Member Info for MrBaroucek

Not really a nightingale, more a mockingbird as far as UPL is concerned! Just a bit weary with the ‘are we nearly there yet, mummy?’ posts.

Progress here is usually at glacial speed. ‘Soon’ can mean in the next few years. Best just to sit it out and not expect anything until it happens. I have a hard stop of year end though as patience is wafer thin now.

3 year chart is looking quite tasty now. IF we can break 4p convincingly I can see it going to 7p. Lets hope MB is not wrong.

It doesn’t look like the process is over just yet.

https://www.bairdmaritime.com/offshore/exploration-development/energy-reserves-up-for-grabs-as-indonesia-offers-13-oil-and-gas-blocks?utm_source=website&utm_medium=related-stories

Almost at 2.25 and if no news soon we’ll be in the 1’s again.

Or perhaps the director buys were a condition of the deal with LS and they feel like clawing a bit back?

Seems like a reasonable assessment to me. I flagged up a while ago that 2.25 would be a technical possibility without news and it looks like we are heading there. I continue to to hold this year but no longer than that.

But surely the claim of exclusivity is the point. Petros clearly doesn’t want to accept that. Ongoing discussions with the government? When did they last meet? This is stuff I’d like to know so I can be more confident. I agree other prospects seem more likely earlier on but bearing in mind Upland we’re planning to drill in 2025 but then further studies were obviously required of them what is the blockage now I wonder.

I was presuming that you were referring to the annual licence bids as now being over. So it’s not inconceivable that an announcement could happen this year. For sure we could all do with an update from the company.

Not necessarily as it is not part of the MBR.

Thanks for this. Yes it’s very much a case of hope. I guess I’m just wondering that now Petros has made its intentions clear despite having worked closely with Upland on the studies how much might a bid cost or is it just down to credibility and having funds in place to complete the drilling. If that is the case then Upland seem well placed to fund say $10m a year. I would have expected some kind of recent news of meetings with government officials etc if something was in the pipeline but appear to have had none.

As far as I understand it Petros still want to move towards a competitive bid but Upland are trying to come to an agreement with the government directly. Has there been any update to those discussions? I don’t remember seeing anything. I can see that through the partnership with LS and the funds now available to Upland they may be trying to convince the government to go over Petros’s head. If it does go to a bid I wonder how much that would cost.

Am i right in presuming that SK344 will be awarded by competitive bidding now rather than an exclusive award? If so what would the likely cost be in your opinions? I'm just thinking that the LS finance will probably be for the bid.

My wife is an energy and infrastructure finance lawyer and she says that is a common condition.

I think the director buying would have been a condition of the deal with LS

Ok well if that’s how you see it I won’t argue against it but exactly this happened on a share I was in a few years back and that has made me wary. The BOD haven’t been exactly transparent here either. Final stages of negotiations about 2 years ago wasn’t it and no explanation for the delay. So I would like to do well here but I’m watching out for warning signals.

Js. It’s always worth considering the downside especially when these types of shenanigans happen regularly at the expense of shareholders. Perhaps you prefer an echo chamber.

Stanley what are the chances of a RTO before the PSC lands with nice incentives for the UPL board do you think? Worst case scenario I know.

Presumably they would buy us all out at that stage. No further growth divis etc.

I’ve no plans to buy more. Sadly my average is not 0.27.