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Looks like the current bid/ask on the OTC is 2.77p/5.06p equivalent, which points to UPLLF being a highly illiquid stock at the moment, and it won't have much bearing on the UPL listing until more stock becomes available in the US.

That would be nice Oscars1. Hoping for something before Annual Report (by end April).

It's a bit of a 'known unknown' George. Block Awards are at the top of Upland's own list for 2026, but we're almost through Q1.

Upland gaining some traction in the US with a 730k trade at 3.39p equivalent posted today. UPLLF moving in concert with UPL at the moment, but there may come a point when the tail wags the dog due to the time difference.

GLA

Interesting article on OTC listing from the same author (not specific to UPL):

https://thatstocksguy.substack.com/p/considering-an-otc-listing

Thanks Serif and I get that countries issue the awards, but the absence of a Sarawak/SK334 PSC to date has been a huge let down for shareholders who believed in that aspect of the Upland investment case over the last decade - and particularly as Petros policy on SK334 was ultimately conveyed through their infamous news article of July 24.

In May last year Upland said they were looking forward to "updating the market appropriately on developments which have been years in the making" which could only mean Sarawak or Brunei, but regardless it seems that Kalimantan is the best bet now in terms of timeframe.

Agree that everything is set up for a block award, but another MOU/Joint Study might just finish me off!

ATB

Ten RNSs since the beginning of the year, with lots of positive news, yet the SP at close today is roughly the same as it was on 2nd January.

The problem is that none of these RNSs mean anything without a block award, which is the only news that counts now.

I've felt for a while now that the plan is for Upland to be taken out, perhaps even by insiders, but more likely once the company becomes cash generative and access to capital markets is less relevant.

It was more of a rhetorical question Stanley.

JS15 - The £1.5m invested by PDMRs and other team members is extraordinary and I'm holding for block award news.

Lovelife - which institutional investor was holding Upland shares? Genuine question.

Is it not a bit concerning if someone is selling to this extent?

Shell up since the conflict began - Upland down in line with the overall market. Says it all really.

And significantly, approximately £400k of the placing shares @3.5p were subscribed by other members of the Upland team including geologists.

Disappointing if they are one and the same opportunity belisce6, as MOU for a joint feasibility study only. If this is the case, clarification now required as to whether a licence award is being negotiated for Kalimantan or simply 'participation' in another study.

To be fair Horsers, Upland's related X post says 'Located within prolific North Sumatra petroleum system', so who knows?

Aceh and North Sumatra are separate Indonesian provinces.

I think the share price will be heading into literally uncharted territory if they land any of the talked about licenses.

GLA

Yes, and likely that all of those who hold the 12p options have also bought into the £1.5m PDMR portion of the placing. Disclosures will confirm.

Agree that Indonesian block awards will push the share price above 5p (£85m mcap) which ties in with the Marc Bruner options award/exercise condition, as no doubt he wants to see a license or two in the bag before he buys in personally.

'The Placing provides growth capital to secure the Company's participation in two high-impact onshore licence opportunities in Southeast Asia, both currently under exclusive and direct negotiation with the relevant authorities.'

Today's RNS largely repeats yesterday's, but 'under exclusive and direct negotiation' in the above paragraph is now in bold text in case anyone missed it!

But for me, 'secure' is the key word as in this context it infers that Upland will succeed in obtaining participation in the two block awards.

The words really might matter this time.

GLA

Yes Cybertron - there's alot for holders to get excited about in today's RNS and the emergence of these Indonesian blocks and the involvement of Lost Soldier are really moving the dial here.

Without checking back, £1.5m will be the largest subscription by PDMRs in monetary terms to date, perhaps because they see this as the last opportunity to significantly bulk up their holdings. It will be interesting to see the split between them and it's great to see members of Upland's geological team getting a look-in too!

GLA