The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Now just 10 days until the 2-day Inaugural Sarawak’s Oil & Gas Seminar and Exhibition 2019 in Miri
Brooke Dockyard are one of the sponsors. Petros & Petronas also participating. Chief Min in attendance in parts.
https://www.newsarawaktribune.com.my/seminar-exhibition-on-oil-and-gas-in-miri/
Also...
https://cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&menu_id=0&sub_id=64&nid=2723&m=2&y=2019
https://www.oilandgas-asia.com due June 2019 in KL
But coming next month, a Sarawak specific event: the inaugural Sarawak oil and gas seminar and exhibition
The Sarawak government is taking charge of the development of the state’s Oil and Gas industry and is open to advice from experts and experienced players in the industry. Two briefings held last month – charting the future direction of Sarawak’s participation in the oil and gas industry.
https://cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&menu_id=0&sub_id=64&nid=2723&m=2&y=2019
https://www.oilandgas-asia.com due June 2019 in KL
But coming next month, a Sarawak specific event: the inaugural Sarawak oil and gas seminar and exhibition
The Sarawak government is taking charge of the development of the state’s Oil and Gas industry and is open to advice from experts and experienced players in the industry. Two briefings held last month – charting the future direction of Sarawak’s participation in the oil and gas industry.
https://cm.sarawak.gov.my/modules/web/pages.php?mod=news&sub=news_view&menu_id=0&sub_id=64&nid=2723&m=2&y=2019
Nice find Jef, and welcome!
"the Sarawak government will not hinder any investment in the oil and gas industry but would continue to work with any investor who could develop the industry"
"will want to play an active role in the development of the industry"
“Now, even though we have that right to issue permission and licences, I can assure that we will not negate any investment into Sarawak.
“We definitely want to work together with those people who are involved in the oil and gas industry,”
"that Sarawak could collaborate more with Petronas to undertake and explore new areas. To facilitate that collaboration, he had set up Petroluem Sarawak Berhad (Petros)"
... and UPL have been in discussions with both Petros & Petronas (as pictured)
sull - I agree. Realistically, it's not been a long wait at all for next steps on Tunisia and certainly doesn't look to be breaking the rough timescale expectations previously given by SS. The block was formally awarded just 12 weeks ago. If we take out Chrsitmas, CPR finalisation and Wick, they've had about 8 weeks to progress things.
Perhaps the next Saouaf RNS will come after the seismic contract is awarded, or maybe later, when a start date is fixed/imminent. Realistically, much stuff has to happen first (some iteratively or with interdependencies):
- review full block data released by ETAP, make sure any previously planned development priorities remain the best, or amend accordingly;
- plan seismic acquistion: objectives, scope & targets
- seek approval from ETAP that plans meet minimum obligations and qualifies for release of $1m deposit.
- seek potential seismic contractors: check availability of experts and equipment
- seismic tendering process
- seek access permissions from all relevant land owners/tennants.
- write and agree contracts.
And some time is liekly to have been required to further Sarawak opportunities or possibly to advance the Saouaf deals that nlmbidc referred to. We've heard SS has been travelling recently.
levis - UPL did have "something in writing with regards to Tunisia". The block was formally awarded pre-Christmas and the CLNs were let expire 1 week later.
Funding of upcoming activities is not a problem. Figures were laid out clearly very recently in the interim report and earlier supplementary prospectus. There's no need for guesswork.
Easy Listening Sunday... have some Brooke Dockyard corporate song!
http://brookedockyard.com/Limbungan_Brooke_Menuju_Kejayaan.mp3
Hope you're catching some mighty craic somewhere today, copperpot!
Borneo Post article
https://www.theborneopost.com/2019/03/10/necessary-amendments-of-the-fc-and-federal-acts-3
hi nlmbidc
Indeed, the interims do say "Upland also continues to assess other potential new activities." and quite right to do so too.
I can't recall exactly what was said, but it was clear from AGM that Morocco is off the radar since the Tunisia acquisition was successful. Note that latest presentation/docs no longer refer to it, or North Africa generally. Just Saouaf/Tunisia
Morocco business listings at... https://www.directinfo.ma
cheers happysparrow : I fixed the link...
https://www.theedgemarkets.com/article/petronas-continues-engage-sarawak-petroleum
Video (~30 mins) well worth a watch to gain an understanding of the Venezuela situation and more specifically, how history in the region has had impact on price of oil in recent years, and how any regime change there might impact PoO in the future!
https://www.youtube.com/watch?v=BemFqGBSq3g
...a little bit of politics. My name's Ben Elton. Goodnight!
Actually, Steve's had companies covering Tunisia since 2003 or so.
nlmbidc - I haven't noticed a Morocco company, but also haven't looked for some time.
Tunisia is the NA focus now and Morocco opportunities now on the sidelines. That said, I'm told there are always new ideas landing on Upland's desk and if an unusually good one comes along, it would get looked at.
Some months back I put out some info relating to the Saouaf block and petrochemical evaluations of petroleum sources in & around it, such as...
https://twitter.com/_amnesic/status/1025364375060865024
https://twitter.com/_amnesic/status/1025398595669962752
Back then, I did provide some extracted illustrations to support the statements, but thought it best not to link the actual source documents until UPL secured the licence to the block. So here they are:
Geochemical evaluation of hydrocarbons and their potential sources in the Central and Meridional Atlas of Tunisia
https://bit.ly/2EBQxt1
Organic Geochemistry of the Cenomanian-Turonian Bahloul Formation Petroleum Source Rock, Central and Northern Tunisia
https://bit.ly/2ENwVne
They're quite hard reading at first. It's useful to bear in mind the names of the geological features given in ETAP's summary of the block's geological setting & petroleum system while reading (copy at link below as not presently available on ETAP site).
https://twitter.com/_amnesic/status/1024542935692574721
The geographic illustrations can be quite tortuous too, but working out the sample points relative to the Saouaf block boundary is quite important. For that I superimposed illustrations with maps and reference materials. I can't really present that well here as the process relied on repeated switching between layers and adjusting layer transparency, and adjusting scale, but I've included a couple of sample snapshots in the following links.
https://snag.gy/c30xeo.jpg
https://snag.gy/H2qWFk.jpg
Enjoy
ATB
It is an interim report, covering 6 months to 31-Dec-2018. There was not going to be any newer news in an interim report, other that confirming financials (already partly done in 31-Dec prospectus) and summarising more recent RNSs.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UPL/13991460.html
Some pieces lifted, relating to earlier comments...
Results: "The Company has no debt and continues to be in a strong position to finance its obligations."
Saouaf: "As is required under the terms of the permit, a US$1 million bank guarantee was put in place. This will be released as the work commitments under the permit are fulfilled."
Sarawak: "Good progress continues on the Company's ongoing discussions in Sarawak, Malaysia. Through a number of initiatives with both national and local players, Upland maintains its role as a high-profile player whilst the new oil and gas regime is put in place. "
Summary: "Upland also continues to assess other potential new activities."
Results: "Your Board believes that Upland has a bright future ahead of it and is well placed to take advantage of opportunities."
Assets:
Trade & receivables: £449,737 (debtors & prepayments)
Cash & equivalents: £1,666,549
Intangible assets £2,958,797 + later £550,000 (Wick impairment loss)
Wick: "no significant costs expected to be incurred before 2020"
Steve Staley, Upland Resources Limited CEO, said:
"We are pleased that Upland continues to make progress in Tunisia through the award of the Saouaf Licence and completion of the Competent Person's report in December last year. Additionally, our initiatives in Sarawak are continuing and we are very encouraged by the progress being made in country.
We will continue to focus on these areas as we believe both opportunities provide a very exciting growth prospect for the Company. We are well placed to take advantage of this and look forward to updating shareholders in due course."
lev, When you continue to tout such accusatory subjective opinion without objective evidence, you walk the cliff edge of slander.
When you fear a majority criticising your comments, also consider the possibility that it might be less to do with defending me, and more about confronting your incorrect or unjustified statements.
Anyway, some good has come of this. I'm reminded about some Saouaf research that I intended to put out after the licence award. Hopefully I can get that together tomorrow. But now, pancakes!!! :o)
lev,
As I am an investor here, I naturally have a postive outlook. I only tend to 'jump on' posters that deliberately/ accidentally post false information that may mislead others. Here those have tended to be negative views (posters' motives unknown).
As for Twitter, there are a few individuals I've annoyed in a group there for 'jumping' on their unsubstantiatable positive claims (usually suggestions of matters being more advanced than they actually are).
I'm confident my post history here and Twitter timeline supports that, but do feel free to back up your view with actual examples if you feel the need to. Page references without topics are way too vague and utterly useless when omitting to mention relevant post/page setting. Post subjects, dates & times are less ambiguous, albeit needing more effort (as per my point today at 11:56 para. 3)
lev, I put my research out there (with added effort into clear & easily digestible presentation) because so many people expressed their interest in it.
I also provided plentiful info and links to the background and sources so anyone:
- could make an "informed decision", as you put it
- could debate their views about the same facts/observations
- could become motivated to do further research themselves
Only now, with the benefit of hindsight, you direct your umbrage to me. Anyone, including you, could have done some legwork to research additional material to build a fuller picture. But all too often, zero reflects the amount of effort people are prepared to put into actively contributing, just consuming and/or crticising the work of others instead.
Now that I think of it, didn't you speculate that the Wick drill was complete based on a photo that I contributed here? lol
Ha! So you'll get zero then, Levi. ;o)
https://www.vocabulary.com/articles/chooseyourwords/imply-infer/
:o)
Why not pass some time with some long-hand multiplication? The number of UPL shares you hold multiplied by 3.349 will tell you "your share" of the gas presently assessed to exist in the Saouaf block, in Mcf.
Natural gas is trading at around $2.85/Mcf at the moment. Local market value is a fair bit higher.