Member Info for Mirasol

"Sanderson said at the Loxley meeting it will take 6 to 9 months to order a rig. "

I think he meant it would take that long to start drilling - build pad, get all the drilling plans approved etc

"Although these types of engineering challenges can be solved in oil and gas developments, there is no guarantee commercial flowrates will be achieved at West Newton. At the top end of the range West Newton could therefore be
a sizeable commercial onshore oil and gas development, however, at the low end it could potentially be a non-commercial discovery "

fair enough

"the share price is only resting" ... reminds me of a famous comedy sketch about birds..............

"Looking at the licence docs they are meant to be shooting 20km of seismic and a well to either 3200m or 50m into the Aylesbeare Mudstone (Triassic) "

That was offered a longgg time ago - they'll probably get relief on the depth commitment

I don't think Angus have the money to drill that horizontal - the cash they raised for Saltfleetby will have been ring fenced for sure

"why we've never heard of why the difference between the 2 CPR's."

The main difference was that ERCE were looking at a great deal of production data wand later wells which weren't available to RPS. The data comprehensively sank Trice's model of the field so the numbers were going to crater . They may have taken a "rigorous" view as well - but I really, really doubt there is an error in their calculations

You'd have to go to Gaffney Cline I think to get a CPR that the market might believe - the US outfits (D&M etc) are good at big, conventional fields but might have problems here.

Both RPS & ERCE are good outfits but you're right - another take is necessary for the markets

Exploration was talking about " the morons failed to make a credible case that oil production at Arreton was in the national interest " - hard to argue that Arreton is going to make a vast difference to the UK

Firstly, the morons believed there was an oil and gas discovery to be appraised when two previous wells proved there is nothing. - well, it is a POSSIBLY big structure - explorationists explore......

Secondly, the morons completely failed to understand how strongly public opinion is opposed to onshore UK petroleum exploration, especially after Loxley. - Agree - but when you've called yourself UKOG...... they should have dumped the UK after Broadford Bridge

Thirdly, the morons failed to make a credible case that oil production at Arreton was in the national interest and would be cheaper that imported oil. - even if they did no-one would listen to them. When people are suing the Govt for giving the go-ahead to tens of millons of barrels west of Shetland this never stood a chance

2018 CPR Arreton

" But it remains that potentially unaccounted-for velocity variations will likely provide the main uncertainty with respect to Gross Rock Volume calculations."

Many of us fee the same way about the word "deramping" - we prefer "truthful"

"What I loathe and detest with a vengeance is deramping. It doesn't help, and is misleading and dare I say abjectly dishonest."

And your views on ramping?

"Just goes to prove that a bunch of morons have been elected onto said council."

The system , which is badly flawed, is that the professionals look at the application in relation to planning Law and guidance. the Councillors are there to represent the voters - who clearly are against this , and any other development, anywhere. It's democracy.

No-one ever foresaw that national or commercial interests would be crushed - and in fact up until the early 90's they rarely were. But the opposition is far better organised these days.

Even the current Govt don't seem able to convince people that development on their door step is a good thing

"If UKOG figures are to be believed "

And there is the rub of course..............

"Why so many, ?"

because a lot of people have lost a lot of money due to the shenanigans around this share

UKOg is maybe incompetence - but there is a very nasty and persistent smell here

"You clearly have a problem with him and the company."

I have a problem with a company that leaks like a sieve and a CEO who does nothing about it and never gives an interview...

If you think that is acceptable behaviour , which you seem to do, good luck

"Her or His comments are libellous/defamatory....day after day"

getting rattled ......................... Did DB form a new company - yes he did - that's a fact. Was it announced - no.

He's an old friend of yours hied IIRC

It's filling in a form that takes 5 minutes - on the other hand they may save something if the Chancellor changes the rules or rates next week.

So why did he do it?

Maybe he looked at the data and thought there was a definite risk that WN wouldn't flow?? Several of the "technical" posters on here have been saying it 's a tough reservoir since it was discovered.

Suggests he's not totally focused on UJO to me... and of course you never know when another company might be useful. After all he's been involved in enough.