Member Info for Mirasol

"Urbanisation is another massive problem with a growing population"

its only been going on since 1500 Heid............

" my impression is of a growing self-confidence at UKOG "

they've never been short of self-confidence Ocelot - HH, Billions of barrels, Markwell's Wood, A34, Isle of Wight, Broadford Bridge, Turkey

They flow self confidence in every RNS

its the actual performance that's been the problem.

I can see SOU going firm with paper - the SP is wayyy below their offer - which suggests people might as well take something in hand over jam tomorrow

"Can we now have the final CPR carried out to prove who is lying or telling the truth?"

There is no such thing - a CPR is the best estimate (or guess) of a set of experts on the data they have to hand when they start the exercise. Time , production data, oil price, OPEX, tax, offsetting field performance - these all change and so will the CPR.

The only time you know exactly how an oil field has performed is when you finally stop production - like a stopped clock - it's right but not very useful.

" - any CPR results/conclusions/estimates will always depend on what figures and info you put in, it will cost $millions, prove nothing and benefit no-one at all."

True but they normally cost between $ 50k and $ 150 k - it's the time that hurts - 3 months is a good guess

"I did ask Mirasol and the gang if he new of another small oil and gas aim share that had had as many separate bidders vying for the company."

thanks for reminding me Adrain

It's an interesting question.

I can't remember when a small UK onshore oiler was last in play - in fact I can't remember when a small UK oiler actually sold up at all - maybe Alkane when they sold their Shale gas acreage to Egdon for paper over 10 years ago?

5 or 6 possible parties is certainly encouraging - a lot depends on who it is but more importantly are they offering more confetti or some cash.

I think Ocelet is correct here - what we'd like is a firm bid from anyone to get concentrate people's minds

getting rattled my Scots friend?

I only said they (or anyone else) selling an asset) CAN hold back info - not that they WOULD, nor would it be wise to.

As to ANGS reputation for veracity even the EA etc are on record as saying they go over their submissions carefully because of past "issues"

"They are NOT going to withhold ANYTHING. It would be completely pointless"

I understand there is no requirement to put everything into a data room

But as I pointed out, the people who go there are well aware of what they need and can spot a gap very easily. I believe the seller is given the opportunity to provide the "missing" data - if they don't or won't then the price is adjusted accordingly i.e well down as the buyer then assumes the very worst.

And in the case of Angus that's the VERY worst

"Here's a challenge for you P - can you think of anything positive re: UKOG"

Can you? The stock price is in the gutter and that's after vast dilution

they've drilled 4 wells in 8 years - one success, two failures and one that went badly wrong.

They produce under 100 bopd, they never give any guidance nor do they give any interviews

"So the 1980’s appraisals were in the days of slide rules before the desktop PC ?"

Tony - they used the best computers available - ones the size of your living room in the '80's the science for depth conversion is identical . The problem at Loxley is that there is insufficient seismic in the wrong places and there isn't enough well control

The economics of drilling wells for small reserves on dodgy data is one reason why people like Conoco o pulled out of the onshore UK

" and more pounds leaving the UK economy."

But most of the N Sea companies aren't British - so the money would go out anyway - to Japan, China, Spain, USA, Canada etc wizz

did Alba ever stump up? At one time they weren't paying and UKOG's share of HHDL was increasing v slowly to "compensate"

" EDR is looking for a partner for Waddock Cross,"

that's risky - they had serious water problems there way back

"China`s position on the Falklands, has of course nothing to do with the fact they are building a $1.2billion nuclear power station for Argentina?"

More to do with their position on Taiwan - and if we send warships to the S China Sea then they can twist Boris tail in the S Atlantic

But Wizz - we 'd pay exactly the same price imported or home produced..............

"If six new offshore wells are approved then there can be no argument to permit ours surely"

they're not near your house.................... the N Sea has been successful BECAUSE it's over the horizon

McNimby - why have you arrived here all of a sudden - you were employed over on RBD trashing everyone for several months - they moved you on?

" not sure how much they have to put in the data room- there will not be much on the Integrity of the plant as they have not yet built it!"

I understand that the first thing in any data room visit is to check what ISN'T there and promptly ask for it............... if someone says its "confidential" then you know how to value it.

The BoD have given SOU until 11th March to put up or shut up and go firm.

Given they announced 2-3 weeks ago that the company was in play with up to 6 interested parties then they probably have a week more at least of data room visitors (assuming its not done electronically - but that's hard to set up at short notice). That assumes 2 days per visit.

I can't see anyone rushing to bid - the SP is well below the level of the SOU bid and they have 13% of the shares "promised". Any other bidder will see how it pans out - if SOU go firm with paper you have a good benchmark for a competing bid - eg same price but throw in some cash or a higher price all paper.

What is an absolute necessity is that ANGS crack on with SFB first gas - the more confident bidders are that the FDP can be delivered in time (not on time) and at a known cost the better it will be. I have fears they will be distracted by running the data room and the bid process as they aren't exactly over-manned.

"Support the FI oil industry so the FI can pay for their own defence costs."

I understand they already make a contribution from the Fishing income