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I’m expecting an RNS tomorrow.. PSC and volumatics. Sign off in London last week. Close of play raise RNS Friday to get negativity out of the way. Watch this space.
Crucially, our low-cost operating model means we are now fully funded to complete the Joint Technical Study in Sarawak, covering all work commitments into 2024.-saw this .. maybe I am reading it wrong lol..
Also if you are ‘well financed’ is that not synonymous to you not needing anymore financing ..
listen, take your time to read what I wrote before rushing out ..
no further comment on the topic !
GLA.
That’s not true. Where does it say ‘Fully funded’?
‘Well financed to meet its work commitments’ is what was said in January
They just put a deposit down and reserved a drilling rig. You think that was chump change? You think that’s a work commitment or part of the big boy next stage?
Would you have preferred for them to have lost their chosen rig to another company because they are not in a position to pay the deposit until they have the financing PSC partner nailed down?
The story here changed from fully funded to now raising fun. I get it that strategy may have changed but I can’t blame people from venting .. it is allowed.. we investors here want to see the company do well as is in our interest.
Maybe a clarification from the company will put this to bed swiftly. Whatever everyone here is offering as a possible explanation is at best a guess.
So Mr Positive with the pink glasses through which everything looks perfect, also needs to chill!!
GLA.
Oak have raised over £1bln for their clients so perhaps they have been brought in as fundraisers for UPL. So what is the new strategy?
Some on here need to chill, the negative people will do their thing and spout stuff like I bet they don’t even drill. The scenario here is most prob they needed money to get a better slice of the pie.
Ask yourself why are these institutional guys investing 3m plus on nothing, no psc etc etc….myself and others weren’t expecting this that’s for sure….but they have more than enough cash for working capital….so why now the need for this money…..
If meant for me kindly refrain from involving me in your Immature chat & comments . If not meant then I apologise in advance
Smart money don’t throw money away. To get this placing done to so few individuals at the price the stock was trading at less than 3 weeks ago and without a confirmed PSC they must have wall crossed them with some pretty juicy MNPI. Wouldn’t you think?
The narrative on these boards is completely delusional
Blimey the one post Willys are descending to spread the gloom. Green box for the yellow skinned superhero.
Apologies Flip , not privy to the telegram group.
Interesting the raise is in dollars so that is 3.3mill raised.
Wishes, wishes, wishes, how I hope they come through !..
GLA !!
Thanks flop , not encouraging at all. Not the first time the BODs integrity has been called into question. I do believe they are decent people and truly want the best outcome along with every other investor .
3D seismic is one of the most important techniques to help geologists and engineers to find out where possible hydrocarbon is below thousands of feet below the earth surface. Without 3D seismic technology, many oilfields cannot be discovered. Has Upland done a 3D here I can’t see it referenced anywhere?
I think the 30 day SP average is often used to set placing figures - so would need to work this out to establish scale of discount. Share was at 2.7 a month ago, so maybe it’s not that large a discount.
Make5mil, as it was Mr Flip who posted it , the author so would start at source of information. Clearly a large contradiction in the response. Given this was only days ago, you would expect the BOD to have been lining up this cash raise / placement .
I am not giving my opinion, just stating the facts. I am well invested into UPL. Things like this. Do not give me much confidence .following the last after hours Friday R.N. S it certainly didn’t put the face of the integrity of the BOD .
If the posted response was from UPL, clearly that is not encouraging is the significant investment they have secured from the placement. The investors must have confidence in a return on their funds put forward. They can’t be privy to any more information than what we are?
Simple answer. Because it’s at one hell of a discount. I’d like to know what they are bringing to the table for that apart from cash.
Exactly Jack. I will stop musing as well. My Mrs is away so Billy no mates 🙈🙈
There’s a lot of bitter retail punters who are in this space and missed/ watched this company quietly build a business in Sarawak and didn’t invest. They are desperate for it to fail because that’s how envy works.
Last musing - how the hell did they get off a placing with no PSC etc at a £50mn valuation to smart money at a price the stock was trading at less than 3 weeks ago
The more I think about this the better. I never ramp and always try to tell the truth.
a) I have the perception that UPL actually care about the shareholders. I’ve been with others who don’t give a monkeys.
b) Why announce after the market has closed - to safeguard shareholders (obviously including themselves)
c)The release of PSC sign off and volumatics has been a painfully long wait. As the great and the good met in London (including the Sarawak Premier) things are clearly happening. No hopers would not get a seat at the table.
d) UPL must have committed to funding a proportion of the drill cost - hence the raise.
In my humble opinion I predict we will get an RNS on Monday re the PSC. They released the raise message to avoid yesterday - watch this space. I never predict but I am 100% confident on this one due to the BODs track record.
What needs explaining? The PSC and everything that comes with that is not ready to be announced as we are still evaluating partners that will give us best terms and are not yet exclusive. On Monday 22nd in order to be ready to crack on Upland Had to put a deposit down for the rig and following that they have done a decent but not too dilutive placing to a few smart investors to shore up the balance sheet. That means we are financed up to and including first drill.
The market should love it but there could be a brief opp Monday morning if you’re lucky
Read the last 2 RNS’s
Has put us in a far better negotiating position with the joint venture partner. Our piece of the pie will now be far bigger so in the longer term we will reap greater rewards. This needs to be explained to the market next week. The company has actually acted in our best interests. The bod need to be transparent in the next communication to the market and explain why this was necessary at this juncture. Things change in business when negotiating huge deals, by now having the cash to go alone if necessary it says to the JV partner, increase our piece of the pie or we’ll go it alone and take ALL of the pie!!
Why will you be waiting on Flop to substantiate a response which was claimed to have come from BoD and turns out to be utterly false!! ??!
They chuck news and tweets out but nothing ever in there .. saying a lot but saying nothing news !!!
GLA
they might need to show they have money for the first drill as part of the approval process.
stick an out of hours rns out friday. because maybe just maybe next week we get the rns’s we were waiting for so from an sp point of view we leave 3.3p in the dust on the up.
part of it is we have all been burnt to often by **** management . the end goal does not change.