Member Info for Mirasol

"When is this likely to be?"

When they need more money of course................

Weird - the ramptastic crew seem to think that by hiding behind a dictionary they can disguise the fact that ANGS are totally in the hands of the lenders.

My question now is how much will they have to put up up front for the workovers?

They've (quite wisely) aparently been paying the " trade creditors" (tho' I suspect they are being watched like a hawk for any delays) but bringing in a workover crew is costly. No doubt some substantial upfront payments will be required .......

It's their share of the Licence - 35%

But they have to use someof the proceeds to pay off the loans for development from Navitas.

"Stop posting nonsense about Angus having defaulted"

So how, James, do you decribe someone who hasn't paid what they owe for many many months?

"I am hoping for a series of updates into January and finally get us out of this halt"

No hope - they've already indicated they won't be saying much until after the workovers have settled in in March.

17-Dec-25 0.1244 m. cum per day

18-Dec-25 0.1192

19-Dec-25 0.0959

20-Dec-25 0.1079

21-Dec-25 0.1197

22-Dec-25 0.1289

23-Dec-25 0.1253

24-Dec-25 0.1434

25-Dec-25 0.1381

26-Dec-25 0.1386

27-Dec-25 0.1363

Thirty day running average - 0.1341 m. cum per day back to late Feb early March levels, looks like they're intervening every week or so. Presumably work overs will start in the New Year when everyone is back from holiday.

You only post on RKH. And the length of your posts and the construction suggests you use AI a lot

"Miras, there are those apart from the company which might refer to FCA, although I don't expect it much."

Given all the lack of action on hundreds of complaints about outfits such as UKOG , PPP and other similar oilers I don't think the FCA even open the emails from PI's

"Mirasol, I genuinely wonder if you are even invested at this point with your never ending negative comments. "

I think you don't like anyone who disagrees with your (immensely long) contributions. I have been a solid supporter of RKH, Navitas and Sea Lion development for years - check my posts - for example I was a solid supporrter of the certainty of FID in 2025 compared to many others. But as I've said I can't see much real action untill we get the results from the initial development drilling. The shares will drift up fairly steadily IMHO until then.

That may not suit those who want to make a quick buck, or day trade but I try and be realistic.

"Will we see the plan for the construction phases? "

I'd be surprised - what does it gain the company? Just pile sup pressure if they slmake even the smallest slip.

And Navitas seem to like working away steadily, out of the limelight. They don't seem to want to grandstand. Sam probaly would love to but he's on tight rein these days

"Crucially, many of those early hedges can roll off before first oil. "

But these can't - they're SPECIFICALLY tied to the first three years of PRODUCTION . They're insurance for the lenders.

"I guess a lot of cleaver people will have been crunching the numbers on this to hopefully give us the best return at the lowest risk possible."

Its almost certainly not Navitas nor RKH who want the hedges - it's the finaciers who want to protect themselves. The return to PI's is not on that radar screen I'm afraid. But we do, to a certian extent , gain some security at the price of losing some of the upside. But since it v unlikely that we'll see dividends until several years after First Oil thats not a big worry.

Hedging is already in place:-

Details of the Hedging Agreement

As part of the financing for the $2.1 billion project (operated by Navitas Petroleum, with Rockhopper Exploration as a partner), specific mandatory hedging levels apply in the first three years after the project reaches completion and begins production (expected in 2028).

The mandatory hedging percentages are based on the project's "PDP" (Post Development Production) and are structured as follows:

Year 1 post-completion: 50% mandatory hedging of PDP.

Year 2 post-completion: 33.3% mandatory hedging of PDP.

Year 3 post-completion: 25% mandatory hedging of PDP.

This hedging strategy is intended to help mitigate the risks associated with volatile oil prices, ensuring a degree of revenue certainty during the critical early years of production to support debt repayment.

"what’s clearly needed is someone from the Angus team to step forward and properly take charge. Markets can tolerate bad news and tough restructurings, but they struggle with a leadership vacuum. Clear accountability and visible control would go a long way toward restoring confidence."

Be careful what you wish for - the varios "Leaderships" at ANGS have been out of the Charge of the LIght Brigade Model - every one a shambles.

And, of course, we now have visible control see "our people" at https://www.trafigura.com/

Perhaps, in the spirit of Christmas, he is warning people to be aware of the dangers.

you would stop a small child trying to feed the alligators so those who know feel a Christian duty to warn the unwary about various all AIm oliers and the creatures who circle them.

"Sigh...I give up."

I think any person with more than one brain cell has already given up on this oufit TBH. Suspended, £ 29 mm in debt, guttering production at 55% of the 90% probability forecast, total inability to deliver anything on time and to budget, mysterious "deal" in the USA, dreadful communications with PI's, missing CEO................

TBH it's more like an episode of "Blackadder" than a description of a quoted oil company. More "cunning plans" than Baldrick.

"Somebody else buying into the Gulf of America/Mexico."

Who else is buying in Ocelot? Not ANGS - they haven't even got aset of terms according to the late November RNS - and thats another month gone without any details. And amazingly no rumours. No Malcy, No Lady of Aim... one might almost think the deal doesn't exist.......

"What is going to happen in 2026? Is it simply a year of preparation. Signing contracts establishing infrastructure in the Falklands etc etc..."

You're right I think - a steady stream of contracts, apointments, the FPSO heading for refit. All very worthy and hopefully incident free. Hard to see anything earthshaking on the horizon. SP will drift slowly upwards.

The day traders will be desperate to generate spikes around each announcement but I supect most PI's are in it for the long haul again - and any institution will be the same.

"Ocelot, do you know why the accounts of all the subsidiaries (including HHDL) are months over their already extended overdue deadlines when, presumably, those numbers would have been incorporated in the audited group accounts?"

My guess is that these companies are so interwined and their "assets" are in fact loans to and from each other (the Virgin companies are like that IIRC) that if the auditors at any one of them has a problem then the others can't (or daren't) produce their accounts because they'd have to note a possible massive impairment/writeoff. One brick fails and the whole lot will tumble down

"The didn’t default on their debt."

of course not - they just haven't paid what they contractually owe