Member Info for Mirasol

" I remember him being unexcited by the Argos acreage a few years back."

Th ewestern basin is unknown but the PL001 eastern basin is just an extension of the RKH acreage. IIRC Argos had mapped a shed load of prospects - some right against or across the boundary with RKH. They also seemed to have done (or published) more work on deeper prospects. Looks like a cheapo deal to gain a lot of possible upside to me. Also improves what you can ask for from any farmineee - there's now A LOT of running room.

" yes regrettable RKH left out."

They'd have had to match their share of the carry terms (which look like they'll eventualy include at least one well) - and Navitas's share would have fallen to 65% of the farmin = 42% of PL001 - I don't think they wanted such a low holding. And you can't expect Navitas to keep handing over risk free deals to RKH.

03-Jan-26 0.1384 m Cum per day

04-Jan-26 0.1373

05-Jan-26 0.1421

06-Jan-26 0.0909

07-Jan-26 0.0992

08-Jan-26 0.0820

09-Jan-26 0.1217

10-Jan-26 0.1284

Thirty day running average 0.1284 m Cum per day

Well that really cleans things up.

Navitas have hte protcetion acreage to the west of Sea lIon plus a lot more prospects.

You can see how easy it now would be for some deal that takes out RKH and JHI so the whole NFB can be managed by one operator

"However, UKOG is NOT the operator, HHDL is."

How many employees does HHDL have? who are the people on the ground for HHDL?? Where is their office?? I've checked the GESGB, SPE and Geol Soc and other than the Directors there are NO HHDL employees. Get real Ocelot - its a paper tiger

"Tony O'Reilly Jr " - oh dear.......................

" if it enables the Roc to have a spike at Isobel?" They're now a non-operator and totally tied to Navitas - if NAV decide to go look at Isobel I'm sure its covered under the deal.

But this won't be a major or a super major - 35% non-operated of SeaLion isn't a game they're interested in. Far to small.

It'll be a mid-size outfit, maybe UK or US - looking to spread their risks. I can't see a national oil company coming in because of the Argentinean angle.

Sometime before first oil would be my guess. Possibly after the first development well.

A problem, as I've said before, is the possibility of pre-emption by Navitas. They also may have language in the deal that that gives them some sort of veto if someone else comes in. Harder for them to stop a corporate deal that takes out RKH totally but it could be a lawyers bean-feast.

Since they seem dead to the world I'd guess that a few people are probably thinking of making a move there - not long left on that Licence and it will require a serious commitment to get an extension. FIG don't have to molly coddle the tiny players any longer.........

https://falklands.gov.fk/mineralresources/images/jdownloads/PRODUCTION_LICENCE_STATUS_AS_OF_4th_March_25.pdf

shows PL001 expires end of this year

You can't trade the shares and anyone coming in will probably not pay that much - remember Argos effectivly settled for a Royalty or similar plus some back costs when they brought in Noble about 10 years ago.

I agree - and in the long term water disposal costs are always the thing that finally leads to abandonement.

I'm not sure if ANGS have an internal PE or if they use a consulant (probably the latter I'd guess) but they must be pulling their hair out

But hey! I'm sure that everything in the garden is lovely......

"Sounds like Mirasol knows how to lose money too"

yup - buy shares in lifestyle companies like UJO

Onetomany Premium Member Posted in: ANGS Posts: 2,140 RE: Recent production 30 Sep 2025 22:34

Why were they suspended ? The RTO seems clearly to be fake news. The funding was never an issue as I have said for several months. They had the cash, they never defaulted, they now have a decent cash pile, production revenues are strong, they can easily fund the work over from cash, that would boost production by 10-30%?, resculpting of loan an easy discussion….. it is now all way beyond suspicious and is clear that an attempt to fleece PI’s is underway.

I am sure there must be some serious power struggle going on with this new look self centred group of individuals running the show. You chastise Zielicki, but I think he is the only hope we have of fair treatment.

Has to be an update next week along with quarterly production, we will be out of our misery soon enough.

" On top they have amassed a decent cash pile "

just like the Great Train Robbers - it isn't their money OTM - it all belongs to Trafigura et al.

Putting in the Compressor in early 2025 seems to have halved the fluid production from over 70 bfpd to around 35 .

However it's been climbing again since July 25 and by October (the latest NSTA numbers as the company never publishes nuffin') had reached 50 bfpd. Presumably it has continued to rise - hence the need for the workover.

"Fantastic opportunity to make some serious money here"

Making ANY money would be fantastic - if only to reclaim some of the vast amount lost by this lot

There are a number of published technical sources for Saltfleetby Field includng some papers in publications of the Geological Society, the SPE, UKOGL & the PESGB (now GESGB). Plus data from the NSTA of course. The old poster GreyPanther clearly knewwhat he was talkingabout technically. His post of July 2021 looks spot on.

GreyPanther Posts: 818 Price: 0.96 No Opinion RE: market sentiment beginning to change? 03 Jul 2021 16:46

Hi there gkb47. For me the jury is still out on whether the re-development of this nearly depleted gas field will be a technical, let alone a commercial success. It might, of course, be rescued by a rising UK gas price, which would be very good news for all our shareholders.

Regarding the pros and cons of sidetracking either SF 5 or SF7, I wasn't able to find nearly enough detailed geological / well logging info on UKOGL's website to help me with this. For example, I still don't know which of the many fairly thin reservoir sands have already been depleted in various areas of the field, nor which reservoirs are locally or maybe more regionally absent. The most telling fact for me is that SF5 has never been sidetracked (were the results of that well simply too disappointing?) but SF7 has been sidetracked four times as 7Z, 7X, 7Y and 7W. I don't know in which order these were drilled, or what their bottom hole locations were, but it doesn't seem to me that many - if any - of the results were much good. I heard that Roc pulled out of the UK and out of SF in a bit of a hurry. I believe Wintershall and others then picked SF up but soon dropped it when their gas storage plans failed to gain approval.

If they couldn't make a go of it, I'd be worried that the Angus technical team may not have the skills, or maybe the luck, to do any better than their much better qualified predecessors. However, I could easily be proved wrong; it won't be the first time!"

The real tradgey is that even a 30% increase in production would still leave them wayyy below the CPR forecasts.

And it was those forecasts that the hedges and the financing were based on. They'd need to DOUBLE production to even come close - and that wouldn't impact the historic shortfall from just after first gas.

" Let’s just hope for a 30-40% boost on the workover completion. Is that realistic? Or too low?"

Who knows? they could tell us what they expect but they never do - becasue they have almost zero confidence in their guesses. Sometimes they work , sometimes they don't. The web is a poor guide as you only normally hear about the sucessful ones and not the failures (unless you're on the inside).

Daily reports show almost no production for 3 days so far - looks like a work-over for sure.