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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.
To be fair everything UPL has done in terms of shareholder engagement has been done well. Hopefully we’ll get a RNS confirming PSC and volumatics on Monday. Maybe they don’t want to dilute (if you pardon the pun) the absolutely positive message by weaving the dilution into it. Who knows maybe i’m just a mug punter but in terms of communication UPL are up there with the best.
MrFlipFlop, can you please explain that within the last two weeks your response from the Bod regarding the cash raise was posted stating “lies” and “there is no plan to cash raise” etc.
They stated it was lies, now who is telling lies? As an investor, this is worrying.
Can you substantiate this correspondence was from the company?
Fair point Matt. Credibility matters.
Think the bod owe this to shareholders as they previously stated on numerous occasions that no raise was necessary. If it’s in the terms of any deal/JV then it needs to be released to market pronto. I sincerely hope this raise is a small part of the bigger picture/prize. We need to be informed or the sp will obviously suffer
I’m not happy either Jed. Just saying with the right company and the right resources in the longer term it “MAYBE” 🤞 a positive. Not ramping as the company was sold but I invested in ELA many moons ago. Brilliant focused management with great assets. I joined at 20 ish it went to around 60 after the raise it dropped to the 40’s. Two years later company sold to Seplat for around 130 ish. Short term raise 👎 long term with great fundamentals 👍 https://www.heliosinvestment.com/eland-oil-gas
I went to the pub the other day and bought a pint, it cost me £5.
The barman then took the pint back and poured out some beer into 10 other glasses, selling them for £2 each. Then returned my pint almost empty for no refund.
When I challenged the barman he said its "dilution mate" the barman makes £25 from my pint. I now have an almost empty glass.
Believe it or not I am not happy about this, the barman is happy though so dilution for some is a good thing.
4 million in the bank and not a great deal of shares hitting the market either !
Money to drill first well 👌🏽
Just a thought. These chat boards make me very cynical. However if the holders of the newly issued shares are not short term chancers this is positive. Hopefully an institutional/s with an eye on the prize. That said a drop on Monday is expected 🙈
I’m holding for the long term. No worries here. All positive.
Never good news short term. Been here before with ELA. Unfortunately sometimes companies need money.
Emotion aside, this placing is largest in monetary terms that Upland has undertaken, and at less than 10% dilution.
Read between the lines on here and X. Last chance for some folk at getting a cheaper entry now we are capitalised to 1st drill
Ask yourself what conversations the company had with this handful of smart money to get the placement away with no need for anymore silly warrants either
and don’t forget they just had to put a deposit down on the rig.. Money doesn’t grow on trees
Cheers ‘captain obvious’ Sausage. They did a placing at a 25% discount to the closing price today, and you say that. 😂😂 Good god. And many companies, of late anyway, announce a raise after close. What is it exactly that you mean when you say, ‘says a lot.’
Only heading one way on Monday morning, and it ain't up.
After hours RNS on a Friday for a placing at 3.3p, says a lot
Make5Mil: Totally agree with you.
There’s something very fishy here. I personally don't think that they’ll ever drill a well. Get PSC and sell - period as they say in USA.
All hot air and no facts.
Someone tell me how you’ll drill a well there, even onshore, when there appears to be no plan, no volumetrics, no licence, management structure, no structured discussions and BS meetings which don’t seem to merit much discussion. And I could keep going. And for $4m. It’ll cost that to buy the pipe and ship it let alone prepare the drill site, ship the rig and set it up. And the service companies??Schlumberger probably wouldn’t get out of bed for that cash given that it’s an exploration well which will need every tool they’ve got to assess it.
I’m losing the will to invest here.
Can’t be faulted as it came from the bod! Fuming!
Don’t want to sound pessimistic but think this may head back into the 2s imho.
This has been running on empties for a while now any n now a placing at 3.30p..
We need some real factual RNS I.e whether we have an asset at all (PSC), quantity (Volumetrics), actual names of who these JVs are .. !!! Etc not hot air !!
GLA.