Member Info for Mirasol

"So the only thing that may cause the funding deal to fail is OGA approval of the royalty arrangement."

i I don't think the OGA have ever interfered with a commercial decision - unless this is really weird it'll go through on the nod.

"Clearly a CPR is not a document that any shareholder should ever rely on. The latest HUR one was written by ERCE with one specific aim in mind, to deliver a specific outcome from next Friday’s High Court hearing ie the Court approving the disgraceful HUR ‘lock-up agreement’. To mitigate themselves from any future litigation, ERCE have included numerous ‘disclaimers’, regarding both the missing and incorrect data, that they have used to compile their report."

How many CPR's have you ever read? They all contain language to avoid being sued - ERCE are probably one of the most respected outfits in Europe at this - them and Gaffney Cline. OK - you don't like the conclusions but to suggest they're crooked is just idiotic. Trice has done for everyone with his overoptimistic ideas and then the crazy financing structure

W Newton is easier to check on - they have to flare all the gas...................

"our advisers at Aleph are exploring dynamic hedging strategies"

Be afraid - be VERY afraid...............

"I know they send the gas to France, and in turn they rip us off when sent back."

What are you talking about - there is no gas pipeline from the UK to France

There are ELCTRICTY lines which are used to balance load as they're an hour different to the UK, plus much of their electricity is baseload nuclear whereas the UK generates peak Wind

"board to board always negative,"

Like the return on my investments in all of them Oktane.............

"I presume there was no demand at that time"

there was - that's why Infrastrata spun out of Egdon. the problem is that the UK stores almost no gas at all - certainly compared with every other major W European country. The Govt (both parties) refuse to legislate as the energy companies didn't want to pay for it so we've got about a 24 hour cushion. The pious hope is we can up production from elsewhere if one of the major fields/plants goes down - Good Luck!

"If Angus use the gas wells for storage there shouldn't be any decommissioning costs."

Going into gas storage was what collapsed Infrastrata - they now own a shipyard in N Ireland

Well Mickey I often don't agree with you but you have a track record - when someone comes on and starts ****ging off long term posters (& clearly knowing their past history) you don't have to have a flat at 221b Baker Street to figure out what the newbies are .

A callow person , new to the Board, might value their opinions above yours.........

Yup Mickey 1400+ posts

Alex & Mule newbies with 30 and 11 posts each both ramping like crazy.....

" George Lucan and his team have delivered operationally "

What exactly have they delivered?

The judges start at 10:30 most days and seem to have 4 cases each to handle - so its about 60-120 minutes.max

I doubt they'll do much digging............................

I don't know of a case where the Court has overturned a Companys proposed restructuring but if anyone else can point me in the right direction?

I'm surprised there isn't a bigger bounce. Although I doubt we'll see very much as investors it should mean the Company is unlikely to bite the dust in the immediate future

"Going to catch the market napping generate a spike in demand here"

Note a spike - it goes up and then down - and TH2 and his keepers make their money out of the poor saps who get caught

We have been warned

"I am beginning to think I will lose all my money invested here if Turkey turns out to be another duster."

I think you are correct - but AIM Natural resources companies can be as hard to kill finally as Count Dracula - look at outfits like Alba - they chug on for years paying salaries and peddling mad schemes. SS might have to walk the plank and no doubt a lot of the workers would go but the company might gutter along for years

"It seems highly likely that should the reconstruction take place ,that one of the Bondholders will end up with over 30% of the equity and this will require a buyout offer for for the remaining shares."

If that happens they'll ask for a time limited waiver to dispose of the excess shares (ask Chris Oil)

"writing to the judge"

The Judge doesn't read letters about cases nor should he or she talk to anyone outside the Court Room. They listen to the arguments put forward, check they're in accordance withe law and then decide

In Commercial reconstruction cases like this it's almost unheard for them to kick it out.

wizard125 Posted in: UKOG Posts: 3,776 Price: 0.243 No Opinion RE: EOR11 Apr 2021 14:56

If that is a pipeline with the 6 wells & water injection with millions of barrel of oil there could be bigger problems for UKOG especially as Whych farm production peaked at 112,000BOPD & is still producing 12,000BOPD40+ years on.

"The reality is HH 1 by itself has a net present value of £4.8 million & a much higher production value for the oil that can be produced."

Where did you get that number Wizz? As the production rate is just about covering OPEX and not overhead and there is abandonment liability it is worth nothing. UKOG are producing a third of what they were a the start of HH/ The Kimm isn't going to work. Water production increases steadily. "planning permission for 4 more wells" - £8mm ++ in further costs .

IIRC SS talked about RBL several years ago - but for that you'd need a new CPR - and they've never commissioned a new one at HH - I wonder why??

"The water cut is currently about 28% but that is not anywhere near to the world average of oil wells.
According to PetroWiki the average is about 70%."

That includes thousands of oil wells onshore USA & Russia - offshore it's nonsense - and West of Shetland 28% water cut is not good news at all. The Brent fields have been on stream for 50 years - all the kit was paid for long , long ago