024 13:31

Messrs Zakaria and Meranun must be rather gutted at this moment after subscribed very recently at 3.3p per share and lifting their ownership of company to circa 15%... I suspect a few words are being said at State Govt level.... I'd also suspect there are quite a few locals with share price exposure who go under the radar and may also be making representations.
The subscription RNS clearly said these guys had good contacts at State level...

[pwhite73] 24/7/2024 13:28

haggis - My point exactly. The clock doesn't just start from August 2025 when others have been incurring technical and feasibility expenses since at least 2018.

[pwhite73] 24/7/2024 13:27

ZENGAS - "Petros having the JTS in their hands this past 7 months saying 5 days ago, much more work needed to be done before the block can be ready for the bid process later in 2025 "

That's right hoping and perhaps knowing UPL will be bust by August 2025 if they cannot raise money on the back of a PSC. That would then leave Petros free to party up with some other major with all the technical and feasibility work they done with UPL in hand.

[haggismchaggis] 24/7/2024 13:16

"We are in continuing communication with the Sarawak State Government, the final authority for awards of Petroleum Sharing Contracts for Sarawak Onshore Assets.".The point of UPL stating the above in RNS is highly important IMVHO.What it tells us is that the Government decide on the PSC ....... NOT Petros..UPL have worked for a long time on the project, and no doubt IMVHO the Government promised them the PSC for doing all that work..Petros are subordinates to the Government and will do what the Government tells them to do.

[zengas] 24/7/2024 13:15

PW Standard cautionary stuff ?

So meaningless then ? On top of Petros having the JTS in their hands this past 7 months saying 5 days ago, much more work needed to be done before the block can be ready for the bid process later in 2025 'open to all potential investors'

Ok.

[pwhite73] 24/7/2024 13:09

ZENGAS - That is just standard cautionary stuff. If a new government gets in they could decide to follow a green agenda and forbid all further exploration of oil and gas.

Everything else being equal UPL should be granted a PSC at SK433 prior to any technical work carried out independently by Petros.

[jungmana] 24/7/2024 13:08

still at more than double the market cap of LBE despite having no licence in Malaysia.with companies such as total, shell, pttep and even lbe {with the malaysian authorities knowing the management well from salamander development in the country) all in the region why should they hand over the psc to upl?
the authorities will give it to best candidate for the exploration and development of sk334. . simples!
will be under 1p soon.

[pwhite73] 24/7/2024 12:33

ZENGAS - "The question is - How do you run a fair bid process if you suddenly take one of those carbon sites away and give it to someone without fair bidding ?"

A fair bidding process takes into accounts work already conducted by other companies prior to the award of PSCs.

RNS 21/05/2024 - "Two technical studies have been conducted on SK334. The first was commissioned by Upland and Brooke Dockyard & Engineering as part of the PETRONAS 2018 Bid round. The second, a joint technical study (JTS) undertaken by Upland and PETROS - the Sarawak state energy company. During the course of the JTS, PETROS provided 2D seismic data, airborne gravity (FTG) and magnetic data, various technical and analogue well reports. These were interpreted and integrated with data from field studies."

UPL has already done the groundwork over a number of years. So for the Sarawak State Government to say we're going to open the bidding to all and sundry from August 2025 is totally unfair.

Others will throw their hats into the ring based on the groundwork UPL has already completed so others don't have to incur the time or costs themselves.

[stockhunters] 24/7/2024 11:04

zengas you bring up some brilliant points

[zengas] 24/7/2024 10:54

In response to Jimmys post over on LSE - That last article from Petros for 3 carbon sites is in the 2024 bid process.

There's no bid round yet for oil/gas blocks that i see other than Petros saying later in 2025 and from the article in question that Petros put up a few days back that has caused the share price drop was for the oil/gas blocks to put out for bid. This includes the block that UPL is after.

The question is - How do you run a fair bid process if you suddenly take one of those carbon sites away and give it to someone without fair bidding ?

Likewise how do you give away an oil block that hasn't been subject to fair bidding ?

What are the other regional /partner companies or international companies left to think - hardly open and above board ?.

The bid round process opens on 24th July today for the 3 carbon sites.

Data review is until 28th November 2024 with bid submission by same date.

Bids are evaluated from 1st Dec 2024 until 31st Jan 2025.

Bid awards are in April 2025.



If SK334 and the other blocks that Petros mentioned 5 days ago for being put up for bid later in 2025 and follow the same timeline process as above then there would unlikely be a bid award until April 2026 for SK334.

UPL appear to be on a very sticky wicket. How do you convince the government to give you exclusivity and not put the block up for fair and open bidding "to all potential investors" as Petros have published and thus creating some potential serious issues for other contenders and potential headaches to government ministers - from other companies (including Sarawakian) that wish to bid in an open/fair process. All at the same time get best bang for your buck for Sarawak and its people.

UPL need to say exactly what is going on to date on the above process other than saying the government is the final authority. They may well get the block but unfortunately may have to take part in the bid process for the government/Petros to demonstrate fairness and wait until any award which on the above timeline could be April 2026.

That's a serious question that needs to be put to them at the agm for explanation. If so the share price will seriously drift and by that timescale would need a lot more funding.

[stockhunters] 24/7/2024 08:39

zengas some great detective work

[1choip] 24/7/2024 07:32

2.5p recovery

[1sharewithme] 24/7/2024 02:07

Could it be a case of "THE JIG IS UP"Looks like it ,unless they rns today imo

[zengas] 23/7/2024 19:44

UPLs own adm doc states - "In the event that in the future Petros grants the Group an interest in an oil and gas licence"

Why no mention of it being the government as final authority in the adm doc ?

Also - In the adm doc, UPL are saying they only 'understand' that their application 'be looked upon favourably' and again note - 'should they bid for an oil/gas licence.'

They (UPL) are saying bid ? Where is exclusivity mentioned ?

Exactly what Petros have said 3 days ago as in opening the block to all potential bidders in 2025 is not indicating exclusivity.

Could it be read that in light of the application it isn't looked at favourably at this time.

What did the JTS exactly provide Petros with over 6 months ago that led to their news article release 3 days ago ?.

[zengas] 23/7/2024 19:42

Pages 12 and 13 of the adm doc.

"The Group may never acquire any interests in oil and gas licences in Malaysia.

"The Group has no guarantee that at the completion of the technical study that the Group will obtain an interest in this licence or any other licence in Malaysia.

However, carrying out a technical study in collaboration with a local partner will demonstrate a commitment to the region which the Company understands will be looked upon favourably by the local authorities should the Group bid for an oil and gas licence in Sarawak in the future.

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. There is no certainty that any such licence will ever be granted. "

[justa_beginer] 23/7/2024 19:25

The Oil Mining Ordinance has never been repealed even during the period of the 1969 Proclamation of Emergency. The State Government is firmly committed to regulate oil mining in the State to protect the interests and aspirations of Sarawakians.
Tonight, that commitment is exemplified by the issuance of Mining Leases to PETROS in respect of two blocks, one in the Adong Kecil West in Miri area, and the other in the Engkabang area South of Marudi. This signals the beginning of the State Government’s efforts to exercise Sarawak’s constitutional rights to regulate oil mining under the State laws to take complete control over the exploration and production of petroleum in the onshore areas.
The State Government, through PETROS, will have the control of, and legal title to, all the oil and natural gas produced from the onshore areas, and to select and appoint contractors or enter into ventures with investors to explore and produce the oil and gas from onshore Sarawak. The State Government will have in place a fair and business friendly regulatory framework and environment to attract investors to participate in the development of oil and gas industry.

[1sharewithme] 23/7/2024 19:10

I said this yesterday but not so eloquently

[spangle93] 23/7/2024 12:07

Though interestingly, if you follow the opening paragraphs of the article by PETROS posted yesterday, it refers to another onshore licence, SK433.

The SK433 PSC was handed to Petra Energy by... PETROS


"Malaysia’s Petra Energy will operate Block SK433 on behalf of joint venture partner Uzma following the award by state-energy company Petroleum Sarawak (PETROS)."


The Board of Directors of PEB wishes to announce that Petra Energy Development Sdn. Bhd. (“PEDSB”), a wholly-owned subsidiary of PEB on 15 June 2021 received a Letter of Conditional Award Offer from Petroleum Sarawak Berhad (“PETROS”) for the Petroleum Contract relating to Exploration, Development and Production of Petroleum in Block SK433, Onshore Sarawak

[pwhite73] 23/7/2024 11:42

Jungmana - 12860- "Any block on that list with SK initial then numbers indicates Sarawak State."

PWhite73 - 12856 - "As far as I'm aware although there are other operators in Malaysia I am not aware the Sarawak State Government has previously awarded any PSC for onshore blocks."

I do remember this company from the 14p bidding scandal so do have a degree of knowledge as to what is going on here.

[jungmana] 23/7/2024 11:11

No you were never mixed, from your statement I quoted you are wrong. You talking about stuff you know nothing about..
From the link I posted earlier (post 12853) there are over a dozen psc already granted to oil companies across Sarawak with the approval of Sarawak State Government. Any block on that list with SK initial then numbers indicates Sarawak State.
I won't reply to you again here as you simply have no clue about this topic.

[pwhite73] 23/7/2024 11:04

Sorry I got mixed up between Petronas which is owned by the Malaysian government and Petros that is Sarawak based. However my argument still remains valid.

UPL are saying the Sarawak State Government has the final say on the PSC and not Petros. Again I reiterate I'm not aware of Sarawak State Government having previously granted any PSC.

[jungmana] 23/7/2024 10:52

"Sarawak State Government is an independent legislative body within Malaysia. Petros is the Malaysian state natural resource company."

Let it go Pwhite instead of making more fool of yourself.
Petros is NOT the Malaysian state natural resource company. Petros is owned by the Sarawak State government and only operates in Sarawak state.

You just have no clue here.
End of topic