Member Info for Leafie

RNS. Sigh.

...anyway, we should hear about a potentially juicy distribution in about a week.

@BruteBernard Would that not need a shareholders vote?

....creditors/lenders....

@acottyyyyy DMA

Don't like it. I'm out. GLA.

Complex Negotiations or Disputes

The fact that Upland has engaged a specialist legal adviser suggests that negotiations over the PSC may not be progressing as smoothly as the company has portrayed. It could mean they are preparing for potential legal hurdles, whether in dealing with PETROS, the Sarawak State Government, or competing bidders.

Government Relations Strategy

Since HEP Law is well-regarded in Brunei and Malaysia, Upland might be using them to strengthen their credibility with local authorities. This could indicate that the company is trying to navigate political and regulatory complexities rather than being in a straightforward contract award process.

Competitive Bidding Concerns

Given that PETROS has suggested SK334 might go to competitive bidding rather than being awarded directly to Upland, legal counsel could be preparing for a challenge or ensuring Upland has the best possible legal standing in such a process.

Damage Control or Legal Protections

If Upland has received indications that their PSC bid is at risk of being rejected or delayed, having legal representation helps them mitigate potential fallout with investors and other stakeholders.

Thought it was here, but it seems not, although the article has been revised b4.

https://www.petroleumsarawak.com/news-media/news-and-events/2024/20-jul-2024-rejuvenating-and-unlocking-sarawaks-onshore-hydrocarbon-potential

Sorry paygrove. I can't find a reference, but I always thought that was when Petros stated the bidding was expected.

Maybe HEP Law will be helping with the bid preparation for August.

Uneasy how the Co tries to paint a picture, but states nothing of substance.

Fair enough, thanks Jayjay12.

Sometimes it good to hear what others think rather than just take the opposite view.

The lack of updates and the conflicting signals e.g. large investors vs no news, PSC vs newspaper reports of tender has caused my confidence to fall too. I don't know if it is necessary for the Company to keep everyone in the dark as the plan comes together or if the whole thing is going nowhere.

@Jayjay12 What caused you to lose trust? Just the PSC?

5%

"Monthly update" must be due soon.

The following had interests of 3 per cent or more in the Company's issued share capital as at 3 October 2024

Aimi Nasharuddin 15,730,770 1.14%

Andrew Hurst 3,166,666 0.23%

...all those mistakes plus

The threshold is 5% for TR1

Registered office is not in Sarawak, Malaysia

They've made a right hash of the RNS.

Sounds like he was in America, so no doubt Trump and Harris on IV pump.

Good stuff @montyghart. 15% is interesting as a guide, I thought it would be much higher.....

Petronas is of the view that it is imperative that a win-win partnership is established based on the understanding of each other’s strengths and constraints to reach a holistic resolution.