Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
My take on the RNS is that it is a huge net positive.
To push forward with SK334, we raised small amounts at 0.25 and 0.6....and then 4 million at 3.3p... and with key institutions, not retail investors.
🔥 A huge week with meetings with Sarawak Premier in UK.
🔥JV and LOI... & now funded to "go it alone" if needed, to retain & return serious value.
🔥 Rig secured.
🔥 Every raise at a higher level than before.
🔥Key Institutions on-board.
https://twitter.com/bigguyad/status/1784155505717346744?t=dKWEjPk5Lbc9Ur9FXZp2pw&s=19
Sarawak really is pushing hard for oil & gas (https://dayakdaily.com/sarawak-premier-urges-acceleration-of-oil-and-gas-exploration-highlighting-potential-sour-gas-reserves-in-western-sarawak/) .... which really is great news for Upland.
🔥CEO Bol previously elected member of State Legislative Assembly.
🔥 ex-Chairman of Miri Port Authority.
🔥 ex-Shell employee.
To have these many contacts and links is invaluable - priceless.
The "great and the good of the industry": https://upland.energy/our-team/
So many contacts and pieces fitting together:
"a minnow soon to become a major player."
#UPL
https://x.com/bigguyad/status/1779576776236106068
There are so many reasons to invest in Upland. For the well researched investor, imo, this really is a unique Oil and Gas opportunity.
As we look forward to hearing about the PSC, it's really worth remembering the mood music around Upland:
🔥 massively supportive government and region.
🔥 knowledgeable BoD with local & international links.
🔥 BoD with notable "skin in the game" with their own money.
🔥 huge, company changing multiple news flows due.
🔥 "fast track", drilling campaigns JVs, volumetrics, oil, gas & billions of barrels.
https://twitter.com/bigguyad/status/1776885463241941446?t=9DhboF5dtaRO7XwrJ_8Rqg&s=19
As Upland “scale up development”, the last RNS was more than just a breadcrumb trail!
🔥 Drill crew & Project teams.
🔥 Rig selection and operational preparation.
🔥 Formal farm-out shortlist being finalised.
🔥 Licencing and contracting arrangements.
… all for an “ACCELERATED… high impact, DRILL CAMPAIGN onshore Sarawak”
All in my view, but regardless of what comes in the upcoming weeks, this is a hugely exciting prospect to be involved with. Genuinely, huge potential.
https://x.com/bigguyad/status/1774810462741233953?s=20
Hi Zengas,
No worries!
Hopefully the below helps.
Adam.
JTS:
- no other bids were invited by Petros.
- no other bids submitted.
- Upland were given sole duties on this.
Vidaconn / Brooke
- I believe the relationship with Vidaconn was superceded by the Brunei collaboration RNS 14 July 2023 (direct with Brunei's National Oil Company).
- MoU with Brooke is still in tact and they have a strong relationship (but in the background)
Historical data spend
- a large chunks comes from the "Pan Malaysia Full Tensor Gravity Gradiometry Data and Magnetics Programme."
- Historical investment & datashoots in the block - as per RNS, data (and spend) from Petros itself.
Hi Zengas - some good points and questions! Hopefully, the below helps.
PSC:
* No bidding to cost in for PSC – cost was in the JTS (RNS 2022) & as a prerequisite completed on time & to standard.
* RNS 28 Nov: “JTS complete & news flow upcoming on license undertaking through a PSC”.
* That’s what we are now waiting on to unlock the news flow.
Farmout / JV
* RNS 28 Nov: “news flow across a number of fronts including the commencement of formal farmout process; well planning & drill site preparation.”
* RNS 22 Jan – “Finances and investment committee announced, including the oversight of joint venture funding offers which the company has received, preparation and oversight of formal farm-out proceedings, reviewing strategic interest on Block SK334 and unsolicited funding/farm-in offers.”
Seismic 3D/2D:
*$30,000,000 historically spent on the onshore block for 2D data analysis (not 3D).
*RNS 28 April / 14 July 2023: “worked with Brunei’s National Oil Company in collaboration, including cross border 3D data sharing with discoveries in Brunei, 2D & 3D seismic seeps, field and wells – SK334 same geological setting and basin history with significant discoveries in the Belait, Jurdong fields and the neighbouring billion barrel Seria Field in Brunei.”
*Multiple RNS: x3 main prospects A-B-C and seismic analysis.
*3 prospects (Santubong, Lesong and Lesong South) and 1 lead (South Lead) were mapped as faulted anticline closures, where the largest of the prospects has an asymmetry high relief dome.
*Potential additional areas - Full Tensor Gravity (FTG) data and geological field-work results to assess additional potential targets on the eastern flank of Block SK334 (Lawas area). Early indications suggest the Lawas area may be equally prospective.
Volumetrics:
*RNS 28 April 2023: same geology as Brunei– “Preliminary 3D volumetric calculation, building simplified 3D geocellular models of each structure in the Petrel software made available during our initial Workstation Data Room.”
*PETROS (Malaysian National Oil company and growing into one of the biggest in Asia) is already a partner & has used in house experts to analyse UPL data.
*RHS 5 Feb 2024: “Resource Estimates: Methodologies for Volumetric Resource estimates were deliberated and agreed with PETROS, structural overview of lead prospect Santubong to be prepared and shared.”
Warrants / Options:
*c.120 million warrants remaining and c. 141 million options remaining.
*Company have said they are fully funded (and see JV comments about the interest)
Drilling
*Rig , well design, crew selection - LOIs signed and confirmed.
*Ready to go and plan to drill 2024 (Q3/Q4).
We’re at 30 million mcap yet have all the above.
It’s a bargain in my opinion and, as per RNS it’s “unique amongst the world’s remaining high potential lower risk oil and gas exploration plays.”
As the phrase goes, you pay your money, you take your choice.
When news begins to hit, we really could move at speed to our "drilling campaign". The Husiman rig is going to be exceptional and really allow us to add value rapidly. It could be game changing.
Huisman & @Uplandtweets
🔥 Best in class rig.
🔥 36 containers, not +100.
🔥 Put up & down in 2 days.
🔥 Drill & complete horizontally.
🔥 Small footprint & easy to move.
👀 to a "drilling campaign," a highly prospective area & surrounded by SuperMajors.
https://twitter.com/bigguyad/status/1769382927853305943?t=FpAHrArmjBwUqKxITqqDKg&s=19
I really do believe that this is a key period - company making. When the first big news hits, it really will lead to huge value creation for all LTHs.
🔥 Finalised PSC with Petros.
🔥 JV details.
🔥 Rig & crew.
🔥 Volumetrics.
🔥 Drill site.
🔥 Oil & Gas.
🔥 Limbang/Lawas prospects.
https://twitter.com/bigguyad/status/1766734290941882550?t=t01NKdewTEotm9utRvYyHA&s=19
We're in a holding pattern as we await news.
I normally post every Sunday as a reminder- that's it to be honest.... and when there is news!
The recent timeline released by the company really guides everyone on what's coming. No need to ramp anything tbh.
Reading through the shareholders update, it really does lay the next few weeks and months out. Genuinely exiting times! Could we get a drill in Q3?
https://twitter.com/bigguyad/status/1764239868916326893?t=D9zlUeGMzm1WNgaULeg-8A&s=19
The next few weeks could.be massive for all holders of UPL. When news comes, it will be company defining - I've not been this excited in a share for a while tbh.
🔥 BoD of "the Great & the Good" in O&G.
🔥 Unique contacts in a region "open for business."
🔥 Billion barrel resource & gas.
🔥 Minnow explorer set to become a major player.
🔥 A unique opportunity.
https://twitter.com/bigguyad/status/1761673473586245739?t=xKjIc88utK9H1tDZiJkT6Q&s=19
The LOI signed for Huisman's new gen drilling rig is game-changing.
A "best in class" rig that allows for easy transfer, anywhere in the world....and set up & take down within 1-2 days!
The BoD have said they plan a drilling "campaign" and, with this LOI, rig and expertise.....this could really move quickly when announced.
🚢 Transport anywhere in world, quickly & in small no. of containers.
⏰️ rig set up / take down in 1-2 days.
🏗 very small footprint.
🔥 drilling "campaign."
https://twitter.com/bigguyad/status/1751576149988086169?t=VfJOukovFplmpcYvOmseXA&s=19
It's always good to see BoD buying with their own money, on the open market (instead of with their options).
The market has already been made aware of what is coming (in offical RNS):
"Following a fruitful week spent in Sarawak finessing the PSC framework with PETROS, focus is now set on drill preparations, well design and land preparation. We have made tangible progress and laid strong foundations towards our intended drill campaign. We look forward to increased market engagement as we continue to scale up operations on Block SK334 in Sarawak."
With all this due and the market poised...and seeing our BoD buying...what a great time to be genuinely invested in Upland Resources!
https://twitter.com/bigguyad/status/1749120462032871773?t=xWHZDEeaD0n6wA8j3TMKww&s=19
A really interesting time for all genuine Upland shareholders, with some key information due soon:
🛢 +1 billion barrel resource.
⛽️ Potential for large amounts of gas.
🇲🇾 A jurisdiction actively focussed on O&G.
👨🏫 A BoD with exceptional knowledge & unequalled links.
https://twitter.com/bigguyad/status/1746487739346763794?t=_H7Ptx1gMgS6atcR16iUnQ&s=19
What a year 2023 has been for us shareholders and for the company.
A superb AGM to end the year and genuinely looking forward to markets opening and 2024.
This is a really exciting time to be an Upland shareholder ..... without a doubt THE most exciting exploration prospect for 2024. Enjoy the ride.
https://twitter.com/bigguyad/status/1741766199724155009?t=eRq6qDqYCnl6gnXDR1tbRQ&s=19
A very enjoyable meeting with Andrew, Bol, Chuck and Gerry all present.
A good 90 minute chat post formalities with everyone seeming very confident and happy - all very excited about 2024. A lot of share holders then stayed for lunch (I had to run as on family duty!)
The BoD were all at pains to stress how focussed they were on SP appreciation, firmly believing that whilst 2023 had been a good year, 2024 had the potential to be a great year.
Lots of positives, with all fully focussed on the development of the company - the company genuinely see this as a "once in a lifetime basin within the business."
Have a great New Year, All. 😁👍
2023 has been a great year for Upland....and it's not done yet! Looking forward to the AGM...
2024 is also going to be huge and, imo, company defining:
✅️ supportive government.
✅️ "fast-track".
✅️BoD with big "skin in the game".
✅️key, cornerstone investors.
✅️ interested local & international parties.
https://twitter.com/bigguyad/status/1737431428986540311?t=tAOd34V9Dwv7Abf_7HVF6A&s=19
I always have more of a glass half-full approach to my shares, and there will certainly be more bumps along the way here.
That said, even if we are disappointed with PSC % news, JV % news, volumetrics etc (and these aren't the noises coming from the BoD), we still have a lot of SP news flow due and other factors.
BACKGROUND INFO
* supportive government and "fast-track" mentioned.
* knowledgeable BoD with local and international links.
* BoD with notable "skin in the game" with their own money.
* key, cornerstone investors.
* other interested local (and international parties).
* geology and nearby fields.
* last year 60% hit rate in drills.
SP / MCAP DRIVERS
* SP upside gap fill.
* PSC.
* Resource update.
* Rig.
* JV.
* Farm out
* Drill date.
* Accounts.
* AGM
* Run up to drilling.
* Other prospects
* SP all time high and "blue sky".
THEN:
* hit oil and gas
* buy out offers...or produce!
I've probably missed some off this list tbf!