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The director share options exercised in May (£514k proceeds) are now worth £2.32m on paper.

Always curious as to why they were exercised at that point, but now looking like it was just a good opportunity outwith a closed period.

01/10 RNS: "The parties will now move forward with definitive agreements. The transaction is expected to close within thirty days. A further update will be provided once binding contracts are executed."

NB: The transaction is expected to close within thirty days.

12 month high at close.

90% rise over the last month.

Looks like we can expect an update on the acquisition by the end of October.

"Next Steps

The parties will now move forward with definitive agreements. The transaction is expected to close within thirty days. A further update will be provided once binding contracts are executed."

My first thought is there's alot of ambition in today's RNS, which may take some time to materialise, but hopefully I'll still be a UPL shareholder when it comes to pass!

GLA

I suppose UDSS will either be an off-shoot of Upland or of UBO, but we may be going down a rabbit-hole here! Sounds promising either way.

SC - my take is that UBO is the vehicle for operations, with Upland being a (significantly) influential investor in that vehicle. Not sure which entity will 'own' UDSS once it is created though:

"Operating under Upland Big Oil, UDSS will form the cornerstone of Upland's operational capability in Southeast Asia"

Https://www.proactiveinvestors.co.uk/companies/news/1079502/upland-resources-rises-with-tech-aquisition-1079502.html

Upland Resources Limited ("Upland" or the "Company") is pleased to announce that it has signed an Asset Acquisition Agreement with Vanguard Drilling Limited ("Vanguard") regarding the proposed acquisition of Vanguard's proprietary intellectual property, advanced drilling management systems, and the integration of select senior personnel into Upland's operational structure.

The RNS states that Upland Resources Ltd has signed the agreement with Vanguard and while Upland's involvement in the region is increasingly moving 'under the umbrella of UBO', it is still a separate company owned by it's shareholders. Further, UBO is not a subsidiary of Upland and is reported as an 'Investment in Associate' - as detailed on p.4 of the most recent Annual Report, with Big Oil Ventures being described as the holding company of UBO due to it's 55% stake vs. Upland's 45% stake.

Thanks DM

The word 'integrating' is used in both comments in the RNS, but we won't know the shape of things until more detail is provided. Can we at least assume that Josh Galloway will join Upland Resources Ltd in a salaried position though, as Head of Drilling Services?

Agree paygrove, lots to unpick in the RNS and hopefully news will start to flow now. Also looking for more from the company in terms of cost and structure of this agreement - and how Upland Resources Ltd is placed 'under the umbrella of Upland Big Oil (UBO)' as things start to progress.

Fascinating news though and it'll be interesting to see press and industry comment on it.

GLA

Having reread the Report there is a definite emphasis on the near-term, particularly in relation to Sarawak.

GLA

I'm still 60:40 about this rise as it seems to be based on expectation as opposed to rumour.

The Interim Report goes some way toward managing that expectation, although there is reference to the possibility of translating near-term technical and commercial milestones into significant, near-term value creation in the remainder of 2025.

Like the look of the buy trades today - strong end to the week.

I'm 60:40 about this rise levistubbs, as there was no particular precursor and something is sustaining it.

Six-month high, without news.

Hopefully something in the rise - LTHs don't deserve another false dawn. Could sell plenty through Thursday and into Friday, so demand was there.

Mixed bag of trades so far today, but possible another large trade being worked.

Late reported 3m trade - likely a buy.