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Cheers Serif. You're very welcome.
Shareholders/clarity: Valid point. Also, looking at it from another direction, unlike many companies, UPL can reach around 70% of holders through around half a dozen very direct contact methods.
Direction: Yes, that was the "right now" status. But I meant in essence: it's the 3 things we should all be expecting their focus to be on.
CEO: Present status mentioned at start (1 min max). As RNS. Timecale to replace BD as interim emphasised, exactly as RNS. BD ICEO duties supported by JK, AAN & DW for specific tasks. None of us asked further on this subject.
Hi Amnesic, your right someone somewhere will moan whatever you do - but companies only really have to ask themselves - do we think our shareholders are clear about our direction and what to be excited about to want to stay engaged/get more invested. Your third paragraph is very clear about the direction, but I can’t recall where I have seen this put so clearly in recent company communications. Changing CEO is a significant event and some official confirmation of what this means for company direction is appropriate and something along the lines of what you say would have sat very well in the last rns.
In any case thank you for continuing to post the information you find out elsewhere on to this board. I think this company has some great connections and has the potential to be that “dark horse” - just perhaps no need to be quite so dark!
Today is Malaysia Day. The last of a little run of public holidays until end of next month.
Fair enough, Serif. That option is open. Some use it solely to message other investors directly and/or to dip into the group. My posts here are usually pointers to the more significant things from there anyway.
I understand the comment on comms. It's been double-edged sword for some time and they appear aware of that. Stay quiet until a tangible new big thing is ready - some moan. Give a samey update of no price significance/new big thing: some moan. 29-Jun RNS a somewhat dramatic example of the latter.
The company is clear on focus, aside of what anyone externally makes up or confuses themselves about. Apart from UK (IMF being fronted by Corallian), the main objectives are unchanged. It was said that right now: Saouaf is top priority (because it is contracted and has commitments). Next are the 2 SEA opportunities seen on recent slide (the newer - albeit more than a year in the works - possibly taking a little more attention right now).
BD said "Why should you expose your [potential] assets to certain competitors. Keep it quiet guys."
(referring to investors as much as themselves)
Many thanks for the detailed update Amnesic. Unfortunately I find Twitter intensely irritating so will regretfully decline your invite!
Personally I am delighted that the company is talking to investors and “keeping them sweet” - so it should be - and as many as possible! II think my frustration is with the lack of communication with the wider base of investors. The company has gone through so much in the past 18 months but the level of official company communications is very slight as others have pointed out and now very out of date. A contributor on the other board raises some great questions about direction and strategy which must be in the mind of any serious investor or potential investor here - so there would be a great opportunity for an interview or such like for the company to reassure existing and excite new investors about where it wants to go and what it’s pursuing (without having to reveal commercial info). I would have thought the twitter groups request for such a conversation might have tipped the company off that shareholders generally need something like this here - especially if it would like to widen the shareholder base.
Yes, just 2 weeks to go. Two options? Interested party: drops out; or extends exclusivity period to enter into negotiation. There's usually always a 3rd option: by mutual agreement, extend the evaluation period.
IIRC, annual licence rent is due late this month, so either way "during the Exclusivity Period Upland UK will incur no further expenditure in respect of P2478"
My "OGA 32nd Round offer of awards" post below (3-Sep) links further hostory/info/thoughts. Also from Team (4-May).
Since, I've knocked up something more visual to show where our blocks sit in relation Eqiunor/Total.
Hi Serif, Yes, there was a call on Monday. But it came about from an organised group of investors asking, via normal IR channel, whether BD/BoD would be available for a chat. The company accomodated the request (with just a few hours notice from the night before), as they can choose to do for any other significant stakeholders or individual PIs.
I didn't hear anything new, beyond RNSs or what could be inferred from public sources (certainly from links I know I've posted here before). Actually, in a couple of cases, less was said, due to fresh commercial sensitivities and everyone appeared satisfied with that.
It's clear RB has been working Tunisia, as stated by co before (29-Jun). He has worked on some info in presentation slide format (probably done for recent CR), which is mainly repackaged public/ETAP/CPR material, or drawn from it. Some asked if that can be put to the website so all can see it, which I guess might well happen.
Serif, such events are few and far between, but you'd be welcome to join the group. It's not private. As a keen observer you may enjoy it. Just drop me a direct message via Twitter.
Couldn't agree more Serif, you have captured the situation succinctly.
Not surprised, just frustrated. If you have a good story to tell why not tell your whole shareholder base? How do they think this looks to the wider shareholding - it’s hardly going to increase transparency, trust and confidence in the stories emerging secondhand!
News on P2478 in North Sea due end of month. Will the interested party wish to negotiate farm-in terms?
Serif I don't know why you are surprised. It happened with Staley, it happened with Pitman and so it seems the same person couldn't wait to tell us yet again that he and some other shareholders have been privy to things other shareholders have not through the Twitter group.
I am sure you will be told it is all above board by certain posters on here ;-)
Am picking up from the other board that UPL held some kind of conference to update some investors on progress/prospects. Does anyone here know what was said? Personally think that if they have something to say the company should be making it generally accessible and available to all investors rather than running these private briefings. What about using the more public channels -eg rns, newsletter, interview? We could do with more information/updates here.
Yes, Serif. It seems puzzling to us at the moment. Too many possibilities to go through, some obvious, some not.
The "CEO" role can have a number of facets. One is that there's a relentless load of dull routine admin relating to being a listed company. Possibly not really CP's bag or best use of time, anyway I believe JK churns a lot it anyway so CP could be more focussed on business development opportunities. Another is being the public face of the company, the legal entity. CP was the only exec on the BoD. Others were non exec. BD is now exec. Maybe that has some value/purpose.
Please disregard the post at 09:58, apparently Ronald McDonald has given back word as he doesn't want his reputation tarnished but I hear the remaining Chuckle brother might be approached.
What I don’t get is why they wouldn’t wait to appoint the new CEO to ensure a smooth transition and make it all part of their “strategic plan” - esp as CP is staying on as a Director. So am left wondering what drives his removal at this point and suspect there must be something going on in Tunisia (gone silent) or wider Malaysia (something brewing) that has set the timetable?
When CP joined as a a Director it was his MIddleEastern and African experience (not North African as you note) that was highlighted. Not clear why UPL keeps looking to widen its focus when it says there are plenty of opportunities in its current areas of focus. All a bit puzzling. The real mistake seems to have been the judgement to appoint CP as permanent CEO in Jan - so let’s hope the Chairman/interim CEO can compensate by delivering something concrete in the meantime. They do refer to their assets in Southeast Asia in the latest rns - so I would love to know what these are !
Timing does appears odd, Serif.
BD has said that since last year's corp governance work, all technical & financial decisions will go through respective committees (of relevant BoD members & consultants), not CEO (also 29-Jun RNS). CP was not leading all projects, various individuals lead different opportunities, which may or may not have been initiated by CP. e.g. RB leading Tunisia (also 29-Jun RNS).
Perhaps there's a slight shift to note in today's RNS - CP not focussed on "North Africa", but business development in "Middle East" and "Africa" - not necessarily meaning the same thing.
Good bit of light hearted fun in these troubled times around the world. Chin up everyone and take care.
Just hoping that the rns phrase “expects to complete this in next 3 months” means that they already have someone lined up for the position. Seems odd timing for the announcement otherwise.
Baram Delta. Onshore. Surrounded by Brunei, east & west. Block SK334 (previously known as SK6-00)
Map ===> https://twitter.com/_amnesic/status/1302541672845377536
There you go!
After Chief Min's talk last week of new revenue generation plans, today Sarawak state government are talking of the location.
Corallian won offers of 4 blocks and Equinor won 7 blocks in the OGA's 32nd round.
If Equinor is the "large International E&P Company" evaluating UPL's licence P2478 for possible farmout (post of 4-May below) then one of their new blocks may be of interest. They've been offered 13/17a in the Moray Firth (in partnership with Total).
This is close to the Total blocks that Equinor farmed into in March this year...
... and which are adjacent to the P2478 blocks.
With the agreed exclusivity period ending this month, an update is probable within the next 4 weeks.
The 14 July RNS mentioned "The Company presently has several near term highly attractive transformational licence opportunities under review in South East Asia including Sarawak, Brunei and wider Malaysia".
"Wider Malaysia" has been mentioned before too, but nothing from UPL recently indicates that it was considered a nearer term opportunity than either Sarawak or Brunei. The Petronas 2020 bid round awards were due to happen around now, but on having a quick check, I see that Petronas has extended the round due to Covid-19.
There are 8 blocks on offer and 4 discovered resources: Map ===> https://snipboard.io/6bORUf.jpg
All offshore. Worth noting (and as one might expect) that no Sarawak blocks were offered (either offshore or onshore).
Original timeline would have seen winning bids informed in Q3-2020 ===> https://snipboard.io/wsSmRf.jpg
New timeline moves that to Q1-2021 ===> https://snipboard.io/iyuQPb.jpg
(Extending bid submissions period by 6 months also, to end of Nov)
A wealth of info at ===> https://www.petronas.com/mpm/investment-opportunities/2020-malaysia-bidding-round
Sabah exploration block SB410 is part of Baram Delta and closest to onshore Brunei so may prove to be analogous.
~10km at closest points, or ~60km mid to mid.
Thanks Amnesic for taking the time to share your thoughts in such detail - informative as always. If it is simply consensus around commercial issues then that can probably move forward very quickly. Will do as you suggest re the recent article you shared - things could get very interesting very quickly around here - which I say with some caution and not wanting to tempt fate after the horribly slow 18 months we have had!