Member Info for Mirasol

" past is of interest to corporate archivists but of very little interest to investors"

When it's the same crew running things you'd expect past performance to be THE MAJOR ITEM on anyone's checklist - and so it is here (and over at ANGS) - dead duck managements still in control, no sign of improvement

"UKOK possesses a range of assets, all of which contain potential, some of which contain considerable potential."

this is clearly wrong

the Portland at HH is a small scale producer with mo upside
the Kimm is dead and buried
Loxley needs appraisal and is high risk
IoW has already been tested and is very high risk
Turkey has failed on their first attempt and they are on the hook for significant future costs with no date for the new drill

the big question is which fork in the Yellow Brick Road will the BoD try and tempt punters down next time

he referred to "jug-hustling" - which is I believe the colloquial phrase for laying out a seismic line. They don't like snow apparently..............................

"So basically a guessing game."

Not if you have decent reservoir model ..... for the great unwashed the best thing is to watch the production figures - after a few months the graphs will give you some idea of how it's going - especially if the company gives forward guidance. If they don't (like UKOG) then either the prediction is not encouraging or they don't have an idea .

"Are you worried about avalanches?"

not drilling - but laying out cables and geohones in the snow is a real sod of a job I've been told - every 10m you have to clear the snow and get the 'phones into the frozen ground - for kilometres - by hand

"Can someone with oil experience get me up to speed of the possibility of water production from this well ie, as UKOG are experiencing? Thanks."

All oil fields produce water eventually
To predict how and when and how much you'd have to have a reservoir model - or access to the Field Development Plan which is of course HIGHLY commercially sensitive

Your best hope is for a full puff presentation (which EDR don't often do) or something slipped out in a technical paper in a journal none of us read - which again EDR rarely do

remember they are planning constrained at 500 bopd max I believe

But even so this is very good news for EDR

"I don't recall anyone posting that 500 bopd would definitely be achieved, only that it was expected. That was a fact."

Well a lot of people posted it as a fact although you are correct - it was EDR's technical assessment. Sometimes those things are right (as at Wressle) and sometimes wrong (as at Horse Hill 2z). We need to remember that they are planning constrained at 500 bopd anyway

"ANGS will surely want to get any licences extended - otherwise they will have to spend £ on abandonment."

Absolutely - but the OGA don't see any mileage in leaving onshore licenses undrilled and their political masters would love the whole onshore industry (other than Wytch Farm) to disappear - it causes all sorts of ructions, costs a fortune in legal challenges and policing for negligible tax revenues and oil production

"At £49 a barrel disposal cost you have to wonder why they aren’t considering using one of the abandoned wells at Saltfleetby?

I don't know ANYONE who can support that ridiculous cost of disposal - figures I've seen in the past suggest $10 a bbl max

Te problem with injecting Lidsey water at SFB is that you still have to transport it - and the EA are very much against putting water into different formations than the ones it came out of (no-one understands why but they have a limited grasp of subsurface issues)

"I would hardly call October soon. When does it start snowing at Resan?"

Snow isn't a big problem for the drilling but it makes shooting the seismic a real mess

"2nd biggest onshore gas field in the UK. "

and who told you that?

Oh SS.............. :))))))))))))

Market reaction is very disappointing - this news DOES reduce the risks on a significant part of the asset base of UJO but its killed by the day traders

"the Brockham licence isn't alone in having had extensions in time,"

This is true but I've heard the OGA are now turning the screw on operators saying they need a new commitment otherwise its time to hand the licences back

Assuming the rates are sustained Wressle pretty much ensures UJO will be able to pay the bills and is in no risk of failing . They shouldn't need to raise cash to keep the lights on in future

"Get out of Turkey now rather than spend any more investors’ money on this mess."

they can't - they've signed a farm-in agreement that say they pay for the first well - that is "suspended" right now not "completed"

they're on the hook for the whole $ 5mm and I'm sure AME have them totally nailed down

It does raise the question "where next" - historically small oilers have gone from the UK to Tunisia, Egypt & Morocco - some to Canada & the USA

"Union Jack Oil PLC (LON:UJO) presents a compelling value opportunity, according to stockbroker SP Angel, which repeated a ‘strong buy’ recommendation."

That's SP Angel who act for UJO - totally unbiased I guess................... :))))

Scotty's a very junior ramper - he doesn't realise we can track what he said - and he's just ridiculously wrong

Scottyk Posts: 46 Price: 0.1375 Strong Buy 03/08/21 11:10
All the people we weak hand and sold .. damn! Pretty obvious the board will send out and RNS to say they have bought shares, rather tonight or tomorrow morning!

" Turkish update RNS, will be great news,"

there'll be no news from Turkey for at least 4 months - read the last RNS

"Me and Rubes 7am RNS Oclock...Up he goes."

Wrong