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Best thing is to trust no one who is trying to tell you to sell or buy - however they may try to wrap it up!
On the 23rd March i posted about needing cash but was immediately tackled by Flip Flop saying 'oh here they come' and assured us in print that the board told him a placing was 'lies' and 'we'll silence them' - Strange his posts are all gone. I'd be wary of these telegarm groups trying to control info, re-spouting it here and just trying to remove any relevant questions just beccause it may be deemed negative to those that wont ask serious questions.
Other than the funds,
The same questions still stand in my 23rd March post more so as i see they haven't
"No funds that i can see for drilling so they'll need a farmout - they've since indicated in an RNS 22/1/24 which wasn't out there before officially that i could see. Is that happening conditionally ahead of the PSC award if won and on farmout how long before that partner is ready to go, requirements/stipulations re risk/seismic etc).'
Also will they shoot any 3D seismic - they have absolutely none. Will a farmout partner want this first or take a chance on the very limited 2D lines they have commiting drilling funds on limited seismic - thus pushing drilling activity back ?
Also the warrants/options in play have this potentially reaching 1.5 billion shares in issue and i don't think that's enough to run the company (3D/Drilling) without that farmout.
It's fine when the PSC is awarded but - then need an oil in place estimate when it comes and an independent CPR (not the company estimate) but a RECOVERABLE estimate is needed more so to go on and the biggest point of all is - how much left relative post farm out and then net to UPL considering the JV status.
On the project schedule there's nothing on actual drilling by the end of Q2/end June other than Partner & Strategic engagement on PSC til end Q2 - what's that actually mean ??? Acquire 3d next ? Drill without it ???
Maybe a clue that the seismic matter could hold this back as item 3 objectives is -
"Design new seismic acquisition plan and/or other feasible exploration tools for execution in future De-risking activities".
These are questions the board haven' t answered in any presentations and it could all dither on til Q3 Q4 or early 2025 before spud ?.
The monthly progress report presentation is poor on facts that actually matter. '
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As of today 30/4/24 now potentially 1.6 billion shares fully diluted. It will surely mean a further rise at some point as about $3.7m net from the raise will not cover all.
Latest presentation doesn't go beyond end June and no drill shedule - stuffed with photos but light on significant info that matters - therefore what slot or when will that rig be available for a designated slot. Is it cold or warm stacked ready to move ? Will it sit around earning no money until UPL/Govt decide to give the well go ahead ?
Edit - The same questions still stand in my 23rd March post more so as i see they haven't elaborated on the other points i raised then.
The UPL telegram group was run by Goldie and some shorters - it took a few people to start the new UPL group and get the good holders over which Flip helped in and his posts match what hes put in the telegram group as proof - i see a few posting here are probably ones that were in the original group that got closed down and denied access to the new group!!
Flip put me onto UPL in the early 1s and I'm forever thankful.
Yeah I agree the BoD needs to give us more meat on the bone than the skeletons we have been receiving..
all the key information that will give us a strong sense where the company actually stand is still not out yet n hope it comes sooner than later really ..
for me the PSC is very critical for us now..
GLA.
Got to admit we are in tin hat territory at the moment without clear briefings from the BOD. The release of volumetrics would be a good starting point. That said I still can’t get away from the fact the BOD must have put across a pretty convincing story to get the hard nosed Institutions to part with $4 dollars. GLA
Stuart, we can’t really be surprised by an attempt at a shorting attack - it’s immediately post a placing - isn’t that what usually happens?
Imo ideally you want a major farmout with a committment for 3-4 exploration wells.
At 4p it was a £50m m/cap with barely £3.4m of funds.
If UPL go it alone with the limited funds they have, it becomes a one shot wonder on the outcome of that one well and a long way to fall on a poor result if no back up funds, thus likely heavy future dilution.
A 3-4 well farmout deal would prevent that to some extent unless all wells were failures and investors sit each well out.
Need the CPR, the COS on the well and more meat on the bones re derisking but with the limited funds, a farmout is the only way to go.
Agreed. I think that’s always been their aim - a drilling campaign not a one shot gamble. The money just gives them much better negotiating leverage in the farm out discussions to maximise percentage and funding for a campaign.
`Drill campaign` gives it away!
This is why they have a new generation rig that is far easier to ship...assemble and move.
Huisman Geo BV for the LOC 400-6, a New Generation compact rig with horizontal drilling and completion capabilities.
An early field development strategy is under consideration.
"Upland is now technically and financially well-positioned to deliver on our intended strategy. We are committed to updating the market further on our ensuing activities, including the progress of our Joint Venture discussions".
Well ive bought back all the shares I sold above 4p, this is an excellent opportunity to buy now the company is funded for a drilling campaign that potentially has billions of barrels. Farmout talks in advanced stages & even the drill rig has been selected and a deposit paid. The next ride up could be the big one.....all aboard at a price bellow the placing :)
With you @DusterMan. I was feeling unsure for a bit because of conflicting information, but having discarded the recent stuff on here, the Company are putting out a consistent message and I think we're on the verge of an exciting time.. Holding tight.....
Why you feel that way? Companies never give prior notice for a placing. Also a placing isn't the end of the world if its going to enhance a companies future profits massively ( and this could ). Short term pain for a long term gain. If it was done just to keep the lights on then that's a different story, and every right to feel mugged off as you say. I feel I have a second chance to buy in at a low price, right before potentially company changing events.
I guess we’ll find who is right over the coming weeks. I hope it’s you 👍