Member Info for Mirasol

Https://www.westmountenergy.com/download/2025-08-06%20Westmount%20Corporate%20Presentation/?wpdmdl=1352

6.24% holding

"I think a way into JHI is through Westmount Energy WTE, who have a share of PL1000 next to Sea Lion, and WTE have been rising steadily in line with RKH but are under 3p at the moment.

I think they have around 6% - hardly significant - especially if say JHI farmout 50% to someone

"For those interested in indirect exposure to JHI Associates, the sole owner and operator of the PL001 license located next door to the Sea Lion development, have a look at the announcement from Eco Atlantic Oil & Gas this morning regarding its strategic partnership with Navitas."

I can't see the Falklands mentioned in the actual deal nor JHI. It's Navitas farming into Eco acreage off Africa. JHI are not traded on any stock exchange - god knows how you'd buy int them and worse try selling. Also they don't seem to be very active.

"I just don't see any value in the other operators in the Falklands at this time. Unless further appraisal wells are going to be drilled on the back of Sea Lion FID and production wells, otherwise its going to take far to long to develop. What does it cost to appraise a well £5-10M a hole, a full field £40-50M I would estimate, that is if the Rig was in the area. Imagine having to drag one down from Aberdeen."

Agreed - but you're low on costs I think - a well will cost $30-$40mm dry hole in the NFB PLUS a share of the mob/demob costs. If say JHI piggy back on the Navitas rig they'll be expected to pay a share of those mob/demob costs of course.

Appraisal? depends on what you find. If it's exactly the same oil , in the same sort of rocks and the well comes in according to prognosis you might need only 3 wells total before taking a development decision. But if its different in any important way possibly a 5 well programme.

Note its Servatec Holdings Limited if you go looking - Servatec Ltd are a different outfit alltogether

"Does anyone know about that? After all, it’s five months since the announcement and what might have been a fairly substantial down payment from Servatec."

hard to know but I expect that the NSTA & the treasury aren't convinced that Servatec are up to it. They seem to have more cash in the bank than a lot of companies so the abandonment liability should be covered.

"same old story curry. Bramhill is a pushover for the operators."

to be fair the Operators have to work in the Uk under the ever tightening Miliband noose - everything takes longer and costs more. If you don't like it you can always operate yourself but that means even higher costs. UJO's problem is that they spend as if they ARE operators ...... but there's no-one to charge those costs out to.

Wasco at DDW (Dry Docks World) shipyard. Link below.

https://themalaysianreserve.com/2025/12/02/wasco-posts-stronger-q3-orderbook-rebounds-to-rm2-6b-on-rm1b-new-contracts/

Relevant section -

“The investment bank highlighted that Wasco secured RM944 million worth of new jobs in the quarter, including the Tangguh substation, DDW Aoka Mizu Topside and Tangguh MD 1 modules, bringing total job wins to RM2.1 billion YTD. “

Not news - the original link in Malay was posted last week....................

Interesting that Navitas are working with banks to replace a lot of their Shenandoah financing with Reserves Based Lending ("RBL").

That's the benefit of serious Proven Producing reserves - you can get a much better deal on that than straight project finance. And it 'll be mainly in US dollars and thus aligned to the oil price and income c- removes a lot of currency risk.

TBH the best chance of a guaranteed serious return to PI's is a takeover just after production starta at Sea Lion

"Will Sams be opening up the south basin next"

That's exactly the sort of thing that burns shareholder value - expensive, risky, very long term returns (if ever) - keeps the BoD in business but useless for us. Spending some more money steadily in the NFB makes sense as long as they don't go crazy. Look at Guyana - Exxon bringing on one FPSO after another in a steady stream - without wandering off drilling ultra-risky new plays.

"In theory the future annual dividends once this basin is fully opened up will pay out the value of the shares today."

I totally agree Nick - bu a word of caution - oil companies have a nasty habit of deciding to take income from a new, big producer and "investing" it elsewhere - and the shareholders don't see as much of it as they should. For example ARCO, the US company, should have made their PI's a fortune when they were in the early days of the Alaskan N Slope - but they blew most of it on all sorts of weird and wonderful ventures.

I'd like Sam to lay out exactly what he sees us getting back and when TBH

I think Navitas normally make an announcement on the Tel Aviv exchange and RKH follow it as soon as possible with an RNS "noting" the Navitas statement, perhaps with some honeyed words from Sam if they find him in time.

Kiran M - just about the last Director to ever buy UKOG stock!

And Donald Strang - another DL old mate....... plus Tom Evans (later of PPP) used to operate around there as well

Ah yes - Franco's in Jermyn Street - you could often see him sitting outside there 10 years ago. Part of the image. He was running a bundle of companies out some office nearby I was told buy some guys who worked around the corner.

"... but appear to have no financial interest in the stock one way or the other."

does that include you Ocelot? Come on, lass - give us an answer....................

TH2 -"It's pretty obvious and I for one will not be using this board to promote activity."

How long do we give him - a week?

Historically the "ownership" part of the Govt Oil & gas website has always been the least useful and the slowest to be updated.

Going back to the days of the D Energy, the DTI etc etc it seemed it was updated maybe twice a year - clear the least important thing on their internal list. I guess they're all engineers and explorationists and the legal side isn't their thing.

"Isn't it likely that the fine print is being worked on by lawyers in London ?. Once that has been completed then FIG will sign off as all the candidates seem to be in favour ?."

They've been working on it for a couple of years according to FI sources. As usual lawyers spinning things out as long as possible to make a killing. But Navitas wouldn't be making the announcements they continue to do, nor would they be signing third arty contracts, if the timetable wasn't agreed with FIG.

20-Nov-25 0.1606 m cu m perday

21-Nov-25 0.1587

22-Nov-25 0.1527

23-Nov-25 0.1527

24-Nov-25 0.1502

25-Nov-25 0.1492

26-Nov-25 0.0924

27-Nov-25 0.1151

28-Nov-25 0.1374

29-Nov-25 0.1450

30 day rolling average = 0.1456 mcm per day

First shut in for nearly 2 months