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Exactly Hubstar
A series of meetings have been held from the 13th May 2024 with a number key officials with discussions to FINALISE Upland's application for a Petroleum Sharing Contract (PSC).
This is not a preliminary initial discussion, info on PSC to be announced very soon IMO
It has been a busy month with Upland making huge progress.
This was released just on the 16th May 2024 with further news and updates to follow very soon.
Following the meeting with key heads of Sarawak State in London on April 23rd Upland is pleased to confirm that a number of meetings have been held in Kuching throughout the week commencing May 13th with key officials of Sarawak State and with Petros.
Discussions have been to finalise Upland's application for a Petroleum Sharing Contract (PSC).
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.
Upland has signed two Letters of Intent on potential Joint Venture, Farm-In Agreements, with discussions progressing to Exploration Strategy & Field Development Planning (FDP), with one party, including progression into investment appraisal and campaign planning review.
Petroleum sharing contract coming very soon…
Don’t miss out on the potential multi bag offering :-)
Reading between the lines of latest RNS and statements i would say the JV is very close to be concluded,i do not see why they would have a self imposed suspension and re-commencement of trading otherwise.What would be the point ? it points to a significant announcement being very close IMO
We’ve had 7 RNS released in the last 2 weeks alone delivering positive updates and may have another batch of news released possibly tomorrow or next week with juicy details on the psc.
Placing shares had been oversubscribed, one key significant Malaysian investor bought more in…exciting time to stay invested :-)))
Is looking like there may be some decent newsflow around the corner here,going by that huge spike we had for the potential bid a while back i would say strap in for some very exciting times.We know they been talking to some oil majors and have had offers.In other words UPL are in a strong position to choose desired partner :-)
Could easy double or treble on that news IMO
Please let’s have it !!! 😊
That next RNS gotta give us that PSC..
GLA..
Agree stockCheque and as noted by others there's always sellers once a stock come back from suspension no matter the prospects.
Did note on advfn it was being pushed that they were a sell as they hadn't RNS'd the PSC. Thought it shortsighted myself but there you go. See how the action goes today.
Interesting timing for lifting of suspension, i would say they would only have done this if they were confident of announcing that new partner or indeed partner,s . The assets are very good and there has been very strong interest from partners and investors. Has great near term and long term potential this one IMO.
This should not be down at these levels so there is currently a huge buying opportunity here.
Placees will be ii's and most likely have a much longer view than a few weeks for their ROI, unlike the majority of PI's that want their profit yesterday.
Reads as an interesting play (first time looking in) but guessing the placee's must be a little miffed at todays action.
Market waiting on the PSC to be awarded before getting excited?
Smart money will soon start piling in with large blocks of money…
One key Malaysian strategic investor had increased their position as they know the value of this…
This taken from the RNS released on the 17th May 2024:
Bolhassan Di, Upland Chairman and CEO commented:
"The level of interest in Upland from new institutional shareholders and from our existing strategic investors illustrates the anticipated value of the Company. This combined with the interest from potential Joint Venture partners gives me and the management team every confidence that our SK334 campaign will be well funded."
Make5mil
Thats what Will smith would have said lol :-))
Keep BOIL of this platform !!!.. this is called UPL PLATFORM for reason!!!..
Judging by the size of the trades in BOIL today, I doubt it. Nice attempt at a cross ramp though! 🤦🏻♂️
Fantastic news released in the last few days, was just waiting to load up the moment suspension was lifted
:-))
How did you work that one out pd101?
History repeating itself??
HOW OIL WAS DISCOVERED IN BRUNEI
"... a number of gas seepages were reported and when analysed at Shell Headquarters in Holland indicated that it was methane and ethane gas indicating the possibility of oil gas. A detailed survey was conducted and coreholes were drilled. The first proper oil well named S-1 was drilled in July 1928 near the beach and struck oil and gas at 974 feet when it began flowing. And the rest is history."
https://www.bruneiresources.com/goldenlegacy/tgl_oil_discovery.html
Very similar depth:
"Three geological structures have been identified by Upland for initial exploration drilling locations - A (depth 1100-1500 m), B (depth 1000-1500 m), C (depth 1900-2400 m)."
Strong gap up inbound to its real price.Great entry.
A lot of emphasis on the word Brunei in that rns’ opening paragraph. Could such references refer to more than geographical association with Brunei. It seems as if there would be a natural synergy for Brunei to partner with this adjoining asset. Are Brunei and it’s exploratory arms some of the majors referenced in recent weeks ?
Yeah.. it always felt like the PSC process would not get Final sign off, until they included the potential JV partner into it as well.. so my guess is that as they finalise which JV partner to go with, then the PSC final sign off will take place, followed by somewhat immediate notification of the JV..
- Ensuring that there is no evidence indicating that the production sharing contract (PSC) will not be granted by making enquiries of management and reviewing correspondence with the local authority!!!!
Massive hint / statement in last weeks RNS! Its ours....just when!!!!
I expect the sellers will dry up soon. Probably just a few holders got the hump over the suspension but in reality there has been positive news since including today and a CPR is now being prepared.
Strong buy and hold now for substantial reward.
EarEyeAm, I see you beat me by one minute :-)