Member Info for belisce6

Research for Seria field has uncovered; "This field has produced more than 1 billion barrels of oil for more than 75 years. "

https://en.wikipedia.org/wiki/Seria_oil_field

research for Champion field has uncovered; the picture indicates >1bill barrels...

https://2b1stconsulting.com/one-day-one-country-brunei/

"The three structures, combined have yet-to-find unrisked median hydrocarbon resources that are in the same range as those in the Seria and Champion fields."

Leafie, yep :-)

Just saw a link in a tg group with short article on 9may about Exxon meeting with Sarawak officials on 8 may, in regards to potential collaborations..

Dayakdaily it was..

This hasn't come out of suspension yet, has it ?

(or am I not seeing something)..

Every explorer and appraiser is based simply on potential.. and most of them do not have enough cash to cover the next 12 months activities.. that is why they come back to market and try raising at higher prices, or complete JVs etc..

this is nothing new to any of us.. just that you keep highlighting it as a negative for UPL..

Which perils do they face ? from the auditor ?

the standard statement which is in any companies financial statements about Going Concern, or something actually worth reading ??

Reserve fee being paid for drill rig, at 25k euro per month for 3 months, which can be extended for another 2 months..

Financial results of an explorer are always dire..

It's just about burning cash at this stage..

What's the surprise?

Not sure about your negative comments

Yeah.. a few of us previously alluded to the possibility that the psc agreement is dragging on because it might actually include potential jv partner in the final discussions.. or at least thereabouts.. cos if upl and petros agree something then it's kindof useless if a future potential jv partner doesn't join in, because their opinion is that the Gross terms of the psc are not good enough..

Looks like there is a good chance that this 3way process is now underway..

Are you saying the current auditor is not a reputable firm ?

Not poor form at all.

The audit was for a longer time period than usual..

Easy to get towards the end and realise more time is needed to complete the process..

They would've tried to get in by the deadline, but they haven't succeeded.. nothing untoward about it all

The comments about shorter are quite humorous.. cos whoever is really short.. is kindof fekd.. if upl announces progress on psc or jv in the meantime :-)

Yeah true.. but it does look like the PSC might not get completed formally yet, with this JV thing lurking..

it looks more like it will be completed all together.. which is probably better in the long or medium term...

for example, maybe the potential incumbent JV partner + UPL(+existing partner) + Petros, can agree everyone at one time, rather than UPL completing the PSC with Petros only, and then having to go through it all again with the potential JV partner..

I believe that once this gets done, that the rest of the info. is effectively just ready to be rolled out to the markets/public..

Yes, stuartv (post 10:57)..

The riff-raff tends to arrive when sp needs to be held down..

I wonder why ? ;-)

Nope.. that sounds too low.. 500mill to 1bill market cap further down the line..

Upl currently has 45% of the project ?

I don't see a date for Upland presentation at all..

I mean.. I do not see Upland event in that site..

When is it ?

How much further could they possibly be tied in with the local outfits ?

This looks as deep as it can get (anywhere) :-)

This is the specific part which is most important right now :

"PSC application submitted to Petros, in final ‘Clarification’ Stage"

(from the twitter presentation..)

I don't remember reading it like that in the last RNS.. maybe that is why that RNS came across a bit underwhelming..

I think the word "final" is what we missed in past communications.. haha :-)

It almost looks like, the farmout will be aligned with the final, final PSC terms..

although I could be wrong, and we get a direct PSC announcement before that process happens.. which it should..

I just get the feeling, that they know who will come in and be the farm-inee, but they need to follow the steps to get there..