Member Info for Mirasol

"Should his situation change - far from impossible given the political situation - and he take on national responsibilities, then the likelihood is he will find himself in large agreement with SS's arguments."

https://www.itv.com/news/meridian/2022-06-09/jeremy-hunt-condemns-government-decision-to-allow-gas-drilling-in-rural-surrey
Writing on Twitter on Thursday, Mr Hunt blasted the decision as "bitterly disappointing and wrong both economically and environmentally". His letter to Gove says" I am writing in protest against your decision to allow drilling and exploration of fossil fuels at Dunsfold.......... decisively rejected by SCC and the entire local community.... enormous anger and disappointment across all political parties locally..... create enormous disruption and environmental disruption for little if any economic benefit... I urge you to reconsider this decision"

good job he's onside Ocelot.....

"take no nice we all are aware gov backing ukog."

Evidence?

"Is it a bird, is it a plane? "

no its another thud as ANGS miss another target

"The market is buying you may experience some dizziness lol"

So far up 5 hundreths of a penny.......... wow the heights, the heights.............

"Funding won't be an issue either as I keep reading on here, as effectively UKOG is now backed by the government just like BP "

Ah yes the Govt that has just brought in a special tax to raid oil company profits - ESPECIALLY BP & Shell

No system publishes accurate Buy/Sell information. This site rates it as a sell (red) if your TRADE Price is lower than the mid price in the published range - if your TRADE price is above the mid point of the quoted range it's rated as a BUY (Blue)

It's really useless - why they persist with it is beyond everyone................ and before you ask there is no way you can actually tell the difference - you'd need access to the order books of every trader all the time and that isn't possible for anyone - not even the Stock Exchange

"they wouldn't put a date to spud if it wasn't -"

I tend to agree - that's a heads up to all the drilling mud, bits, waste tankers etc. It's not absolutely firm but you don't do that if you think you'd even be a week out - because you daren't cry "wolf" with the suppliers too often

"The denizens of Dunsfold and district are in a very wealthy corner of southeast England that apparently cares not a jot about the paucity of UK energy security"

Precisely - they are rich and they moved there to get away from industry, noise, traffic, the common herd etc - who can blame them?

And having spent their money they intend to defend their investment

"If this attitude were sustained in centuries past we would never have had roads "

Well the Romans has a positive attitude to Town Planning and still managed it

what is criminal is that any chance of making a decent return at market prices ahead of the hedge kicking in has totally disappeared.

If this had been on stream last year, as originally forecast, we'd be rolling in cash.

Now almost all the benefit goes to those holding the hedge - and who is that again?

"Now that Lincoln has been relinquished could Hur re-licence the field if the O&GA agree to them re-opening the plugged well and connect to the AM?"

That would require an "out of Licensing Round Award" - which historically the NSTA/OGA have rarely done - it will come up in the next round of licensing but that may be 2 years before anyone can go back to drilling there

"provide an immediate incentive for the oil and gas sector to invest in UK extraction."

are the critical words

"but its not Mandatory."

I'm afraid it is -

https://www.gov.uk/government/publications/cost-of-living-support/energy-profits-levy-factsheet-26-may-2022

How the new Investment Allowance will work?
· The government has also been clear that it wants to see the oil and gas sector reinvest their profits to support the economy, jobs and the UK's energy security.
· To encourage this, a 'super-deduction' style investment allowance will be introduced within the levy to provide an immediate incentive for the oil and gas sector to invest in UK extraction.
· The new investment allowance rate is 80% and means the total tax relief on investment nearly doubles - for every £1 businesses invest they will overall get a 91p tax saving.
· The current 10% Supplementary Charge provides companies with an investment allowance that can only be claimed once income is received from the field subject to the investment (which can take several years).
· In contrast, the new 80% Investment Allowance for the Energy Profits Levy will be available to companies at the point of investment, making it both more immediate and more generous.
· The government expects the combination of the levy and this investment allowance to lead to an overall increase in investment, and the OBR will take account of this policy in their next forecast.

The UK oil and gas fiscal regime taxes profits earned by companies from the production of oil and gas on the UK Continental Shelf. The regime is kept separate to other taxes on commercial profit by the operation of a "ring fence" which prevents losses from other activities being imported into the regime.

"it's got a mind of its own so there I don't check every post before sending."

We'd noticed

"Contractors are working toward a target date for first flow"

How many times has he given a date and been proved wrong?

". we have had no production figures for more than a year now."

If you mean from the company you are correct and if you think that's not good you are correct

But luckily we get the real figures from the NSTA unfortunately with a 3 month delay. Latest ones (March 22) due next week

" the price was 14.85 - 15.15"

So not UKOG then

" I don't agree with and can't understand the need for Resolution 8: Disapplication of statutory pre-emption rights"

I agree with you but that's the way most companies go these days - they prefer the speed, certainty and lower costs of a placing with their mates than having to sort out several thousands of little investors

"Re. Windfall tax, there's no rule that says Hurricane are obliged to invest only in Nth Sea "

There is - it will be ring fenced

"The government has also been clear that it wants to see the oil and gas sector reinvest their profits to support the economy, jobs and the UK's energy security. To encourage this, a 'super-deduction' style investment allowance will be introduced within the levy to provide an immediate incentive for the oil and gas sector to invest in UK extraction."

and the details show any investment is only off-setable against UK fields

"As I'm almost certainly the largest shareholder on this sub forum my information certainly exceeds most"

Are you saying the Company is providing you with inside information because you are a large shareholder RT?

That's illegal of course..................