Member Info for ART123

What exactly is the new management going to do (that the old management hasn't already done) with only £450K to play with and wages to pay as well.

They would be better doing a PPP-type deal whereby they handed it all over to someone with big pockets and just kept a small percentage (with PPP it's 12.5%).

So I take it you weren't a holder here either until a broker offered you placing shares at a 65% discount. I bet there will be rush to get them flipped quickly.

Fresh start - or more of the same old nonsense (not that I am holding any shares here).

What can they do with just £450K, raised at 0.03p which is more than 50% below the closing price of 0.08p last Friday and at a new all-time low. And the share price was as high as 0.015p/0.16p recently on enthusiasm for the new management and recovery plans.

1.5 times the existing number of shares are being issued and the m/cap will only be £750K and less than before the placing.

I'm not sure what news JOHN73 is reading. The RNS today is for a heavily discounted, small-sized placing.

No doubt the next TR1 from Shore Capital will show a reduction in their holding.

What changes?

With 3,333,000,000 placing shares and only 1049,000,000 held by Shore Capital that leaves another 2,284,000,000 shares which are no doubt being swiftly offloaded on the current unexplained rise.

It looks as though Shore Capital acquired their 12.8% holding as part of the placing that was announced on 10th July.

'The Company will issue 3,333,333,333 Placing Shares, to raise gross proceeds of £500,000 to participants in the Placing. The Placing Shares will be admitted ("Admission") to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") on or around 18 July 2024.'

Shore Capital issued their first TR1 on 18th July for 12.8% - 1049,000,000 shares - which was less than a third of the total placing shares. The 2 subsequent TR1's from Shore Capital are just minor adjustments to their total. They have not bought any shares outside of the last placing.

If UPL management had the b*lls they would have announced this change of plans themselves instead of going into denial. It is just a very poor attitude.

'Market speculation' indeed. 'We look forward to meeting shareholders at the Company AGM' indeed. I imagine that it will be quite a hostile affair.

At last an article that appears to draw a line under this. And it all makes sense - unlike the last 3 RNS's from UPL. And it appears to make clear that the newly revealed plans from Petros are the next steps in the process and not the incessant, repetitive nonsense from Upland, who appear to have well and truly jumped the gun this time.

Personally I'm not sure exactly why ORCP have taken on another project in Australia now that the Northern Zone gold looks to be coming good. That seems to be a daft decision and one they can ill afford.

If we see a JORC of anything from 2.5 to 4.8 million ounces of gold as per the target, which incidentally Riversgold appear to be quite happy with and expecting, then we can expect a PPP type rise here, especially from such a low m/cap.

I would load up now but the chances of Naheed doing a discounted placing before the JORC arrives is far too great, especially with an (unecessary) new project to fund and another director on the payroll.

As I am about 90%+ down on my holding here, which incidentally was only bought when they acquired the Aussie gold projects, I won't tempt fate but will wait and take my chance nearer the time the JORC is expected.

ATB

Cheers delta

So does that mean that the proposed farm-in from Pennpetro is unlikely to happen?

Genuine question here please as I have not been keeping up to date here for a while. And only sensible responses please.

Is Horse Hill still a viable option? I didn't understand the gist of the recent High Court ruling. I don't understand what the final decision was. Can they still extract oil from Horse Hill and continue to do so? Also is there any court action against production, etc still ongoing? Cheers in advance.

The truth is that no one has a clue what is going on here. There are 2 completely opposite versions of how and when and to whom the PSC is going to be awarded. It could go either way but the market obviously doesn't completely trust the UPL management at the moment or the share price would still be around 3p.

I agree

Funny how rampers only appear once a price has plummeted.

FOMO alright - though it appears to be FOMO of dumping this disaster before it falls to nothing.

I'm pretty sure that this is going to turn out badly for UPL and their shareholders, though no doubt there will be lots of shenanigans along the way, lots of spikes and drops, lots of 'porkies' from the management, lots of ramping and deramping, etc, etc, etc. What's new?

ATB

Today's RNS doesn't actually say anything and is wishy-washy like the previous 2 communications. Having said that it is probably enough to keep a lot of idiots and mug punters happy.

It looks like UPL's award of a PSC and drilling plans are a figment of the UPL management's imagination - much like the unsolicited approach last year. There is no reality to UPL being awarded an exclusive PSC. They might be lucky enough to become a non-operator smaller partner in the PSC at best but that probably won't be for another year or so.

AJMHO

Where is it? I can't see a link above. Cheers

Even allowing for the possibility that the 2021 AIM market was more buoyant than the 2024 market, HEX have 2 drills imminent, both in the US and at very competitive costs, while the HE1 2021 drill was in little-known Tanzania and at a dreadfully high cost. Fact for fact HEX is quite simply a much better proposition. And Dave Minchin was in charge of both!!!

Unfortunately, despite the numerous positive podcasts and presentations, the herd are not arriving here. The share price is quite dead. While not a great problem, it is still nice to see some healthy pre-drill price action which if nothing more would allow shareholders to derisk before spud.

"Art, there will be a small 800m drill program immediately after the Anza return. No placing coming from this level. I repeat, no placing from round this level."

In your dreams. Brad George wouldn't be over here doing the rounds of the presentations if he didn't need to raise funds. Watch this space.

And that isn't what the presentations said anyway. They are planning drills in both Columbia and Argentina before year end.