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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Upland Resources Limited | LSE:UPL | London | Ordinary Share | JE00BJXN4P16 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.215 | -16.04% | 1.125 | 97,476,324 | 16:05:32 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1.10 | 1.15 | 1.40 | 1.075 | 1.30 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | -2.17M | -0.0016 | -7.00 | 17.78M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:05:27 | O | 91,103 | 1.125 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 25/7/2024 | 08:03 | UK RNS | Upland Resources Limited Market Speculation |
| 22/7/2024 | 20:27 | ALNC |  IN BRIEF: Upland Resources says talks in Sarawak continue |
| 22/7/2024 | 15:35 | UK RNS | Upland Resources Limited Petros article of July 20th 2024 |
| 22/7/2024 | 07:00 | UK RNS | Upland Resources Limited Continuing PSC Discussions |
| 03/7/2024 | 07:00 | UK RNS | Upland Resources Limited Notice of AGM |
| 20/6/2024 | 07:00 | UK RNS | Upland Resources Limited Block SK334 Progress Report |
| 13/6/2024 | 15:45 | UK RNS | Upland Resources Limited Admission of Shares |
| 07/6/2024 | 07:00 | UK RNS | Upland Resources Limited Notification of Major Shareholding |
| 05/6/2024 | 07:00 | UK RNS | Upland Resources Limited Warrant Exercise |
| 28/5/2024 | 07:00 | UK RNS | Upland Resources Limited Strategic Investor Share Purchases |
Upland Resources (UPL) Share Charts1 Year Upland Resources Chart |
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1 Month Upland Resources Chart |
Intraday Upland Resources Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 26/7/2024 | 22:40 | Upland Resources | 12,952 |
| 01/11/2023 | 09:49 | Where's that admission doc and CPR? | 1 |
| 01/8/2023 | 18:50 | Upper limits for share prices | 13 |
| 16/11/2022 | 13:48 | UPL & BOIL, Wick and Sarawak Twins? | 9 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-07-26 16:05:27 | 1.13 | 91,103 | 1,024.91 | O |
| 2024-07-26 15:29:25 | 1.13 | 100,000 | 1,128.00 | O |
| 2024-07-26 15:29:25 | 1.13 | 446,365 | 5,035.00 | O |
| 2024-07-26 15:28:53 | 1.13 | 137,944 | 1,556.01 | O |
| 2024-07-26 15:28:49 | 1.14 | 444,424 | 5,049.77 | O |
| Top Posts |
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Posted at 26/7/2024 09:20 by Upland Resources Daily Update Upland Resources Limited is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker UPL. The last closing price for Upland Resources was 1.34p.Upland Resources currently has 1,326,948,129 shares in issue. The market capitalisation of Upland Resources is £14,861,819. Upland Resources has a price to earnings ratio (PE ratio) of -7.00. This morning UPL shares opened at 1.30p |
Posted at 25/7/2024 09:31 by zengas Despite saying they are in communication with the state government, the Govt hasn't told them anything new or they'd quote it.All they've been able to do is quote a 9 month old government statement about 2025 drilling. UPL then refer to the JTS and state that they have unique advantages over other potential bidders in a competitive bidding process. UPL now acknowledge the bidding process that Petros have mentioned. Petros stated as later in 2025 and if on the same timelines as the others announced yesterday, it would indicate no decision until April 2026. Debatable how UPL can determine that they have unique competitive advantages in a bidding process when they don't know who or what companies are also talking to the government and their own individual firepower. My assumption is they would say this to try and calm investors but it's meaningless (imo). UPL may be ready to commence but thats the government decision now some 8 months after the JTS was submitted and there is absolutely nothing quoted from either the Government or Petros today in that RNS. UPL have identified 'potential' partners for operatorship ? Surely these 'potential' partners that would like operatorship could just as easily be interested in the bid process as perhaps others may who won't be talking to UPL. Nothing new that isn't known except they now acknowledge a bidding process that Petros have stated. Looking forward to meeting shareholders at the agm, well they can't say anything else other than that. But once it's over, i expect it to be a drawn out waiting game with no one having to face shareholders for another year. I could be wrong and it's only an opinion but i beleive they'll be caught up in a competitive bid process which they have acknowledged as out there. See what others make of it in the coming weeks but i expect there's buying by some thinking its still a done deal and a combination of a lot of shorts closing to give it the bounce back this morning. |
Posted at 24/7/2024 15:58 by zengas PWhiteThe JTS didn't cost more than $575k (about £460k) so i wouldn't put it down to having any impact on how the Govt or Petros look at it. Shell/Exxon that some here posted were coming would make a mockery of this if they offerred multiples in investment to be excluded by exclusivity to a predetermined small player then. Back to the JTS. 10th Oct 2022 -URS's forecasted project outlay towards the completion of the study totals $250K. They then increased their stake in the JTS from 20% to 45% so the costs were likely to rise to an estimated $575k as they paid their JV partner Big Oil Ventures $325k to do so. The JV partner Big Oil Ventures was to buy in the prospectus $150K worth of shares (presumably with that money from UPL) at 0.6p/share which would equate to 20m shares out of the current 1.3 odd billion. (Upland and Big Oil Ventures were to form (and have done) a new entity for the JTS called Upland Big Oil Bhd Sdn). There were also warrants FOR 2 YEARS (one for every 2 ord shares) excercisable at 1.2p. Big Oil Ventures then excercised 6.888m warrants 6 months later raising £82,000 for the company on 21-9-23 when the share price ranged just over 2p so would have effectively given Big Oil $70k net back. With Big Oil Ventures never having a notifiable interest it's not known if they still have their original shareholding given the price went to 5p by the time of the fake bid which could have been worth over $1.2m on top of the net $175k Big Oil Ventures got by giving Upland a higher stake in the JTS. There's no way of knowing if Big Oil Ventures also cashed in the 6.88m shares received for that warrant excersise on 21/9/23 which would have been worth another $400k by the time the share price shot above over 5p with the 14p bid just 4 weeks later that took a week to clarify. Big Oil Ventures could have potentially been worth $1.75m by that time on the back of its share in the JTS via Upland Big Oil. |
Posted at 24/7/2024 11:54 by zengas 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. |
Posted at 22/7/2024 13:26 by zengas Too many here unfortunately imo taken in that drilling was going to be soon as long ago as mid 2023 - a year ago despite nowhere near having the PSC.Not only was there a cart before the horse approach but the progress reports became more and more banal with nothing more than charts out of view and folk sitting around desks etc. They also dangled the carrot of the early drilling potential, JVs etc way long before the PSC outcome as if drilling was close. I raised the issue of very limited 2D and the bid issue 9 months ago and the Petros news 2 days ago is a bombshell. Problem is if you raise any issue of concern on a bb it's dismissed as knocking the share. Personally i saw this as only keeping the share price with an inflated market cap including the 14p bid issue. There's been no nomad as we're not listed on AIM. Was there not a post about queries and someone posted a reply that 'we will silence them' -- real or unreal i don't know but the poster dissappeaed from memory. UPL need to categorically clear up this issue once and for all or are they really on the ball as they make out ? 24 July 2023 Sarawak Block SK334 Rig Evaluation . Members of the Upland Big Oil joint venture team are in Australia this week assessing the suitability of a new generation onshore rig, which is currently stacked and available for commission. 28th July 2023 - More bumpf on rig evaluation. "we continue to work relentlessly to maximize the potential of this global scale asset in the most time efficient manner. We look forward to updating the market on further progress throughout the month of August." 23rd August 2023 - I look forward to increased engagement with the UBO team as we progress with PETROS to the Production Sharing Contract (PSC) stage while finalising the Joint Technical Study. 15-9-23 We look forward to engaging with the PETROS downstream and facilities division, identifying key hydrocarbon export channels and critical infrastructure available to Block SK334. Additionally, we are encouraged by sustained interest from external parties who wish to collaborate on SK334's PSC. 18-9-23 Technical Evaluation committee formed. 12-10-23 Letter of Intent to provide drilling services and well planning in 2024. "we are making tangible progress and laying strong foundations towards our intended drill campaign". 20-10-23 Proposal for SK334 PSC submitted and received positively by PETROS on the 20 Sept 2023. Our focus is now firmly on the SK334 Production Sharing Contract with PETROS. The fact that our PSC application has been positively received by the regulator is welcomed as we continue on a precise pathway. 23-10-23 Bid. 27 & 30-10-23 Fake bid established - so false market in shares that a nomad could have looked into. Company indicated they'd be worth more and rejected 14p - but still went on to dilute themseves further in the months ahead. 30-10-23 Upland is advanced in the process of securing the Production Sharing Contract of Block SK334, "progress towards the SK334 onshore drilling campaign with preparatory work commencing in 2024". 28-10-23 Joint tech study completed/submitted to PETROS. More drilling/well services LOIs. 22-1-24 Committee set up to handle "joint venture funding offers and farm out procedures". The timely formation of the Financial & Investment committee underlines the need to address the growing interest from corporate and institutional entities, this coupled with the anticipated PSC works leads to what is a busy period ahead. 5-2-24 Seems amateurish and cringeworthy like a pipils school report. Positive feedback received from PETROS 'a good quality JTS report' and 'very good work done'. 28-3-24 Pre-drill work programme developed for accelerated drilling programme. "Full focus is now on our intended high impact drill campaign onshore Sarawak" 22-4-24 Rig deposit paid, Rig reservation agreement signed (but crucially this never states when that would happen re spud date). LOI on a stretgic partner. 21-5-24 Near term CPR on resources numbers intended to be released shortly. 20-6-24 First time 2025 is slipped in regards drilling and the news release from Petros 2 days ago really emphasised no drilling to 2025 after the psc is awarded to all potential investors and on the back of more work still to be conducted before that can happen. |
Posted at 22/7/2024 10:28 by zengas 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/negotiat 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. |
Posted at 20/6/2024 07:08 by michaelwhight 20 June 2024 UPLAND RESOURCES LIMITED("Upland" or the "Company") PSC, Investment Partners, Sarawak Company Engagement & SK334 Progress Update Upland Resources Limited (LSE: UPL) is pleased to announce the following update: PSC & Investment Partners 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. May 16th the Company also confirmed letters of interest from two potential partners. These are now at the stage of detailed terms of reference subject to contract. Sarawak Supplier Engagement The Company is committed to maximise the participation of Sarawak companies on SK334. Upland is therefore pleased to confirm the following companies have been shortlisted and selected to work on Block SK334. · Environmental Impact Assessment - Sarona Konsult Sdn Bhd· Site preparations & civil works - Zecon Bhd· Civil and Structural consulting - TKY Consultants Sdn Bhd· Mechanical & Electrical consulting - Perunding KAZ Sdn Bhd· Early Production System and Mechanical Installations - Brooke Dockyards & Engineering Corporation· Geological and Geotechnical consulting - SI-Geospec Sdn Bhd Specialist International Supplier Engagement · Basin modelling & Pore pressure prediction studies - Schlumberger· Pore pressure analysis, Seismic risk profiling & Production scale mapping - ACT Geo SK334 Progress Update Upland is pleased to provide a detailed Progress Report for Block SK334 Onshore Sarawak further to the update of 28 March 2024. The progress report is now accessible on the Company's website at the following link: https://upland.energ |
Posted at 29/5/2024 22:37 by zengas Thanks SpangleRe 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. |
Posted at 29/5/2024 14:22 by zengas A lesson for you richsifLBEs 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. |
Posted at 24/5/2024 12:04 by zengas Re the PSC.LBEs 2A block offshore Sarawak was mentioned here not so long ago but was told to take it elswhere as im sure i will be but consider this in context as SK334 is clearly in close proximity to numerous fields not just the 2 or so mentioned by them so interest should and must be high . "While the Company awaits the PSC award Upland also confirms that it is now in discussions/negotiat "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." -------------------- Why doesn't UPL have the PSC in the bag before discussions/alternat LBE were awarded 'operatorship' of the 12,000 km2 Block 2A of Sarawak with 36.75%. Topaz 15.75%. Petronas 40% and Petros 7.5%. 1.5 Billion BOE estimated recoverable in the first of a multiple of prospects with over 6,000 km2 of 3D. LBE upped that to 52.5% by buying Topaz 15.75% share for up to $3.25m. There are a number of majors interested in 2A also but the PSC terms are there with substantial 3D, the amount of drilling and processing of seismic required in each term of the PSC. So far UPL have about $3.4m - it's not enough to see out whatever those PSC terms when issued which is likely to include a number of wells and a fair chunk of new seismic both 2D/3D - not just a case of drilling a well and why as above UPL say 'long term interests' for shareholders. With so little capital the negotiating power could lie more so with any farminee. For SK334 Petros could likely be on a minimum of 20% or possibly 40% allowing for the warning in the adm doc that Petronas may yet have a claim to have a stake in the PSC. (Petronas and Petros have 47.5% of LBEs 2A offshore Sarawak so these might be similar terms that Petros wants for itself on SK334 ??). That could whittle it down to 60% for which a farminee with having to pay a fair share of the costs is going to want a sizeable stake. (LBE are farming down and intimated they could give up 20-30%) If a farminee comes in for a similar amount here that could leave the JV on 30-40% meaning UPLs net amount could be 15-20%. This is my opinon why the PSC isn't awarded yet and strange that they are negotiating with other oil Cos and majors when it hasn't been officially awarded to UPL as yet while LBEs block 2A was done prior to any farmout activity. |
Posted at 25/3/2024 16:00 by spangle93 Hi ZENGASHmm, I'm sorry, I don't think I can answer too many of your questions. Other people who read this thread are closer to the chairman, and might be able to shed more light on things... Over to you The UPL website is, well, there are earthier words, but let's just say other companies make it a higher priority to be up to date, comprehensive, and accurate. The last investor presentation I have is dated September 2020, and that's no longer listed on the site. Brooke was mentioned in that, as being a source of access to opportunities. But Upland doesn't come up in a search on Brooke's website, and while there's no search facility on UPL's (hum), Brooke isn't mentioned in any of UPL's last 3 annual reports. I guess I'd assumed, even before starting to search, the Brooke alliance had died even before the award of the JTS. It did seem a bit of a strange deal, based on the respective size and core skills of the two organisations - perhaps it depended on personal relations of people who are no longer on the BoD. .. As far as I'm aware (though happy to be corrected) there was no communication by the company that the right to deliver a JTS was solely awarded to Big Oil. Nor do I believe that the award of a JTS precludes others from being considered for the PSC - on JTS award, the chairman noted "We believe that the outcome of the Joint Technical Study will give Upland an advantage for the subsequent stages in Block SK334." An advantage, rather than sole rights to be considered. Based on what I know about PETRONAS, they are an organisation that is more designed to consider higher risk, higher reward, primarily offshore licences. While the link between PETROS and PETRONAS may not be totally opaque, I don't think corporately, PETRONAS would be interested in SK334, at least at the exploration stage. There isn't really a European equivalent of a state oil company where the state has onshore licences, so the best I could do would be to suggest it's like BP wanting to muscle in on Bramhill's West Newton play. I hope I don't have to eat my words! Perhaps there's a clause being considered in the PSC that offers PETRONAS back-in rights if commerciality is proven, but UPL might struggle with the cash flow to fund a developmeny anyway. Though by that stage, the share price will be £1, so it wouldn't be much dilution ;-) |
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