Member Info for Mirasol

" I would know how t be privy to that, Mirasol ?!"

I though you had Dave's direct line? anyway it would be news on the street - and they or their partners would let the news out to try and support the current dire price. they haven't so it ain't coming

"I am sure an inexpensive coiled tubing operation could add 20-30% to production levels which will have a huge impact."

to do WHAT exactly? You run Coiled tubing to do something, to try and fix a problem. What problem are they having? I don't see any - in fact the compressor raised production. Tho since they never gave us a forecast we don't know if it was better or worse than planned. And we're seeing usual levels of slow decline. BP's velocity string idea might have worked , but it may be too late for that now

"Before a Rig arrives. Just a small matter of getting a mud and cement plant set up and a pipe area for several ship load of tubulars etc etc. good news is that work should start as soon as mid summer so not too long for a steady stream of news."

They built TWO pipe-yards for the drilling campaign 15 years ago. I think they've been repurposed since but the original ones were built by the Islanders very quickly and cheaply. They were considered to be at least as good as anything in Aberdeen. There's plenty of space if they need to build/extend the current areas.

"or West Newton mobilising in the new year..."

Since there has been no news on bidding for a rig and associated kit it 's at least 6 months away - but until we find out why the auditors walked at Rathlin we have to assume that there is nothing in the piggy bank and the project is effectively dead.

"Tullow Oil between 2000 and 2010 comes to mind."

they were never a big company and since then they've gone down the tubes from £16 a share in 2012 to 5p today

"hat's happened to the sale of Horndean?"

almost certainly a dead duck.

" large oil companies start as minnows"

name a few that have done it in the last 25 years..................

Does anyone know if they have an AMI (Area of Mutual Interest) Agreement between them for acreage outside the current RKH licences??

eg covering the whole of the NFB or even the whole of the FI offshore?

" There is no theoretical reason why the company couldn't both pay dividends and fund future development phases."

theoretically you are correct - the problem isn't so much of an issue for Navitas as their income stream from Shenandoah is very large and they can pay down the debt quickly. RKH will have the problem of a single income stream, much of which ids pledged in debt repayments, tax payments etc for several years. If they have to or want to develop other fields they either have to wait until they have the necessary free cash flow or they have to borrow again.

Either way, funds which could have flowed to the PI's will go elsewhere. We will be dependent on the stock valuation - and that will be affected by all sorts of issues. With all our eggs in the Sea Lion basket there will be a discount compared to say Navitas.

'they could go faster and develop multiple phases simultaneously" - true but how do you fund that? It means the best returns to shareholders just keeps getting pushed further and further out. You're using the cash flow to fund expansion, not returning it to the shareholders. You have to hope the stock price will continue to rise throughout - and the history of oil stocks (the bigger outfits - not minnows) shows that's not always the case.

Daytraders can't wait a week never mind a couple of years.

And TBH there will only be news of contracts and construction for 18 months. No real game changes until First Oil.

But I expect you'll see small amounts of bigger (but not large) funds buying in now - probably taking a small punt on a takeover.

" and income form the Gulf of America deal."

a yes the Deal That Never Was or the Invisible Deal... amazing nothing has leaked about this fantastic opportunity

"Nikb, go big or stay home , yes overkill at the moment, but this rig may / could stay down in the Falklands for years , so that means it could drill anywhere??"

No - you want something that can drill in the NFB for years and it has to be "warm" . The disastrous last drilling programme proved that once and for all

As an industry rule of thumb for exploration work the rig day rate is between 30% and 40% of the total well cost. The rest is helicopters, rig boats, tugs, people, cement and mud etc

And last but NEVER least is Schlumberger....................

Abandoning the site at BBr should be relatively simple - depending on how they plugged the well sub surface. IIRC there wasn't much earth moving or new drainage involved. The approach track will probably be left for the farmer to use - it's the bloody great fence and the hardcore that will be the big ticket items but they can probably find a buyer for both.

Do you think they've actually forgotten they have shareholders???

Even Ocelot seems to have been redeployed elsewhere

"A scenario of a Rockhopper takeover cannot be overlooked as it is probable. There are few global opportunities of entering a new virgin basin pre-production with proven hydrocarbons. .................. I suspect that Sam will not want to give up the reins anytime soon and the rewards of a significantly much higher share price at first oil are immense for him and all shareholders."

I think on this you are correct but I'd guess if someone offered £ 1 a share they'd be killed in the rush of shareholder acceptances - why hang about for years waiting for the golden goose when you can make a great profit today.

"It is very likely that a third partner will enter the arena in 2026 and I know Navitas are actively progressing this issue."

pray tell us how you know this....................

"I,like buying distressed companies"

Well you are definitely in the right place - over 30 Billion shares issued, no production , a BoD who haven't bought a share of their own volition for years and who never give any guidance and 99% of cash raised blown away on catastrophic investments.

You're in luck!

".So I will hold on to UJO as it’s assets are on land."

that is insane. UJO, and most of the other small oilers on AIM, are small BECAUSE they invest on land in the UK and the USA. Why do you think BP left the UK onshore thirty years ago? They even sold out of Wytch Farm. You can't find any large oil fields onshore in the UK or the USA anymore (tho you can fracc in the USA). Costs per barrel are high onshore and production is low.