Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
State-owned Petros takes full control of gas businesses in Sarawak from Petronas
https://www.malaymail.com/news/malaysia/2020/02/12/state-owned-petros-takes-full-control-of-gas-businesses-in-sarawak-from-pet/1836833/?s=am
Effective 1-Jan-2020 "Petros is now the single entity to supply, sell and deliver domestic gas to Sarawak homes, businesses and industries" it appears Petros just got a new revenue stream.
"state aims to retain 40 to 50 per cent of all new gas discoveries in Sarawak for its downstream high value adding activities"
UPL+Brooke Dockyard MoU... to "jointly assess, explore for and develop hydrocarbon assets".
Also...
Petronas fails to stay Sarawak suit over 5pc sales tax, hearing set for March 13
https://www.malaymail.com/news/malaysia/2020/02/11/petronas-fails-to-stay-sarawak-suit-over-5pc-sales-tax-hearing-set-for-marc/1836463/?s=am
Petronas has launched its 2020 Bid Round
https://www.geoexpro.com/articles/2019/01/exciting-times-ahead-for-oil-and-gas-in-malaysia?s=am
"What makes this Round more attractive is Petronas’ continued move towards releasing lower risk acreage, drilled resources, and marginal fields ripe for development. There are few places in the world where companies can invest in lineof-sight production opportunities"
Petronas' first move didn't go well...
Sarawak vs Petronas: Judicial Commissioner dismisses firm’s bid to recuse him
https://www.theborneopost.com/2020/01/23/sarawak-vs-petronas-judicial-commissioner-dismisses-firms-bid-to-recuse-him/
"In the ruling this morning, he said the application was an affront to the judiciary, and was frivolous and without merit."
Cheers Serif.
Over time, sells and buys will be equal. The tricky bit, is making a decent enough judgement on the minimum time period that this happens within. I'm happy approximating 50/50 over a month.
By excluding some trades you might be creating part of your own discrepancy. Maybe those "too close to call" trades don't balance each other out. Although not a perfect data source, you'll see from this link, that nearly all after-hours trades last year are deferred publication where execution took place 1, 2, or 3 hours earlier, sometimes the day before. LSE's suggestion of buy/sell/mid could be way off in these cases. https://snipboard.io/N43K7q.jpg
TBH, I don't go with persistent buyer/seller (singular) theories or try to assume who is behind one or more trades. But to your main question, regarding recent trades, no, I don't recall anyone laying claim to anything substantial in the past couple of weeks. The chance that it will be someone unknown runs at ~80-90% anyway. Big world out there!
Serif, some thoughts...
Not sure how you're making your estimates but be aware of issues with how LSE reports trades. Buy/Sell indications are guesswork based on trade price being higher/lower than mid of Bid/Ask. Reported bid/ask are pulled in from a different data source and time may not match trade perfectly, and therefore very likely to be wrong on delayed publication trades or when there is price volatility. Also, from others' screenshots I've seen LSE (mobile) report trades twice (where publication is delayed - original time and publication time. Seen it occasionally on desktop web too recently. LSE doesn't show which trades are delayed publication, but for UPL now, assume any over ~350k are delayed.
Since 23-Dec RNS for SS trade which dipped him below 3% reporting threshold, total trades amount to approx 22m, that's about a smidge over 1m per day. Average daily volume is lower from 23-Dec than it was in November's (~1.4m/day).
Assuming approx half of all trades are sells, then that's just ~11m. At present liquidity it would take more than 30 trading days (~6 weeks) to shift SS's kind of volume... and that's assuming nobody else would be selling (typical volumes suggest otherwise). I'm not sure anyone would take a view to work something over that kind of period.
Screenshot and translation of Tunisian article ==> https://snipboard.io/mDuYbP.jpg
Saying Upland Resources has started technical studies and fieldwork in Saouaf.
Also, from my post 12-Dec (about CP):
"He's back to Tunisia next week. Also back there early in January for field trips with ETAP techs. Dr S has mentioned to me before that as you drive around the block, the landscape is rich with features o&g geo's love to see, which just don't appear in ETAP data."
Hi copperpot, yw & HNY to you!
Well, there were a few different Borneo based opportunities being worked recently and this might represent some firming-up of one of them.
I was told before that in this context "onshore" does not only mean on land, but also the near coastal waters. Theoretically Territorial Waters, under the 1982 UN convention, defines Territorial Waters to extend to 12nm from coast (or internal waters), but some of the relevant local laws predate this and may be unclear or refer to older conventions.
Ultimately, the state would be looking for control of all resources sitting beyond its Territorial Waters, out into the Exclusive Economic Zone (200nm) and perhaps further, within its continental shelf.
https://www.theborneopost.com/2019/11/04/cm-petros-to-evaluate-all-oil-and-gas-mining-prospecting-licence-applicants-in-sarawak/amp/
"With the licences, he said Petros would be able to evaluate all applicants for licences or mining leases and will be empowered by the state government to facilitate all the oil and gas prospecting and mining activities"
Refresher about Brooke MoU
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UPL/13603633.html
Sarawak green-lights oil exploration by state-owned Petros
https://www.malaymail.com/amp/news/malaysia/2020/01/13/sarawak-green-lights-oil-exploration-by-state-owned-petros/1827485
To save a little typing, a few clips of CP AGM thoughts re Saouaf that I shared with the group today
==> https://snipboard.io/BoOXrY.jpg
CP mentioned enjoying the enthusiasm and help of people at the ETAP tech centre during his visit a couple of weeks back.
Positive steps relating to permit. He's back to Tunisia next week. Also back there early in January for field trips with ETAP techs. Dr S has mentioned to me before that as you drive around the block, the landscape is rich with features o&g geo's love to see, which just don't appear in ETAP data.
Company's address in Kuching, Sarawak
https://snipboard.io/5c97lo.jpg
Our chairman drew my attention to this very interesting new development in Malaysia
Malaysia mulls selling stakes in Petronas to provinces, Dr M says
Read more at https://www.thestar.com.my/business/business-news/2019/12/10/malaysia-mulls-selling-stakes-in-petronas-to-provinces-dr-m-says#zHTE1M1FdAbRALWd.99
Cheers IP. You're welcome!
Bit busy tomorrow, but will put out some more bits soon. Henry and Nlmbidc were there too, so hopefully they'll be able to add another perspective and/or some corroboration. Not sure the others post/visit here.
Nlmbidc, great to meet you today. A pity you couldn't stay for the follow on at the pub, but look forward to catching up with you more at future events, or DM.
Serif, you're welcome.
I've yet to eat, so briefly and simply... as I would expect and confirmed from what was said in the initial conference call, CP's job is to ascertain the status of the company/assets/projects/partners/etc then to advance the company in the way _he_ feels best meets s/h interest and utilising _his_ experience, skills, contacts, etc. Anything from before is part of understanding the status now: input to determining the best path forward from now. He's working his angle - it's not a matter of whether there's more/less/same amount to do. Not comparable. Pointless to compare now with what might have been.
Re info flow: Everything said today seems compatible & consistent with intent expressed before - and as per transcript snippets link I posted at 9:12 - worth a re-read/re-listen carefully and not just reduced to 3-word catchphrase repeated out of context!
Hi Serif
Yes, I was.
From the company, BD, JK and DW were there. CP arrived~15 mins late due to rail incident.
About half a dozen UK investors (outside of the company) were there. The investor with the 4th largest holding flew across the planet solely to attend the meeting, representing himself and (seemingly) the largest single investor also. Overall, about 30% of the company was directly represented in the room.
Formal business was carried out, with a few questions relating to report and resolutions. All resolutions carried. From rough/patchy notes....
Resolution 1 : approx 280m for vs 0 against
Resolution 2 : approx 260m for vs 20m against
Resolution 3 : approx 255m for vs 20m against
Resolution 4 & 5 : approx 280m for vs 0m against
On close of the formal business it was immediately clear there was to be no formal presentation to follow. This was a surprise, as historically there have been presentations (twice just to me!) even though material has only warranted RNS on 1 occasion before.
In place of a presentation, gathered investors got the opportunity to chat to BoD members directly over coffees & teas. Initially, perhaps not a great substitute, but as it carried on without any time constraint for nearly 2 hours, this ended up far more interesting - at least it did for those that attended.
All there are somewhat active on boards and social media, so I'm sure their own perspectives will appear before too long. Many spoke with CP at great length (90 mins or so). I, mostly with BD, JK, our 4th largest holder and with CP too later. From spending 3 or so hours with most of them at a local hostelry, I got the feeling of positive views in general, but perhaps it is better to seek out their views directly to gain confidence of that.
CP has clearly been busy - working hard and fast - as per prior comments and observations. Apparently his tenure as Interim CEO has been extended well beyond 7-Feb and he remains willing to remain in the role. He's heading back to Tunisia again next week. Further trip to Malaysia also happening within 3-4 weeks. He's cancelled his usual Christmas skiing holiday to work through instead.
I'll probably post more on individual pieces of info in coming days, after I've had a chance to remember and reflect a little... oh, and eat! TTFN
Just under 5 hours until the AGM starts, when we should get a glimpse of what activities have taken place and what progress CP has made at the halfway point of his tenure as Interim CEO
Excerpts from 7-Oct conf call auto-gen'd transcript ==> https://snipboard.io/dsTrZv.jpg
Delboi spotted that Petros posted new vacancies on Friday, across different 10 tech/ops/admin/finance roles.
https://www.jobstreet.com.my/career/petros.htm