Member Info for Mirasol

he's not the first and he won't be the last...............

"it is a tricky one with trice. if he just got it wrong he can't really be blamed for that. if he was incompetent/blinkered and manipulated data to suit himself that is another matter. "

He's just another explorationist who thought he'd find the gold at the end of the rainbow and that everyone who questioned him was mad & bad. The problem is they're all demented optimists (you have to be to cheerfully arrange drilling wells at £ 40 mm a pop with a 30% chance of success). Big companies et up networks of peer -review and have a checks and balances system - HUR didn't - it was a one man band and the one man was very very wrong. I really doubt he did it for the money - it was the kudos, the fame , his name in lights ...............

"So far in the last 4 years ShareCoin Sanderson has raised, by my calculations, over £25 million in placings, plus £15 million in Convertible Loans plus paid for interest and equipment using ShareCoin, resulting in almost 10 billion shares being issued and around 90% shareholder value destruction. The total achievement from that is one working well in the Weald producing circa 100 BOPD with increasing water cut. Also, UKOG have racked up £80 million in losses at Group level as detailed in the latest accounts."

Too kind, too kind. The producing well was drilled 7 years ago before SS appeared on the scene. The Dilution came afterwards

How long will it take to raise funds this way? I've seen numbers suggesting it could be open for one to three weeks

Must be more expensive that the usual fixed deal with their mates in the City

"Could do with some decent news to blow away the cobwebs."

No major movement will happen until they announce the Turkish results - at least 2 months away. And short term rise on spud etc will be wiped out by the day traders

Proved incorrect again........

"As for free ride (though it probably isn't) and how long, no idea, depends how much owed and what HHDL do about it."

This was discussed a long time ago and from the numbers quoted then by The Wise it looked as if Angus only reduce their holding at LIBOR - ie 1 - 2% a year - if they don't pay. Something like that anyway

A classic scheme thought up so people might want to hold onto their interests with out paying full whack

Now WHO could have thought that idea up??????????????????

"Why doesn't UKOG actually publish that depletion curve and give shareholders the full picture?
---------------------
When you speak on behalf of shareholders, it might be an idea to indicate that you are not one yourself and are not intending to become one."

Well Ocelot - I'ma shareholder - why DON'T they give any production guidance - most oil companies do after all...............

"The court will see this clearly and a high court judge is not going to let thieves do their bad deeds "

I reckon it'll be approved in 30 minutes............

Did George at Alba say when he was going to pay the cash calls rather than see his investment drift down?

" that really is a question for the JV to clarify from a planning perpective regarding constrained production levels or well testing to ascertain productive capacity."

they won't want to irritate the professional planners - remember that, unlike the councillors, they've always been onside

From a well test perspective they just choke back the production to 500 bopd and look at the pressure behaviour - they don't need to do a bankers burn/seagull scorcher to see what is there - but it does help the rampers...............

"The most time-consuming thing to deliver was the debt facility, that has now been delivered."

but not yet signed I'm sure you meant to add Ocelot.................

"gather 10% of the shares"

that's probably several thousand tiny shareholders - not so easy

"Mirasol - which means nobody can hold Sanderson to account so he gets away with doing what he does. He probably doesn’t want or encourage IIs for that reason."

Exactly - and by avoiding bondholders and debt they've avoided any oversight there as well. I always wondered why the French left - I can't imagine they would have liked them looking over their shoulders.

Problem is Penguins is that HUR have a big , and now active shareholder. UKOG have a lot o f very very small shareholders who hold their interests through nominee accounts and so it's hard for them to vote.

Maybe some more media attention - the financial pages like a good fight

I suspect it's too late tho' - they should have moved months ago if they wanted changes

some of the stuff we're building here IS proprietary, we will be building out intellectual property around it, this is one of the few things that benefits the pioneer or the first movers".

Who believes that ANgus have discovered some fantastic new way to drill any well that hasn't occurred already to the other 99.999% of the industry?

Its probably JTP finding out how to re-enter the right well in the first place................

"That RNS" is 10 months old Tony..........................

"The OWC levels were assumed to deeper and the water dismissed as perched because any other conclusion could only mean the OWC was higher"

and that didn't fit what the whole development was based on - they couldn't and wouldn't stand for any idea other than this one - and it was proven wrong by actual production wrong

"Nonsenseman......a proper melt down in progress."

Its happened to him before on other boards and shares on here - it's very very sad