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No wonder there was floods of selling yesterday. How can the BOD and Auditors didn't know, that more info was needed. That is 2nd suspension for me today. Fecking what a joke. Where r the rampers now.... Have they jumped of the sinking ship in to dingy and now they are all on their way to UK.
Don't worry mate. When the suspension is lifted you can cry all you want then :) :)
First there was the dodgy bid, then he promised no fund raise. Still no psc and now this audit disaster. He needs to be replaced.
I guess their locked in 🤔
Only IF you're short :)
Only of you're short :)
Not good optics but the Institutional Investors must have been privy to this. They go through every thing forensically.
No one in the firm knew the audit would be delayed or they need more info?
So , so so bad form from the BoD. That's a joke
Audit reasons
Me to…… the placement must give some confidence. Il’s wouldn’t put that amount of money up if they weren’t sure of a decent return? Suppose it depends on what attachment’s were put on it.
.. they have to give us something more concrete..
currently all we have been given just begs more and more questions…
Hope they come good , really do !!
GLA
I guess we’ll find who is right over the coming weeks. I hope it’s you 👍
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.
Definitely starting to feel like we have all been mugged off
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.....
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 :)
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".
`Drill campaign` gives it away!
This is why they have a new generation rig that is far easier to ship...assemble and move.
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.
Imo ideally you want a major farmout with a committment for 3-4 exploration wells.
At 4p it was a ÂŁ50m m/cap with barely ÂŁ3.4m 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.
To be fair it is Serif.
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?
Million
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
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.