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Started: Richsif, 26 Jun 2024 09:29
Last post: ArthurQueenstow, 26 Jun 2024 14:02
That’s a significant recruit to have on board for the joint venture which may well merit a stand alone rns announcement
Impressive Bio - Thomas Nyanat
Formerly Chief Production Geologist and Chief Petroleum Engineer with Shell, Thomas possesses 39 years of wide ranging experiences in finding, development and production activities in Oil and Gas fields in both regional and international basins around the world. His recent role as Head of Onshore Assets, Upstream Petroleum Sarawak (PETROS), includes spearheading activities on Block SK334. His track record as an accomplished geoscientist professional includes notable projects such as the Bokor, and Betty Oil field development Offshore Baram Delta in Sarawak and the Kinabalu Oil & gas field, offshore Sabah and extensive project experience across the Scottish and Norwegian North Sea, such as the redevelopment of the Brent Field. His 7 years with Shell International in Houston, Texas as Chief Production Geologist, followed by 7 years as Chief Geologist with Petroleum Oil and Gas Corporation of South Africa (PetroSA) in Cape Town is a testimony of his well sought-after expertise in the Petroleum Industry and work in numerous Oil and Gas fields around the world.
And to complete the circle, zoominfo.com lists Thomas Kuud as Head of Onshore Assets, Petroleum Sarawak Berhad PETROS (updated 23/06/24).
Great detective work. At that time he was Petros Head of Onshore Assets Upstream - interesting
Thomas Kuud (also known as Nyanat) has the role of Chief Executive on the Org Chart released in the UPL April Monthly Report.
This is interesting because Thomas actually represented Petros during the Joint Technical Study for SK334
You can see him the pictures on the link with the hat next to Bol.
www.upland.energy/wp-content/uploads/2022/11/Monthly-Progress-Report-for-Shareholders-Ending-31Oct2022.pdf
Stuartv - ha! Well done with that !
We are now at the approvals stage so basically the contract is agreed and the negotiations are over. It’s simply a case of the relevant areas of the authorisation authority reviewing it for efficacy and signing off:-
Definition
It happens after contract creation and contract negotiation and before contract execution. The contract approval process involves reviewing contracts to see if all parties have reviewed them and which departments or stakeholders still need to approve them.
Started: Richsif, 25 Jun 2024 13:05
Last post: Desertsands, 25 Jun 2024 15:12
Richsif - my ‘oh wow response’ timed at 14.38 was in response to your message posted at 14.32 wherein you made reference to English not being the first language of Malaysia, and not, as you have assumed, you later message at.14.36 which I didn’t even see as I was typing my previous response!
They say timing is everything! And yes ….. moving swiftly on ……
Can Richsif or anybody say how many contracts have been awarded under that certificate of registration since it was awarded in October 2022? I can’t seem to find those details and would be interested in being pointed in the right direction …
Someone on twitter posts old and public document. Perhaps taking a photo of their screen in an attempt to add intrigue.
A quick scan of who is liking posts in this little exchange will tell everything you need know…
As a reminder…You posted
Wonder where Joeyniall69 found this ?
I responded relax, and a link to where it was found. Very helpful of me wouldn’t you say!?
Now go back and read your reply! ;-)
Back to the story at hand everyone. This is more good news and shows how connected we are within the Sarawak Venn Diagram.
Thank you for your concern Richsif but I can assure you there is no need!
Questioning something does not equate to ranting and raving ( you may wish to invest in a thesaurus ) and if you need to resort to childish exaggeration to belabour a contrived point then crack on.
These bbs are here for people to debate, question, seek opinion and suggestion. They are not echo chambers. A legitimate question was politely asked and Stuarttv responded politely.
I still stand by the veracity of my original query.
I am embarrassed for you ! You have been given proof this accreditation was granted to Zecon for the period of 2022 - 2025 by Petros and that it can be found, alongside other accreditations on the company website.
https://www.zecon.com.my/about/accreditation/
You however are ranting and raving that it is ‘’grammatically incorrect and linguistically incohesive’’.
Embarrassing!
Started: Matt007, 24 Jun 2024 12:37
Last post: NCTrade, 25 Jun 2024 11:25
PI taking their positions whilst it’s calm before it starts to explode :-))
Looks free to move up. And up we surely will be going in the next couple of weeks! Bring it on I say, bring it on!
Started: NCTrade, 24 Jun 2024 11:11
Last post: techguru91, 24 Jun 2024 12:19
Yep feels like its just going to explode any day now. Big big move to the upside brewing
Waiting in anticipation of confirmation of psc and jv any day now.
Patience is the key here…
:-))
Started: Jackastory, 23 Jun 2024 21:01
Last post: StockCheque, 24 Jun 2024 11:33
You can consider me sticky. Never held Cove, bought in at the end of last year around 5p, averaged down to 3.5p between then and now. Now sitting on £42k of UPL stock. Looking forward to the multi well drilling.
As well as the shareholders Jackastory mentioned you can probably add another 30% in LTH sticky hands (incl the Cove Investors).
Shares are sold for any number of reasons, so daily trading volume more pertinent at the moment (11m only on Friday).
Licence/PSC news vacuum has been filled with speculation, but in terms of the recent June Progress Report the next 4/5 weeks are critical.
GLA
Ah, ok.
Fully diluted (all warrants and options exercised)
Started: StockCheque, 20 Jun 2024 19:51
Last post: NCTrade, 23 Jun 2024 17:46
I noticed one or two individuals were trying to sway investors away from here to another company who are essentially still in its foundation stage with nothing confirmed whereas upl are about to announce the psc and jv any day now!
The LBE rampers make me laugh.
LBE only just announced "farm-out process to be launched H2-24"
Launched does not mean completed, it means marketing it, waiting to see who is interested, whittling down the interested parties to a select few that seem the most credible and worthwhile as partners, then going into highly detailed discussions to narrow that down to one or two selected partners, then going through the legal contract writing, all parties agreeing on the wording, and eventually sign off of those agreements.
They have not even launched it yet, that could take a couple of months.
By the time they get to sign off it could be 6-9 months away.
By the time LBE gets it's fam out, UPL will already be drilling.
Lunacy to suggest that LBE is a better near term bet than UPL, but rampers just like to flood the UPL boards with their false and misleading claims.
A quick look at what Jung was posting on ADVFN on Friday will show you he lacks the brains cells for investing
A couple of his lowlights
1. Have you ever heard of Cove?
2. LBE licence SK334 has a better potential for shareholder returns.
3. Onshore is not at all times cheaper than offshore.
As cross-ramping goes he isn’t very good
I think you'll find that LBE will be the long term story, from a return pov, and UPL has had its day in the sun. The relative valuation needs to be corrected, still. Both cos have credibility issues, for different reasons, but one has had plenty of time to deliver, whilst the other is a "pivot" of just 2 weeks so far, with the building blocks being established for a "UPL-style " run up in sp.
To be fair jgjam I drew the same conclusion as you. That said having revisited the schedule it only covered up to the end of Q2. Who knows (excluding parties to the negotiation) it may have always been planned to conclude in Aug 🤷♂️. GLA
Started: adamrlowe, 23 Jun 2024 15:43
Last post: NCTrade, 23 Jun 2024 17:41
Good find Adamrlowe that tweet is just from this morning, looks like things are really hotting up here
There really are some great nuggets of information in the new quarterly shareholder update.
We're clearly moving back into a very exciting time and are going to be working with some of the best companies (and Nation States!) out there.... all with our "world class assets."
https://x.com/bigguyad/status/1804827666731716902?t=DlwPREsM6mUU_FQ3P49qrw&s=19
Started: LongPositions, 20 Jun 2024 10:27
Last post: LongPositions, 20 Jun 2024 18:22
Award of Drilling Rig Contract is planned for July, on 20 June, so there must be some degree of certainty about this.
Also, agree that 'Sovereign State' implies country level.
Simply some people have no patience they just saw a slightly delayed date for the PSC and want to make gains now. A quick trade is what they wanted news etc. So they are selling up I suspect & wanting to return in a few weeks.
Personally the update is keeping all in the loop and spelling out exactly what UPL will be doing for the rest of this year...
It's not complicated to work out its all written down in B/W with a nice spread sheet detailing time lines....
Progress looking good
With key investors increasing their stakes, count for something I think imho..
so I for one thinks it is just a matter of time .. all needed now is the actual news on PSC …. And the SP will lit 🔥
GLA ..
Under Section 6 - “PSC Submissions and Regulator Engagement “ According to plan due to conclude Aug. Interestingly shown a couple of rows below ref to “Sovereign State Collaboration” also to commence Aug. Suggests PSC and JV/Farm out docs will be signed off by then. Sovereign State Brunei 🤔🤔. Hopefully not long to wait.
If this stock was that good then why is it sat at this price? Investors selling on supposably good news?
The RNSs feel like wash rinse and repeat here, same old.
This stock is either going to be life changing or we are being hoodwinked, time will tell.
Started: StockCheque, 20 Jun 2024 07:33
Last post: StockCheque, 20 Jun 2024 13:58
It will be a free carry for UPL, like we see with AEX on their Tanzania blocks, and with many other small caps, won't cost UPL anything.
The block will require massive funding . Contracts being concluded to cover this. PSC sign off will follow on quickly after that.
UPL will be 10x a year from now, that is my bet.
I could list a load of companies worth £150m with nowhere near what UPL has.
What LBE is worth, you need to decide that, as I know nothing about it.
At £ 40 million market cap there is no credible reason why UPL is worth 4 times LBE today.
If its worth that much then LBE should be worth at least £ 80 million.
Started: Matt007, 20 Jun 2024 08:52
Last post: DELPHROAD, 20 Jun 2024 10:51
We all await the signatures that really matters on the hopefully to be published documentations. Selling at present, makes no sense whatsoever to what the SP could reach.
The only thing i can see why people might decide to offload for a short period is a slightly longer lead time than they expected. So no patience is at play here, but those selling because of shortsightedness will have their shares bought by people who have longevity in their mindset……some expected the PCS to be the next RNS and it wasn’t. But i have no doubt from this RNS it is on the table and it will be signed off and relayed to the market ASAP. At this point it is going north and not stopping. Fabulous update to the market.
Can’t see any negatives in today’s RNS and everything else is showing great positive signs.. and yet share prices still glued to the floor.. what do you know !!…
IMHO when this starts rising to take it’s rightful place.. there will be no slowing down..
Just hold and wait ..the rise is coming !!
GLA
All the signs are there. Just gotta have more patience and build a healthy position here to reap the rewards!
Last post: ArthurQueenstow, 20 Jun 2024 09:28
Zak sums it up well in his comments
“Proper, significant news is required to make the trade here a little less crowded.”
“UPL has been and remains one of the most crowded trades around, with the shares still sucking up institutional placing that was delivered back in April. Proper, significant news is required to make the trade here a little less crowded.”
https://zakstraderscafe.com/rns-hotlist-june-20-avacta-blackbird-cmc-ecr-edx-filtronic-helix-kibo-light-science-optibiotix-power-metal-sovereign-upland/9633/
There hadn't been a date given for the Competent Persons Report (CPR) previously in the Monthly Progress Reports as far as I can see. Now it is scheduled for August/September 2024, which probably means it won't be out much before mid-to-late September.
Started: ArthurQueenstow, 20 Jun 2024 08:18
Last post: StockCheque, 20 Jun 2024 08:31
A broker note would be great at getting awareness of the company out there and getting ii's drooling at the thought of a multi well programme on a world class asset.
I'd expect a broker note to put fair value today at £100m to £150m in a peer comparison. With huge upside potential on successful drilling campaign.
Some strong content in rns
Two observations from the monthly update
PSC Submissions and Regulator Engagement is stretching in to July & August.
New Corporate Brokers & Research Initiation is showing through to July.
Research initiation is a new introduction.
Could a research note and a target price be on the horizon from a broker ?
Sold subject to contract, or sold STC, means that the buyer has made an offer and the seller has accepted it.
Next RNS will be released very soon as contracts already drawn up ready to be signed and sealed!
RC seem to have been correct posting yesterday…
It was never personal Mr C. I always reserve judgment with regards to posts on these boards. That said lots of genuine guys on here as well. Posting history is my guide.
Stuart - there is nothing wrong with sharing information.
Starting to lean more towards Saint than Sinner Mr C
Started: StockCheque, 20 Jun 2024 07:18
Last post: NCTrade, 20 Jun 2024 07:56
There is still time to get in early at these prices…
PSC & Investment Partners
May 16th Upland confirmed that we are engaged with PETROS to finalise Upland's application for a Petroleum Sharing Contract (PSC). The Company awaits approval.
May 16th the Company also confirmed letters of interest from two potential partners. These are now at the stage of detailed terms of reference subject to contract.
Contract drawn up ready to be signed!!!
Worth looking at plan on website for more detail on dates for rig transportation and start of drilling ops. Plus other activities of interest.
Check out THAT RNS!!
Started: techguru91, 20 Jun 2024 07:31
Last post: techguru91, 20 Jun 2024 07:31
Think the anticpation rise will start. The clue was last week when the Malaysian investor put in anotehr £500k at 3.3p when the price was much lower. Big things coming
Last post: adamrlowe, 19 Jun 2024 18:00
You too mate....and don't get me wrong, we of course would love it to come to fruition.
First drink (alcoholic or non) is on me. 😁👍
Like I suggested, screenshot and save the post and come back to me Adam.
Have a lovely evening.
Err....we aren't "literally" talking about a stopped clock, right? That would be insane. I'm sure you are aware what an idiom is.
From the BEST website:-
In the dynamic world of upstream energy exploration and production, where our sister companies are at the forefront of unlocking the potential of oil and gas reserves both domestically and internationally. As partners in producing blocks operated by major industry players, we are committed to driving excellence and innovation in every facet of operations.
Through strategic alliances with leading oil and gas operators, we have secured a foothold in producing blocks in Brunei Darussalam, Canada and Malaysia. In the domestic landscape, we are actively engaged in maximizing the potential of the blocks, contributing to the nation’s energy security and economic prosperity. Internationally, we collaborate with our partners to unlock new frontiers and capitalize on emerging opportunities.
As proud partners in upstream ventures, our sister companies embody the spirit of collaboration, innovation and responsible stewardship.
Adam, will all due respect, a broken clock cannot tell you about a JV or Psc. If life was as simple as using a broken clock, you wouldn't be posting on lse.
Save this post as a picture for when you wake up each morning. JV with Brunei.
Started: NCTrade, 19 Jun 2024 09:57
Last post: NCTrade, 19 Jun 2024 09:57
Fundamental haven’t changed here, those selling out will buy back in again knowing prospects here are huge.
Gla :-)))
Maybe some are looking at a short term small percentage gain elsewhere in another stock hoping they can return back here and buy in again at the same price.
Risky strategy as confirmation of psc and jv can land at any moment losing out on multi bag opportunity
Bid
I can’t see what’s really changed between yesterday and today. Maybe holders are getting impatient waiting for the PSC to drop. Hopefully settling down now. MM’s quoting 2.88 on the Ask.
What’s with sea of red in this early part of the hour ?
Any explanation out there?…
GLA.
Started: stuartv, 18 Jun 2024 16:54
Last post: StockCheque, 18 Jun 2024 22:14
Thanks AQ!
TUESDAY 18 JUNE 2024 (ORAL TECHNICAL PROGRAMME)
Session 1: Keynote Session – Asia Pacific’s Energy Future
Session 4: Malaysia – The Next Exploration Cycle
Chairs: Ili Afifuddin (Perenco) & Sh Shahira Wafa Sy Khairulamir Wafa (Petronas)
16:05-16:30 Exploration Sabah: The Past, Present, Future.
Colin Grant, Shell
Check out this post. Any idea who did the presentation today instead of him?
https://www.linkedin.com/posts/colin-grant-a338a39_i-have-now-left-shell-after-a-very-enjoyable-activity-7185996358334468096-yKPp/
Matt007 yes psc and jv is coming home indeed lol
That’s certainly positive to hear and seems like it’s all lining up really well.
Those strategic investors must have known a deal would be struck and were smart to have taken their positions…
It’s coming home!!!
They said that Longboat energy and UPL got favourable mention from a representative of SHELL today at this conference today and it was noted that Sarawak is close to kicking on
https://asiapacific.ges-gb.org.uk/files/2024/06/AP24_Programme_07.06.24.pdf
Started: ArthurQueenstow, 18 Jun 2024 09:41
Last post: ZENGAS, 18 Jun 2024 15:54
Calender year of bookings - as in to show whre their rigs are located/moving to next/sequence of jobs and if someone takes up the extension period, then you usually see an RNS saying the rig is still tied down with the current user and when expected for release.
I think that might be 3 months actually on the field Stuart with an extension of 2 months to stay there before moving to a different field/company. That could indicate a multiple well programme for that length of time.?
It wouldn't pay a rig company to have 2 companies make a booking like this as it would only bring in over $250k revenue a year in bookings at that rate.
Usually they wouild have an indicated time slot of whrere the the rig is currently. If it's cold stacked then UPL could be next in line or coming off another job.Can't see any details for Huisman but most of the rig providers provide a calender year of bookings.
Interesting reference on page 7 of UPL’s annual report:-
On 13 April 2024 the Company entered into an agreement with Huisman Geo BV whereby the Company 2 pays to reserve availability of 2400-6 drill rig for a term of 3 months, extendable for a further 2 months.
Drill anticipated by Sept ??
Id suggest reading Arthurs posting history on UPL before being drawn in to convos!
Until we get another update chart we won’t know if the timeline will be extended but going on the current information it should be settled by the end of this month.
Started: stuartv, 18 Jun 2024 15:53
Last post: stuartv, 18 Jun 2024 15:53
Thanks Zengas.
Started: NCTrade, 14 Jun 2024 16:21
Last post: ZENGAS, 18 Jun 2024 09:12
Copperpot
Maybe learn to think once in awhile ! 29-5-24
Loads of positives here ..
Be in it to win it ..
GLA!!.
🎶 👂👍 😉
It’s been exactly 2 months since the PSC and Joint Venture were announced with discussions being in their final stages.
Some Malaysian investors invested significant amounts of money in here knowing full well what’s to come…we could we get that all important breaking news at any moment that would make vast sums of money for those already invested with the herd arriving thereafter wanting a piece of the action :-)))
Welcome to the board Joe 👍
Started: lovelife, 13 Jun 2024 12:59
Last post: ZENGAS, 14 Jun 2024 11:36
I posted this on the LBE board but removed all the LBE reference material but equally applies here imo
I was using a $3/boe in ground valuation pre production for either Co making a sizeable discovery. Below news is on a very mature producing field.
Todays news - Hibiscus buying Block B, 85 km off Brunei (next door to Sarawak) which is the late life mature MLJ fields from Total Energies for $259.4m.
Production commenced 25 years ago in 1999.
Buying a net 24.2 mmboe 2P and 6.8 mmboe 2C as of 1/1/23 with 7,865 boepd production. (84% Gas).
2P cost = $10.71 per boe or $8.36 per 2P/2C combined and $32,980 per flowing boe.
Presentatation
https://ir2.chartnexus.com/hibiscuspetroleum/docs/Analyst-and-Fund-Managers-Briefing-Deck-Proposed-Acquisition-FINAL.pdf
June 14 2024 Reuters) -French oil and gas major TotalEnergies will sell its Brunei business to Malaysian independent exploration and production firm Hibiscus Petroleum for $259.4 million, both companies said on Friday. For Hibiscus, the appeal is in acquiring a well-established natural gas asset in a stable neighbouring country where the group hopes it can boost output. "We have been looking for the right opportunity to enter the Brunei energy industry for some time and ... the additional volumes from this transaction ... will provide an uplift of nearly 85% to our gas production," Hibiscus Petroleum Managing Director Kenneth Pereira said in a statement.
Hibiscus said it expects the asset to add 7,900 boepd of gas and condensate to the group's total production in 2024, with plans to improve performance over time by cutting operating costs and investing to slow the field's decline.
https://www.marketscreener.com/quote/stock/TOTALENERGIES-SE-4717/news/TotalEnergies-sells-Brunei-unit-to-Hibiscus-Petroleum-for-259-million-46971804/
Final score:
Irishdemon 6 jgjam 0
Oh and just to complete my charity services for the day- it is not 'your' but 'you are'. 'Your' is a Pronoun in case you are not sure - a 'possessive' pronoun in most cases. Another Masterclass tomorrow if you wish to sign-up. How about Bid and Ask definitions and deployment ?
I am so pleased you think I have been 'kind' and 'thoughtful'. That has fulfilled my goals of the day. Nighty night !!🤣
How kind of you ! So thoughtful. Are you referring to “office manger & flop ? Two combatants with not much better to do . You tore a strip of a poster only recently to be told by another your out of order.
Please, once you’re finished doing your charity services for all the other posters on here. Go educate and familiarise yourself on the chat rules on this site.
Started: lovelife, 13 Jun 2024 10:23
Last post: mcivorv2.0, 13 Jun 2024 12:49
The company changed their year end date from middle of the year to the end of the year.
AGM must happen within 7 months so will be by end of July.
Three weeks notice for exact date.
I must admit I was expecting this to be closer to 4 as the crowd take their seats 🥳...
How do we know the AGM 6 weeks?
It feels like we are in the starting blocks for a 200m race….
You can feel the tension in the crowd, a slight cross wind
Giving a slight nervous wobble in the blocks….
Head down & I can feel my own heart beating……
Poised ready to raise my head