Member Info for LongPositions

Looks like they were bang on the mid-price at the time, before the SP picked up.

It's certainly frustrating DR, particularly with the suggestiveness of recent comms:

"Immediate Operator Readiness"

"LOC 6 is under consideration as one of the rigs that Upland may deploy in its forthcoming work programmes."

What actually are the 'forthcoming' work programmes that require a drilling rig?

Funny old week SPwise, with a good recovery going into the weekend.

GLA

Solid buying this morning, pushing up the SP.

People will sell for any number of reasons, including committed shareholders, but it is almost six months since the "developments which have been years in the making" RNS comment.

The company needs a result.

Surely the company realises that tweeting out that article with the #UPL hashtag only is suggestive, so hopefully some news is forthcoming to back it up.

Shouldn't be any issue if/when it happens due to time differences. An announcement could be made by an authority in Borneo during the night UK time and then RNS'd by Upland before market opening.

The Vanguard transaction was expected to close within 30 days of 1 October, so there could be further news this week.

Also, Razak Damit (ex PetroleumBRUNEI) was appointed by Upland and Thomas Nyanat (ex PETROS) was appointed by UBO. Does anyone know who the other directors/officers of UBO are?

Yes, Upland Resources Ltd is operating under UBO in Sarawak through its subsidiary Upland Resources (Sarawak), but interestingly a distinction is made between Brunei onshore/offshore in the Interim Accounts (page 3) with Upland Resources Ltd reported as receiving the formal acknowledgement in relation to onshore Block L and UBO reported as being the participant in the Shallow Water bidding process.

This will all be crucial for Upland shareholders if/when a Borneo PSC is awarded.

Positive update within the 30 day timeframe, but with no financial detail there was nothing for the market to go on. Where UBDS will sit in terms of ownership 'under Upland Big Oil' also needs to be explained. Does anyone have any insight on this?

Exciting times though and eagerly awaiting more news.

Good reversal with buys into close.

Thanks Amers - good info. Looks like it may have pushed the price up into close anyway, unless it's more complex than that.

Thanks

Does anyone know what the XOFF trades are that often pop up after 17:00, like the one at 17:07 today? Most trades for UPL are listed as XLON on the LSE website.

No problem, thanks.

There could be an update on the Vanguard acquisition this week at any rate.

What percentage of the register would you say is large holdings, over and above the 30% listed on the company website?

Substantial shareholders and directors combined have over 30% of the company.

For what it's worth I think an eventual buyout is the endgame here, and the 'when' and 'how much' depends on how long the big boys allow us to play and what comes to pass before then!

Yes, thanks Adam - and although the options had some time to run, I was just surmising that there may not have been another opportunity to exercise them in the near-term after those meetings and particularly now with the acquisition news and pending update.