Member Info for LongPositions

The next few weeks are shaping up to be a crucial period for shareholders.

The 25 July RNS in response to speculation directed the market to the June progress report for more detailed information, with a number of key activities planned over July, August, September which are either progressing on time or not.

Hopefully that's the case Richsif, and my point being that AH's continued involvement/buying stands out in a good way.

BOD buying could be a three-line whip, but one has to question whether Professor Andrew Hurst would stake his reputation and money (>£50k invested) on an adverse situation.

That said, shareholders now deserve/need clarification.

Better week for shareholders and buying pressure into close today.

Next company progress report is not due until end September (now quarterly) but expect we'll know the lie of the land by then anyway.

Hope you're right StockCheque, but who knows.

Petros was looking to package SK334 as one contract prior to the 2021 bidding exercise, but the outcome of the exercise in relation to SK334 was not disclosed.

https://www.theborneopost.com/2020/11/02/petros-eyes-sarawaks-onshore-potential/

Block SK334 and Block SK433 were both subject to a bidding exercise managed by Petros in H1 2021. Petra Energy and Uzma were jointly awarded a 29 year contract for SK433. An award for SK334 was not announced.

https://www.energyvoice.com/oilandgas/asia/331225/malaysias-sarawak-awards-key-onshore-acreage/

'Sarawak ... has started offering onshore acreage through open auction, as well as direct negotiation.'

Since the completion of the Joint Technical Study (JTS), Upland has made it well known through RNSs and Comms that it is gearing up for a drilling campaign on SK334, and their RNS of 25/07/24 doubled down on this narrative.

As neither the Sarawak Government, Petros, nor lead partners have distanced themselves from Upland's pronouncements specifically, and despite Upland seeking exclusivity, it's plausible that a hybrid situation is being negotiated for SK334 where Upland participates in a near-term contract for exploration drilling centred on the Limbang prospects identified by the JTS and the rest of the block is reopened for bidding as per the Petros news release.

Perhaps wishful thinking, but holding for this possible outcome with reduced exposure.

Could be 7veronic, but the market has not read it that way.

The Petros news release has really put the cat among the pigeons and Upland has not been able to calm the situation for whatever reason.

Horrible time for shareholders.

Thomas Nyanat confirmed as CEO of Upland Big Oil.

And to complete the circle, zoominfo.com lists Thomas Kuud as Head of Onshore Assets, Petroleum Sarawak Berhad PETROS (updated 23/06/24).

Shares are sold for any number of reasons, so daily trading volume more pertinent at the moment (11m only on Friday).

Licence/PSC news vacuum has been filled with speculation, but in terms of the recent June Progress Report the next 4/5 weeks are critical.

GLA

Award of Drilling Rig Contract is planned for July, on 20 June, so there must be some degree of certainty about this.

Also, agree that 'Sovereign State' implies country level.

Any thoughts on new activity Sovereign State Collaboration under FINANCE & CONTRACTS?

Inclusion of Group & Subsidiary Legal & Financial Advisory Services activity (May onwards) interesting also.

Subject to Ongoing Approvals (STOA) orange coding is new and has already kicked-in on PSC Submissions and Regulator Engagement (June).

Award of Drilling Rig Contract is slated for July only and Rig Mobilization, etc is September onwards STOA.

Make of that what you will.

A couple of decent trades late reported.

It's always been hugely reassuring that NZ maintained his shareholding after he stepped down from the BOD (RNS 06/07/18) and that he now has around £6m at stake in Upland (closing price today) adds to that.

Norza Zakaria was one of the three original directors of Upland and is currently the President of the Olympic Council of Malaysia, among other things.

Co-founder of Tune Group, K. Meranun, also buying in.

Agree mcivorv2.0 - great news, and significant.

Norza Zakaria, former director of Upland, increases his holding to 14% of the company, with an investment of £2m.

Would like to see Chapel Down do well. The company has good products and it's all about building the brand now and expanding their markets/production.

Could be a real success story.

Good question - thought I'd missed something.

Key Malaysian strategic investor has increased their position through the placing, so we could see a TR1 as a result.