Member Info for Mirasol

"Expect that bid now by RNS 7am Tuesday"

Good luck.......................

"History won't judge EU kindly if it keeps funding Russia to genocide Ukraine."

Easy to say but you'd crash half the economies of W Europe AND affect a lot of old, sick and poor people

GavinM Posts: 14 Price: 1.225 No Opinion
RE: Mercuria and the hedgeToday 16:54 10 April 2022
Shell on their way
Slight delay caused by several documents missing acknowledged by Mr Lucan but now rectified thankfully
Expect that bid now by RNS 7am Tuesday

" to buy 2 nodding donkeys in the USA."

That will be the absolute final straw - no small UK oiler has ever survived an investment in stripper wells in the USA

"Even Mirasol has gotten involved (08:01:24). Big things about to happen in Turkey."

What ARE you talking about Mr I???

"A shed load of oil"

Yup - about 7 barrels......................

"maybe going to assist in getting Falklands oil started up???"

not a mention in the Energy Strategy Carrots - you're whistling in the wind I'm afraid

the UK Govt would like to see some movement on the FI BUT they never put money into commercial oil field ventures.

"Why would anyone turn their back on that and start from scratch "

logically they shouldn't but in the real world they often do.

management are frightened that something will go wrong and that everyone will say" you mean you NEVER checked the numbers?" the Engineers suffer from "not invented here" syndrome etc etc the fact that PMO redid the plan dand then Harbour did it again tells you all you want to know.

As for hiring the "team" most of them will want to stay with Harbour - much more of a guaranteed future there - after all, once SL is up and running there may well be a break before they start on the next project.

"possibly the potential buyers want to get the deal wrapped up asap, but the cash injection was needed to ramp up the installation and get pumping before they would fully commit, "

You mean the £12mm wasn't enough?

No - as the loan can't be used to pay salaries this raise is to keep the lights on on a corporate level

Can’t imagine Navitas sitting on their laurels and then once the deal is signed, they say, “Right we are going to start relooking at the development plans and rework the numbers for a smaller development, then we will get some quotes in!”

problem is any new operator has it's own engineers - and they exist to play with the toys

It takes a VERY strong management to say" look boys - these plans are OK - just DO it" when all they'll hear is "well of course we can't swear that these numbers and designs are OK - we need to audit/redo them all"

"but what cost to Argos? 50% of the whole acreage for one well? 75% for 2 wells? "

they gave away 100% for 1 well in 2015 only retaining a 5% override and some cash payments. They are unlikely to ever to be able to raise the cash for a development. Lets just hope RKH aren't faced withe same choices

"Question i'd like answered is that because the drilling operation was a total dogs breakfast (seems to have been a contributing factor at BBRidge) or is it becuase the gatwick gusher is like a 90 year old man"

Drilling ops seem to have been good at HH

There are two reservoirs - the deeper Kimm was the great hope - it produced quite well on test (to everyone's surprise) and AFAIK never went to water. The problem seems to be that they exhausted the oil in the natural fractures and it couldn't recharge in commercial time. Fraccing might help with this but you'd have to keep doing it as the recharge problem won't go away.

The Upper Portland is well known and totally conventional. It is producing very much according to other , similar fields. It flows alright but it's a relatively small accumulation and it also suffers from water ingress. The field will probably chug along at 50-60 bopd for a long time with water cut gradually increasing. In the end it will be the cost of disposal and transport of the water, and the OPEX on the oil, that will end production - but that could be 5 years away.

PL001 Licence Extension

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce that the Falkland Islands Government has extended the second term of the Company's PL001 Licence from 1 May 2022 to 31 December 2022, with no additional work commitments.

The critical phrase is:-

"the deliverability of the existing two wells as being likely to be greater than 5 mmscfd."

That is NOT a certainty, it's an opinion

For the avoidance of doubt they said:-

A.The lenders technical advisers and Angus evaluated the deliverability of the existing two wells as being likely to be greater than 5 mmscfd. The reasoning was twofold. In the last years of delivery to the old Conoco refinery, average production was constrained by persistent issues with the main compressor at Theddlethorpe. Secondly it was the view of technical experts that, following a prolonged shut-in, the two wells should have improved deliverability in the first 18 months or so of operations. This is because prior to shut in there was an area of reduced pressure around the producing wells. Since then the pressure has equilibrated across the field resulting in significantly higher pressure around the producers. So it is our view that the hedged production should be able to be covered by these two wells in the event of failure of the sidetrack

B. Finger in the air: Worst 7mmscfd, Probable 10mmscfd, Best 10mmscfd (but extended for a longer period of time) Note, the combined deliverability of the three wells will exceed the production rate during the plateau period which is limited to 10mmscfd by virtue of the process equipment.

C. We believe that simultaneous operations are feasible on this site but we do need to do much more work on how such operations would be conducted.

"The above is a fact confirmed in RNS and all the rest is noise."

three "expected" 's in that RNS - it's a forecast not a promise

"SHELL already partner with Angus and taking all the gas Angus can shove down the gas pipe"

Adrain - TfL take my money for a tube trip -that doesn't mean they intend to build an underground line into my back garden. It's peanuts for Shell

"It's not private. Anyone can join. You don't need an invite .and everyone can see what you are saying."

So what do you want to hide from us Adrian? Whats secrets do you have that would entice others into a your private world of investing??

Warren Buffet - yes, Elon Musk - maybe? but Adrain aka Fool of the Hill (1000 ID's Later) Gideon's - no , I don't think so

:))))))))))))))))))))))))))))))))))))))))

". One of which as I have been saying for weeks I happen to believe is the super oil major SHELL?"

based on?? Not a single person believes you Adrian -it's total fantasy - even if SFB performs brilliantly its 1/54000 th of Shells daily gas production

"They say he takes the Russian Rouble lol."

Care to name names friend?

At least I know Salfleetby is a GAS field - not an oild field as you posted last week

"Hey , this Heid Oil girl doesn't suffer from Imposter syndrome."

we believe you Ruby..............