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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.
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 £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.
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.
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.
Flop, gone ?.
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.
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. '
-----------------
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 ?
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!
Derek , I have not read all the posts on here so can’t say who is who and who said what and wen etc etc,
But,
CORRUPT TELEGRAM GROUOS, To follow up a point in your post about I can confirm that to be the case. Anyone with even the slightest q was booted and other Upl telegram groups were encouraged to shut down and join theirs, whereby they gained TOTAL ADMIN control to delete posts or boot completely. AND CONTROL THE NARRATIVE. Whist the fake bid was worked and the fools rushed in whilst themselves in the know excited.
That is a fact.
It wouldn’t be surprising if they come back to work it again
Why would "Streets" be entitled to MNPI?
Flop if i were you i will pipe it down .. currently the way it is going is not looking good … just saying !!
GLA genuine investors , hopefully this BoD will release relevant information for everyone to be in the clear of what and where exactly this company is going ..
To reduce all the noise from people like this who are taking advantage of the gaps and playing it the way they want ..
If you and your family received death threats I'd suggest you go to the police and not whinge about it to a forum of strangers....
Mr Flip Flops defence to being called out for his BS is to always lash out at people and accuse them of being shorters or "Streets of Cork" just like he accused me of being him too because I called him out many times. A pure narcissist.
He is the admin of a very misleading Telegram group where he actively promoted Streets of Cork and the fake bid, and he dumped out anyone who raised any genuine concerns or questions......
Does anyone here really believe that Flip Flop gets emails from a board member using such unprofessional language as he claims. Hard to understand why they would trust him or engage with him as they'd know he blabbers everything they "allegedly" say online.
Arthur's points were well made and very valid, and now he's being villanised by Flop and his fake accounts.
I feel more and more people are waking up to Flops' empty, ramping posts. Empty vessels do indeed make the most noise.....
Arthur is streets ahead of cork.
Correct flip, if we’re streets he should be had with fraud !!