31-Dec: The Supplementary Prospectus outlines expected cash use, and states:
"The Company is of the opinion that the working capital available to the Group, taking into account the Net Placing Proceeds and the Company's existing resources including cash held/cash resourcesand funding arrangements, is sufficient for the Group's present requirements, that is for at least the 12 months from the date of the Original Prospectus " ... for AT LEAST the 12 months ... i.e. beyond June!
http://uplandres.com/pdfs/Upland_Resources_Limited_Supplementary_Prospectus_Saouaf_Licence_3.pdf
And don't forget the prospectus also details the US$1m deposited as guarantee for Saouaf performance objectives. "The guarantee is to bereleased in part one week after the start of acquisition of the new 2D seismic data and the balance after interpretation of this data has been completed"
Yet more assuredly, THE VERY NEXT TRADING DAY, UPL released an RNS advising us that the £3.5m CLN facility was being allowed to expire because "the Company is now unlikely to need to have this facility available to it"
http://uplandres.com/convertible-loan-notes-facility-allowed-to-lapse/
Beyond the prospectus's detail on expected cash burn rates, an understanding of the company's careful use of funds can also be acquired from past Annual Reports. Remember, the ownership of more than half this company is held very close the the Bod & founding directors. They are not going to be squandering their own cash!
http://uplandres.com/wp-content/uploads/2018/10/252176-Upland-Resources-AR-WEB.pdf
Talking of moving gas...
As we all by know, and as featured on various illustrations of the Saouaf block, the TransMed pipeline runs right across the middle of it.
https://www.sourcewatch.org/index.php/Trans-Mediterranean_Gas_Pipeline
Convenient!
Q: But is it easy to get access to pump gas into it?
A: Very probably
The Sbrikha compressor station is literally only a couple of miles away from the gas discovery at the Dekrila DK-1 well. https://snag.gy/pKjPA9.jpg
It's as if someone planned it!
When it comes to future development, this block will not face the huge infrastructure costs of those offshore or to the south, so likely to look highly attractive in comparison.
:o)
jeffry
As nlmbidc rightly pointed out, you want the 31-Dec interview --> https://bit.ly/2QiAdkA (at CPR release)
...from 7m10s "potential for a lot of gas there and some transformational deals possible off that"
Also useful is the 24-Dec interview --> https://bit.ly/2Ea644o (at formal licence award)
So 2 recent interviews and also in December, the AGM offered an opportunity for all investors to get face-to-face time with the BoD during a the presentation (also published then) and plenty of direct Q&A time too. Perhaps if more investors had bothered to turn up, they wouldn't be mithering about lack of news or uncertain feelings now!
As mikemike said, we already had the Saouaf CPR just 6 weeks ago, but...
...at the AGM, SS also pointed out the staged release of information from ETAP to UPL thus far: Data room access to a controlled subset of Saouaf data prior to bidding; a subset of this later made available to UPL for analysis outside of the data room - and this formed the basis of the CPR. UPL were under strictly controlled and monitored NDA until formal licence award - and such non disclosure agreements are likely to be the case for Sarawak too.
The _full_ Saouaf block data would not be released to UPL until after the licence was formally awarded, i.e. from 24-Dec. So there could well be some further revision to the CPR after the extra block data set is fully analysed.
Aside of this I would be expected UPL to be trawling through this extra data to ensure than their previous plans for progressing the development of the Saouaf block still represents the best possible way forward for the company there - and that we're not missing any better plays!
Borneo Post article
https://twitter.com/theborneopost/status/1091841245599674369?s=19
Contrary to some conspiracy theorists' beliefs, I've used some of the quiet time to check my CGT return before month end deadline and took a long weekend away to recharge the batteries after the Wick result. Looks like some others would benefit from doing likewise.
https://twitter.com/_amnesic/status/1086302318264487936
Looking forward to digging further into the Saouaf CPR soon.
Hi copperpot.
Total time drilling was pretty clear in the environmental statements, so it looked like the whole operation would be much faster (without issues). PSV arrival times also seemed to correlate neatly with when cementing operations might occur on such a timescale.
There was little info in the RNS, and the measurement datum was not given. Assuming MDBRT, it looks like the primary target was finally found around 110m deeper than expected. So I'd guess they stopped a number of times drilling section 3 to check/double-check logs and analyse formation samples from where they were expecting to find the shallower secondary target and later, the primary. This possibly happened many times until they were sure that they were in Beatrice Sands and later, some ~30m deeper than that, there was no doubt that they had passed through the target zone completely.
At 900m, a half day could probably be consumed easily for 2 rount trips of the drill string (assuming 300m/h) needed to introduce a tool or take some core samples through a short section.
Thanks to all for you words of appreciation and related thumbs.
Whilst I have an interest in the follow on drill, it is unlikely that I will give it the same level of attention as here. Saouaf & Miri interest me more. As for career, nice idea, but I doubt it would be quite the same if I was paid for it.
I'm still interested in watching the rig & related activity until she leaves the site, but will not be posting about it. If today's action on the water is anything to go by, be wary of fishing vessels moving back in towards a rig - it might be a sign that the subsea action isn't as noisy as it once was.
:o)
Cheers mikemike & copperpot
It's odd that someone is only complaining about my updates today, of all days. I learned much from reading the various applications and plans and watching the related permit & ship activity and occasional photographic scenes. I was happy to share for anyone else that might be equally interested, or just in case anyone passing by could add pertinent information or explanations. At the very least the posts provided something to look at here and generated some factually grounded discussion on an otherwise quiet board. If we ignore the learning opportunities in life we just get older and no wiser!
GLA
Supply vessel FS Carrick made her 5th trip to Ensco 72 on Friday 11th January, arriving at the rig's side just before midnight.
She spent 3 long spells alongside rig over the weekend, waiting ~4km SW between each.
FSC left for Peterhead ~13:30 yesterday, arriving at berth 5 ASCO South Base after waiting for 90 mins outside the harbour for the berth to become free (despite other berth availability).
By now you know the drill, I suggest viewing/considering in context of recent events, illustrations & thread history at... https://twitter.com/_amnesic/status/1085205037087944705
:o)
Link to Optical note https://t.co/Y3dh7c8lHA?amp=1
They are not using oil-based muds!
https://www.sepa.org.uk/media/352638/1166721_supporting_documentation.pdf
It seems weather may have only interrupted PSV operations at most 1.5 days from 7th Jan, if at all.
https://twitter.com/_amnesic/status/1082246716680798208?s=19
Borneo Post article
http://www.theborneopost.com/2019/01/13/staking-claim-on-sarawaks-og/
Hi copperpot
There's been gale force 8 - 9 winds, so probably not staying alongside rig unless absouletly necessary.
https://www.metoffice.gov.uk/public/weather/marine/shipping-forecast#cromarty
Even so, FSC got in 9 hours next to rig over 2 sessions and there wasn't need to run back to Peterhead overnight to drop anything off or pick anything up.
gkb47
I assume what was seen was the riser... https://en.wikipedia.org/wiki/Drilling_riser
So rig is still connected to well and operations are probably still continuing.
The total pure _drilling_ time was "estimated" by Corallian at 7.45 days for all 3 sections (all going well). Whilst this did not include other operations like casing and cementing, a lot of extra time has passed since spud. Unless there have been significant operational setbacks, the longer we're waiting now, the longer they have known whether hydrocarbons were present, or not.
There were operations due to happen between reaching TD and before P&A - only if HCs were discovered (see my posts below). The project is costing approx £200k/day whilst MODU is on site - I'd like to think it is not being wasted unecessarily.
Since storm dodging off Peterhead on Monday, PSV FS Carrick made one more trip to Ensco 72, sitting alongside through the day yesterday. She returned direct to berth 5 ASCO South Base at Peterhead overnight, where she remains.
Anyone tallying trips to likely drill activities?
As usual, I suggest viewing/considering in context of recent events, illustrations & thread history at...
https://twitter.com/_amnesic/status/1083760914342600705