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Brunei offshore blocks announcement can't be far away - bids were to be submitted by 9 January 2026.

I get what you're saying longfell, but 3.1 - 3.5 is the range where US Investors, Lost Soldier and Directors have most recently subscribed and IMO it's going to take a license award or expectation of an imminent award to push the SP above this level, considering the corresponding MCap.

+10% this morning.

Bid 3.20

500k UPLLF trade at 3.43p equivalent yesterday. Largest trade so far on OTC?

I'll be more disappointed/concerned if we're passed over for the Brunei awards. Upland has been knocking on the door there for years.

GLA

No UPLLF trades for a week, but then four today around 3.5p equivalent. Perhaps UPL trading over 3p again has given US investors some confidence in the stock.

GLA

Directors have strengthened their positions and continue to hold over 10% of the company.

Capital Structure page on Upland website updated to 13 May 2026.

"Our objective is clear: to build scale rapidly and position Upland for substantial long-term value creation as we progress toward mid-cap status." RNS 18/02/26

Full responsibility lies with the company in terms of shareholder expectations. Mid-cap status is £500m+ by any definition.

Welcome, and hopefully timed just right - for all our sakes!

I don't think anyone knows whufcpaul and I'm beginning to wonder what LS and the US investors are making of it.

Substantial shareholders reported as at 10 March 2026.

Perhaps a condition of the LS partnership, or even a reaction to it and the change in direction of the company.

I was about to post the below Serif, which backs up your thinking:

18 February RNS is worth a re-read in respect of the Events After the Reporting Date section of the annual report which now suggests that the company is closest to securing a PSC for Aceh in terms of Indonesia.

The award announcement of the two offshore Brunei blocks was also expected early to mid 2026, so there could be something soon on that front too.

GLA

Good to see the report out in good time and at first glance the narrative seems to be tighter and an improvement on previous years imo, which is perhaps the influence of the new partnerships.

Trades at a premium still trickling through on OTC.

20,000 share trade at 5.28p equivalent on the OTC this afternoon and it looks like no-one is willing to sell for any less at the moment.

The fact is that despite the positivity of recent months the only known date in terms of any sort of timeline is the 30 April deadline for the annual accounts.

UPLLF bid is mirroring UPL at the moment but the ask is way off at 5.17p equivalent, which is quite telling.