Member Info for Mirasol

"it is an entirely reasonable assumption they did so in order to be able to participate in any fundraising on the same terms as placees."

I think you're correct - they suspected that the BoD was going to cut some dreadful deal with someone new and cut them out of a chance to P&D

now re-appeared - weird!!

I posted that no planning permission could tank the shares - removed.... wonder why?

Steady flow of 1 mm plus transactions this morning - around 50mm shares gone in largish lumps - suggest that this is PW (or someone who they presold to) getting out while they can

PW know which way is up around here

"I think it is a well known fact that P W Well Services negotiated a deal for their equipment that was twice the fair market value."

First I've heard of it

as I said at the first announcement I saw it as a way of helping PW survive and giving UKOG something to RNS

Heid - you clearly have no idea of how a O&G JV works - the Operator (EDR or Rathlin) listens to the partners (if they're lucky), makes the decisions and does the work.

No JV partner issues any instructions, orders any kit, enters into any contracts. They sit and read the morning reports and then go to the pub

"are we producing?or do we just keep diluting to pay excessive salaries"

Well the Company won't tell us - which is an absolute disgrace - even Ocelot doesn't defend that

OGA figures for February due on Tuesday next

"David, I commend you. Impressive stuff."

has he joined Egdon? UJO are just a co-venturer at both Wressle & WN remember? they sit back while others do the work.............

One thing that really would tank things here is if the Planning is kicked down the road like so many other planning decisions on O&G

Face it - PW will be trying to dump their shares as fast as possible before the next multi bn dilution

"UKOG were never going to give them cash. Sando needs cash to line his own pockets."

PW have been around the UK onshore for a lot longer than SS - they've seen so many small oilers come and go but they survive. I'm sure they'll be selling like crazy to get the cash in before the next big dilution for Turkey

"As per my earlier posts on LSE. AME do not do work for free and unless UKOG stump up the cash, then Turkey is dead"

As fully paid up, 10p Tymers Certified, bridge dwelling XR Troll I agree that Turkey is the last throw of the dice here but Cynders - you posted "turkey is Dead" about a month ago, quoted Turkish sources as saying UKOG were out and then they retaliated with a load of pictures showing progress.

You really need to temper your postings a bit - you just become an easy target for Adrian and Stu and Ocelot.

"Right now, they are not producing oil at HH, "

Are you sure about that Cynders? I think you may have got a little too pessimistic. I suspect its doing around 90bod by now

"At Loxley, we still would plan to deepen the well into the Kimmeridge "

he planned to do that at HH2 before taking it horizontal but didn't Ocelot - and that was a t a spot with known Kimm production. Do you believe they'll waste cash at Loxley (which is mainly a gas play)

He means the usual pump & dump is being prepared - with loads of "new" posters on here all screaming buy, Buy, BUY before they disappear again

"heid /awk - would an exploration drill require different weather/ calm seas to a production well?"

No - possibly more kit and slower drilling as you have to be more careful but the overall rig would be exactly the same here . Onshore might be different but anything going to WOS or N Sea has to be able to handle all sorts of wells (unless they go mad and look for HPHT reservoirs)

" Don’t hold your breath on the EA regarding the Brockham water injection then. "

The EA have real problems with water injection - I don't think they really understand it . A lot of people have had problems getting permission to inject water form elsewhere - the EA are worried, very worried, about cross -contamination I understand. ANGS will need a cast iron case backed with a lot of science - one of their specialties no?

"AME have UKOG frontloading all the risk with 100% of the first wells costs. Would cost AME next to nothing to cancel later drills if this first drill disappoints; UKOG themselves referred to the low penalties if further commitment drills are not completed."

Cyan - thats what farm-ins do - that's why people do it - you give up potential upside in return for using other people's money on the riskiest bit of the operation. Its a basic oil field scheme used all the time - Egdon have kept going for well over 20 years using it as their basic business model.

'At the Company’s recent Annual General Meeting held on 12 May 2021, the resolution seeking to dis-apply pre-emption rights was not passed and was therefore withdrawn by the directors.'

Good spot - which means some of their so-called mates must have had enough as well..............

"Penguins, Are you seriously suggesting they are seeking to raise about £16m at the present time?"

Probably over the next year tho' - otherwise why ask for such a big authorisation? If they thought it was only going to be £2mm they'd have asked for (say) £ 4mm.