Member Info for Leafie

Nonsense. UPL would have to say if the application had been rejected.

........."He explained that the state government has the power over oil and gas resources under the Oil Mining Ordinance 1958 which was passed before the formation of Malaysia 1963, never been repealed and is still in force.".......

@ifiknewidberich9 Could you write in English please? Thanks!

Shorters will want to buy today or Monday at the latest.

@JimmyNoFingers Where are these emails?

@shamI89 What a way to twist that.

If it were true there is no prospect of the exclusive PSC then UPL has to say so as it is contrary to their previous announcements.

I may have wine, pizza, wine, more wine and goats milk on my cornflakes in the morning. Then maybe more wine. Mmmmmmmmm.

He probably did double down. 8@)

I don't subscribe, but no loss.

Everything is pointing to the PSC arriving in weeks rather than months, but make up your own mind.

I predict a big afternoon

Hope TW doubled down. Does goats milk fetch a good price these days?

You had steel ones, shorters have squeezed ones.

.......eeeeeze.

@Openheimer Do you have forward/reverse switch on your a***?

the market's reaction, reflected in the significant increase in upland resources' share price, suggests that investors are currently placing more trust in the company's official communications and strategic outlook rather than the critical perspective offered by tom winnifrith.

here are some key points supporting this trend:

1. strategic partnerships and technical progress:

upland resources has highlighted its strategic partnership with petros and the technical progress made in block sk334, which may have bolstered investor confidence. the completion of significant technical evaluations and the potential for substantial hydrocarbon resources are strong positives​ (upland energy)​​ (upland energy)​.

2. financial position and readiness:

the recent successful fundraising of $4 million through a share placing shows that upland resources has the financial backing needed to proceed with its exploration and development plans, further reassuring investors about the company’s operational readiness and future potential​ (upland energy)​.

3. market speculation and official announcements:

the company's proactive communication addressing market speculation and confirming ongoing discussions with the sarawak state government about securing the psc demonstrates transparency and progress, which can positively influence market sentiment​ (*************)​.

4 overall market sentiment:

the market’s positive response, evidenced by the rising share price, indicates that investors are favoring upland resources' narrative of advancing their project and securing the necessary governmental approvals over the critical stance presented by tom winnifrith.

while tom winnifrith's concerns highlight the importance of caution and due diligence, the current market behavior shows a prevailing optimism regarding upland resources' future prospects. investors appear to be aligning with the company's optimistic outlook, expecting that the psc for block sk334 will be awarded and lead to successful exploration and development.

Last one!

Based on the information from the provided links and recent updates about Upland Resources, several factors suggest a favorable probability for the awarding of the Production Sharing Contract (PSC) to the company for Block SK334 in Sarawak:

1. Positive Technical and Strategic Progress:

Upland Resources has completed significant technical evaluations, including seismic reprocessing and well site assessments, demonstrating their commitment and capability to explore and develop Block SK334. Their partnership with PETROS further strengthens their position​ (Upland Energy)​​ (Upland Energy)​.

2. Financial Backing and Preparedness:

The successful raising of $4 million through a share placing indicates solid financial backing, which is crucial for undertaking the required exploration activities. This financial stability adds to their credibility as a capable operator​ (Upland Energy)​.

3. Support from PETROS:

Upland Resources' collaboration with PETROS, the state-owned petroleum company, is a significant endorsement. PETROS' support in technical and operational aspects suggests that Upland is a preferred partner for the Sarawak government​ (Upland Energy)​​ (Upland Energy)​.

4. Governmental Processes and Engagement:

While the final decision rests with the federal government and PETRONAS, Upland Resources has been actively engaged in the necessary regulatory and approval processes. This ongoing engagement and the positive steps taken so far indicate a robust positioning for receiving the PSC​ (Vox Markets)​​ (MarketScreener)​.

However, it is important to note that the ultimate decision involves multiple stakeholders and regulatory considerations, which can introduce uncertainties beyond the control of Upland Resources.

Given these factors, the probability of Upland Resources being awarded the PSC for Block SK334 appears to be high, supported by their technical, financial, and strategic preparations. However, until an official announcement is made, there remains an inherent uncertainty typical of such regulatory processes.

The discrepancy between the two articles regarding the awarding of Production Sharing Contracts (PSCs) can be clarified by understanding the regulatory framework and roles of different entities in Malaysia's oil and gas sector.

1. Government Authority Over PSCs:

The Malaysian government, through PETRONAS (the national oil company established by the Petroleum Development Act 1974), holds the ultimate authority over the awarding of PSCs. PETRONAS manages the exploration, development, and production activities under these contracts. This centralized control is part of the broader regulatory structure where PETRONAS acts on behalf of the government to enter into contracts with private and state-owned entities​ (PETRONAS Global)​​ (Malaysian Bar)​.

2. PETROS' Role:

PETROS (Petroleum Sarawak Berhad), established by the Sarawak state government, is tasked with overseeing and managing the state's oil and gas resources. While PETROS plays a crucial role in the operational and managerial aspects within Sarawak, it operates under the broader framework and authority granted by the federal government and PETRONAS. This means that although PETROS is heavily involved in the management and operational aspects, the final decision on awarding PSCs remains with the federal government and PETRONAS​ (PETRONAS Global)​.

3. Conflicting Perspectives:

The PETROS article might suggest an influential role in the decision-making process to emphasize its importance in managing Sarawak's resources. However, the FT article correctly states that the government ultimately decides the PSC awards, reflecting the legal and regulatory reality.

In conclusion, while PETROS is instrumental in managing Sarawak's oil and gas sector, the authority to award PSCs lies with the federal government, facilitated through PETRONAS. This ensures centralized control and standardization across Malaysia's oil and gas industry'

Upland Resources states in the FT article that the Government will decide the Production Sharing Contract (PSC) rather than PETROS because the awarding of PSCs is ultimately a governmental decision. This reflects the regulatory framework in Malaysia, where the federal government retains the authority to grant these contracts, even though PETROS plays a significant role in managing and developing the state's oil and gas resources. This indicates a division of responsibilities where PETROS operates within the broader regulatory and decision-making structure established by the government.

There will be a riot at the AGM if there is a placing.