Member Info for Mirasol

"Did Maris and his sidekick turn on the non-execs to save their skin? I think so....."

No - they're just staying to make sure the bills are paid and there are people in charge in an operating environment. You have to have someone in case something (god forbid) went wrong offshore. They also still have powers to execute documents transfers etc that the new guys will have to be signed up for over the next week or so.

Once the new guys are in and up to speed you won't see Maris for dust

Give us one of your songs Heid.....................

"3. Lidsey is looking promising . The company says " The Company is in the process of acquiring a new line of seismic data and reprocess the existing seismic lines. Angus will reinterpret and remap the field using the new data with the aim of identifying a new drilling target.". All of this should happen very quickly (4-8 weeks) with a RNS confirming frilling. We should be extracting oil before gas without fail as Lidsey is our backyard, and drilling will not take very long. Permissions etc should be no issue."

Seismic acquisition of a single lines - say a week, at least a month to process and another month to redo the interpretation. At that point they then have to find the cash or a farminee to pay for a new well. Given that Lindsey has been on offer for the best part of 20 years don't hold your breath.

"permissions should be no issue" Can I ask if you have read ANYTHING about drilling wells in SE England in the last 30 years? None have been achieved in less than a year and the attempts to drill Holmwood were abandoned after over 10 years of trying

The term of the Loan Facility provides for a four year amortisation loan facility of up to £12 million with a 12% margin over LIBOR, a 3% commitment fee payable out of the facility, a share granted of 30 million shares in Angus, issued over the life of the facility and an override of 8% of gross revenue following the repayment of the facility.

"From my observations of this bb over the years it seems heid is always the last to know anything."

He/she will be way over the horizon as they were at UKOG after pumping that like crazy - what is amusing is that they are a big BMD/Levi/Hopkins fan................

Absolutely correct - its the rig crew, the construction crew etc - all contractors - maybe a couple of AME supervisors

No sign of SS or any Brits

"Wressle flowing in another few weeks"

Heid's short term view ..Today 10:47 28/03/21

SO... my prediction 12th April for 'solid action' at West Newton still stands. Proppant squeeze in a week or so. Once Biscathorpe drilled I see £2 with good results on three rolls of the dice here. And a dividend.

"Dont ever discount the shorters thesis"

No has ever been able to produce a shred of evidence that it is possible to short rubbish stocks like ANGS and UKOG - someone a few years back did some spread bets but IIRC lost their shirt and disappeared

"This venture will help AME gain exposure to london market AIM simples"

there's been nothing to stop AME looking for a listing for the last 40 years in London - they don't want or need to list as they can get their cash from farm-outs rather than vast dilution of SH

"t's sweet they think they can argue against the reality of a huge oil rig drilling into the undipped oil pool." TH2

I thought it had already been found TH2? that's why its called an appraisal well?

" The Basur-3 appraisal well is the first modern well designed to properly appraise and assess the extent and commercial viability of the Basur-Resan oil pool discovered in the 1950s-1960s"

So definitely "dipped" but left to slumber for over 50 years.............

Not on the website yet

https://www.judiciary.uk/judgments/?filter_type=judgment&search=&tax-single-judgment-jurisdiction=1212&tax-single-court=-1&date-range-after=28%2F06%2F2021&date-range-before=28%2F06%2F2021

"Not sure it's expertise paying 100% for the risky first appraisal well. "

Not uncommon - especially in good times - in current market maybe pay 75% for 50% would be better but UKOG didn't have many options to get out of the UK last year

"Maybe Trice was correct "

He wasn't - even the CA technical guys agreed on that

" in the light of the above letter from Saba will continue to do so particularly in order to formulate proposals to be put to the shareholders to reorganise, reconstruct, or wind up the Company following the Continuation Vote not being passed at the next Annual General Meeting of the Fund."

IIRC CA have been under pressure for some time to "return value" to their shareholders. They've talked about major disposals in the past. Saba specialise in investing in this sort of thing - they've obviously decided they want their cash sooner rather than later.

Not sure if it has anything to do with CA trying to take on HUR or not. It may have been a trigger indicating to Saba that CA were going to invest more money into HUR and that they don't want.

The pressure is to wind themselves up as they seemed to have promised at one time - Saba are a New York based fund who invested in CA. They're run by the American guy who ran Deutsche Bank for a while

"Drill results Monday or mid week?"

Considering they haven't started drilling that's going to be some performance. Expect notice of spud this week then 30-40 days to target - plus time for logging etc after that

"Mirasol--That may be the case, but by selling off only their share UJO would --IMHO---undermine what they could get if the WHOLE was sold---i.e all partners sold??"

Agreed - its far easier to buy a development without getting a lot of pesky, irritating small partners with all their emotional and historic baggage.

"BUT to sell DB would have to have the agreement of all partners involved, to sell only UJO share would be crass as the deal would be only a fraction of all partners agreeing,"

Not so - in the old days they'd have the RIGHT to match the offer and take it over, now there are no preemption rights in UK oil & gas. The only reason for refusing a sale is that the partner isn't financially able to cover things like their share of abandonment costs. UJO can sell to whoever they like, when they like

"Must be busy inputting data from what is currently going on at WN B to add to what they have already collated."

No - they'll wait for the final data set - no point in paying them until then as all they'll be writing now is "on the one hand and on the other and with an incomplete data set...." 3-6 weeks after completion of the EWT minimum for a new CPR

"some of the naysayers have expended so much of their time on naysaying, they have become emotionally committed to their "cause" and are unable to step back and look at things dispassionately,"

says LS posting 4 times in 7 minutes just before midnight............... :))))))))