Member Info for Mirasol

"The placing that never arrives will or won’t happen"

Tony - can tiyu explain to us where the cash will come form for:-

Completion of funding on the Turkish well - most people with experience of UKOG reckon they'll £ 2mm more minimum

Where the money will come from for the conversion of HH2z to an injector £ 0.5mm), 2 more wells at HH - £ 5mm, Loxley £2.5 mm, IoW £ 2mm, 50% of all future operations in Turkey....................................

HH is barely covering its direct costs now and the Company is burning well over £ 1 mm a year in Admin costs

Wizz - these two statements are contradictory

"that the majority of the costs of the site are upfront costs "

" & water injector to follows before the next 2 production wells are drilled & future site developments."

More cash down the drain - and other 2 injectors will be around £ 3.5 - £ 4mm - plus another £ 3mm for Turkey - and they still need money for Loxley and IoW

"HH1 alone in it's current situation has a net present value of £4.8 million with all the further developments to come."

And they've spent something like £ 60mm to achieve that?

"then sold out as results were becoming less positive."

not sure that's totally right - they left quite early - either they were tipped off or it was something about UKOG they discovered they didn't like

"If we had a similar surge to Broadford with Turkey "

Only if we can attract a multi Bn euro cap French investor for 3 weeks.................

"what's changed since the end of February?"

Zoom has been incentivised to try and get the price up pre placing?

It wasn't an Australian Insurance Company perchance?

You don't normally pay an insurance company quarter of a million quid to get a quote... but what are old mates for I guess............................

There's no evidence they are constrained (yet) by water production - 34% isn't good but it's not the end of the world. I suspect the reservoir isn't delivering - they're producing from relatively thin streaks (or "sweet spots" to quote UKOG). You can deplete those quite quickly

"... multiply the chances of success in three Turkey wells. And Dunsfold , and horse hill production from the existing well."

where's all that money coming from to do these amazing things Tony?

Sorry - I meant 16.65% working interest

They don't need to go to Holland for well test engineers. PW have been doing them for years out of the Midlands - they've worked for everyone as well.

"explore third party credit insurance or other surety on the Company's prospective interest "

Snake oil - some people were trying to flog this in the N Sea 20 years ago and it didn't fly on large fields with a long history of significant production. IIRC the idea was the insurers took the risk that the abandonment would exceed the cash put aside in return for a slice of the production. It didn't take long to figure out that rather than pay the insurers you'd be better of salting away the cash yourself and not paying for their polo ponies, kids Eton education and Chiltern second homes.

I don't recollect anyone having the chutzpah to suggest it for a field not in production tho' - but then I'd never heard of JTP then.

Why a re-rate? what has happened over the weekend?

AME are undoubtedly making progress on the site - but they were doing that last week and its still at least 2 weeks to a spud date

Heid -

I tell it as I see it - I think the swampies are wrong, some are misguided and some just like causing trouble. A lot of them such as XR are politically driven from the extreme left (and I mean extreme here - not Jeremey Corbyn left)

UJO - they may, or may not, have 15% of a decent discovery - but I'm not impressed by the time its taken to test it not the leaking of info to mates in this operation.

"d they are planning to drill HH3 and 4 to the Kim and Portland ( at some time) "

Tony - they don't have enough cash right now to pay for the upcoming Turkish work - they will have to raise more. If ,as we hope , its a success then they're in for 50% of several more wells there and that's where any spare the cash will go.

HH doesn't provide enough cash flow to pay for a new well or wells.

They will probably have to do a second raise based on Turkish success - and that's where people will want the money spent, not at HH or BBr or even Loxley.. HH will gutter on until they can transform themselves into a proper overseas company - then they'll try and sell it to a mug (if ANGS are still around).

"The question is; how long will it last? "

it's very easy to set up a spread sheet and put in the oil & water production

As I've said before you get a pretty good fit of non-linear decline for oil dropping to 50 bopd by year end and a linear increase in water to around 100 bwpd by the same time. Water cut will exceed 50% around start of August . Historically stand-alone fields like HH are still making money (at an operational not corporate) level down to around 50 bopd

"they should be personally help accountable for WRONG decisions"

Then no-one would ever stand - its the same with the Limited Company system - no-one would ever form a company if they were responsible personally for any losses.

"... we do hope that the next RNS will be the happy announcement we have all been waiting for."

Do you mean there's a chance it could be BAD NEWS? OMG........................

We need to keep in mind that ANGS won the bidding on SFB by asking for the least amount of cash from the seller to cover the abandonment liability. That suggests that 2 or 3 other companies thought it would cost more than ANGS did.

Now who would you back given the record on cost estimation (or ANY estimates) made by the ANGS BoD?

Cyan - those tanker movements have to include the water................... currently (or rather last reported) was 34% of the fluids or 56 bwpd