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News seems to be a bit back to front at the moment and as a result the SP is coming under pressure. However, each of these updates feed in a bit more information and emphasis on the Sambutong lead prospect in today's RNS is eye-catching.

Continually disappointing investment, but company has so much promise. Holding through first half 2024.

Well spotted - today's rise in anticipation?

BOD peppered 3.9p-4.1p mid January.

Https://aberdeenbusinessnews.co.uk/nrg-partner-with-upland-resources-for-2024-malaysian-drilling-campaign/

Aberdeen Business News article which may have been posted at the time, but good to see Q4 2024 being reported as timescale for commencement of drilling campaign - so there should be plenty of accretive news from Upland leading to that point.

Fair point re. duty to maximise shareholder returns, but one could argue that the Board rejected the approach for exactly that reason. The Board believes the approach significantly undervalues the current potential of the company and presumably the major shareholders aligned with the company agree.

The key takeaway from the last few days is that the Board of Upland believes the approach significantly undervalues the current potential of the company.

Market sentiment largely driving SP at the moment, but can see the expected updates re. SK334 pushing Upland's MCAP through £50m in the short term.

SP bouncing off 3p low today - 3.3p now being paid.

2.8p being paid.

Warrants already priced-in and provide funding for the company. Placing with 'strategic investor' equals negligible unexpected dilution. Drilling Letter of Intent (LOI) is a positive message about Upland's direction of travel and ties in with the Sarawak Premier's comments re. SK334 reported in Malaysian press articles yesterday.

Updates still expected on the detail, but the company and the Sarawak government seem to be advancing how SK334 will be developed, as opposed to whether it will be developed.

Bolhassan Di commented in relation to the drilling LOI: "This is a significant step forward for the company, we are making tangible progress and laying strong foundations towards our intended drill campaign."

Commencement of drilling at Block SK433 onshore Sarawak announced.

Block SK334 "potential drilling exploration well in 2025".

https://www.malaymail.com/news/malaysia/2023/10/11/petros-petra-announce-commencement-of-first-onshore-drilling-at-block-sk433-in-miri/95627

Decent buying today and spread now tightening.

Two £25k trades from Friday late posted today.

Buying pressure is having a disproportionate effect on SP at the moment, which could result in a sharp SP increase from these levels on positive news.

2.5p trade at 16:27 today ...

SP creeping up today - would like to see it hold above 2.1p on the bid now.

Friday's RNS could prove to be significant and Bolhassan Di is clearly proud of Upland's positioning in the region. Inclusion of Professor Hurst's measured comments also interesting.

Looking forward to substantive news now which should focus the market on Upland's potential capitalisation.

Positive RNS today - is anyone charting the SP?

These commercial arrangements and partnerships are now key to value creation for the company and shareholders, which reassuringly include: cornerstone investors who are supporting and backing the company; current directors; and former non-exec chairman Norza Zakaria who still has a substantial interest in the company (Capital Structure on company website).