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In Dr M’s parties manifesto it stated that they were looking to increase the royalty interest in Sarawak to 20% from 5% so I can’t see this being an issue either way. What has to be decided is whether one company has exclusivity. I think a likely outcomes as stated in the article will be an amendment to the PDA. It is from 1974 and the Malaysian government aren’t adverse to changing acts. 50 amendments have been made to acts over the last 50 years.
Hi sja, it’s accurate alright! The note was released on 30th May and as such the figures are given pre placing. I have adjusted accordingly to reflect the number of shares in issue now. The report states a target price on success case at Wick of 72pps.
Didn’t expect a placing to be announced this morning but directors took part which is always good to see, no discount on yesterday’s close at least but it has pulled back quite far and it puts a floor in… Upland are now well capitalised moving forward and I can would imagine this enables the company to complete a N African asset purchase as well as fund their operations on Wick. When Tune invested £1M it was only a short while after that the MoU with Brooke was announced. Look forward to upcoming news flow.
Don�t forget Wick is the near term drill here and a company maker in its own right. Wick drill Q3 (September) 250MMbls P50 Est. (40% owned). 30% CoS + remapping etc. RBD states 50MMbls suggesting 20% RF. North Sea average RF c40%. Corallian NPV @$55/b = �210M @10% RF UPL�s 40% @$75/b = �115M @10% RF, �230M @20% RF or �345M @30% RF. �12.5M Mcap is cheap IMO.
Upland don’t have any licences at the moment, they have a memorandum of understanding with Brooke Dockyard, the Sarawak governments chosen partner. Upland have a good relationship with the Sarawak government and Petronas. Norza Zakaria our non-exec and largest shareholder held senior positions within Petronas. I’d say we’re covered either way.
Very surprised by the lack of buying after such a pullback, people were happily paying 4p a month ago. I can only assume some have been spooked by the news of Petronas challenging the O&G rights in Sarawak. It’s said to be a desperate move by them. https://www.google.co.uk/amp/www.theborneopost.com/2018/06/06/star-petronas-court-action-desperate-move-to-hang-on-to-sarawaks-oil-and-gas/amp/ Also we don’t even have assets there at the moment... there is a MoU in place. £12.5M Mcap looks cheap when looking at the potential of Wick alone. 250Mmbls drill in Q3, 40% ownership! Plus news of assets in North Africa could come at any time. Opportunity at this level IMO.
A global ban on animal testing will see huge demand for Kirkstall�s Quasi Vivo products. Their products are already used in 70+ labs worldwide! Global Animal Testing Ban Is 'One Step Closer' After Winning MP Support, Say Campaigners plantbasednews.org/post/global-an� @plantbasednews Not only is it more ethical to avoid using animals for testing but it�s actually cheaper using in vitro testing. http://www.hsi.org/issues/chemical_product_testing/facts/time_and_cost.html
Kirkstall likely to be the jewel in the crown: Rollout of Quasi Vivo tech last year, In Sept '17 signed a worldwide distribution agreement with Lonza, Lonza Sales for 2017 hit �2.6 billion, Product shipments immediately commenced to Germany and the US. Revenue could be dramatically up with greater exposure on a global scale for several months. Looking forward to results.
Full ask buy 17p first thing and a tick up on the bid. Too cheap at �4.4M. Let�s say conservative numbers are a portfolio valuation of �2M, plus profit for the year of �1.1M with c�1M in cash, what valuation would you put on that? At least double the current price surely.
Highest volume day in 3 months, today. Can only see interest continuing to pick up the closer we get to results after the ultra bullish statement in the trading update. Looks a nice safe one to tuck away for a few weeks in anticipation.
Storuman remains the near term catalyst and it�s looking more and more positive on every update, should be hearing more within a month. Mcap is just �5M... this is a key point because the permit grant is worth multiples of that.
Nothing new since the yearly report on 13th December regarding MB whereby the company stated the following: Metallurgical Testwork Bench scale metallurgical testwork is progressing at SGS Lakefield to ascertain if commercial grade acid-spar and mica can be produced from the ore. This is the first critical step in the preparation of a Scoping Study for the project. The results of the testwork will determine the next steps in the development of the MB Fluorspar Project. The ore presents some metallurgical challenges and the Company has therefore engaged the services of one of the world's leading fluorspar metallurgists to assist with the testwork. Following successful completion of the metallurgical testwork, the Company will progress with modelling various production scenarios and optimisation of the transport method/cost from mine to USA market and port. These work programmes should enable the Company to work towards completion of a Scoping Study for the project in 2018. Further work required for the completion of the Scoping Study may include an additional phase of drilling to target higher grade mineralisation, in line with the recommendations received from the appraisal of the MB deposit from world renowned economic geologist, Dr Richard Sillitoe.
The Wick project targets a NPV of �210M based on 9.4M barrels of oil according to Corallian. That equates to �84M net to UPL at a 40% equity interest. This however is with PoO at $55/bbl, now it�s currently $80/bbl that means our 40% is worth c�121M! Mcap �14M.