People aren't joining the dots19 Mar 2026 12:06
UPL have leveraged a position whey they have a pipeline of ten 500m+ barrel prospects, some with 2C resources (way. more valuable than prospective), and are funded to drill them, with their own drill team... As soon as the first PSC lands you can see a mad scramble for shares here as itll mean a fully funded drill incoming in short order.
Look at the likes of RKH valued at £642m Mcap, with no oil flowing, debt and 3+ years to get in to production in a really poor jurisdiction. The asset they're sitting on is 300million barrels. So they're valued at £2 per 2C barrel....
Apply this metric to UPL and you can see line of sight to how UPL an 10x from here on just landing one or two of the PSC's they're the sole bidder for. UPL also won't have debt and the drilling costs will be a fraction of RKH
UPL have spent 4 years leveraging the position they're now in, and its a stinking opportunity to get invested here ahead of a huge rerating on the first PSC landing