Member Info for Mirasol

worse than that gkb - Allen Howard was at NUTECH when they wrote the "transformational" report

"on the potential of the Kimmeridge "

the AR said they 'd shut off the Kimm in HH1 - so it can't be accessed without a very expensive workover or a new well - it seems they've given up on it TBH

IBUG

I'm pretty sure Matt C was at UKOG (or whatever it was then) when they started Horse Hill -- before SS came on board, and Morzaria was involved with Lenigas as well before then. SS was promoted to CEO when Lenigas dropped off the board so he could wheel and deal as a non-insider

Suspect Matt C doesn't like the press and PR aspects of the job

MATT CARTWRIGHT

IIRC Cartwright has been at UKOG longer than SS - I think , like Morzaria, he pre-dates SS

Looking at his CV it looks solider than SS's. Why he's not on the Board has always been a bit of a mystery............ Maybe he doesn't want to come out into the light? (and who would blame him?)

Yup 2 and half months and no information on the test rates

problem is when you only make losses - which is where most small oilers are year in year out

Can't take the credit it was another poster over there.................

And you think UKOG's announcement that it's interested all of a sudden and out of nowhere in geothermal on the back of announcing its latest set of annual results (afer hours... and at an eye-popping £21 million pre-tax loss) is some sort of credibility-building thing??? Get real - Stout Steve has simply taken a leaf of of George's "frantic attempts at misdirection" playbook.

Let me charitably translate that UKOG quote you pasted that into real and truthful English.

"In desperation, we are increasingly active in trying to distract angry investors with our latest pixie dust fairytale, namely geothermal, where we possess the key spin and PR skills necessary to fool more naive PIs out of further funding to pay our fat salaries a bit longer. As well as new unrealisable geothermal projects, in the event of people seeing through that load of old cobblers, we'll then pretend that our oil wells that scarcely produce more than a dribble can be repurposed to simultaneously support geothermal. Along with George at ANGS, we are a founder member of the Hans Christian Andersen Appreciation Society."

"Otherwise they should have been able to answer in full."

I don't think they can - to suggest they know anything about Aleph SFB might cause all sorts of legal problems down the road (eg selling them assets etc) - officialy they are two different things and if I was on the ANGS BoD I wouldn't say anything either

Over at UKOG - they're written off millions at HH and have shut off the Kimm perforations

No production numbers, no guidance. Off to Turkey and UK geothermal....................

"As it had long been my vision to transform UKOG into an international organisation that could operate in areas that offer greater upside, lower costs and more rapid payback than the UK"

Well that's news as well...

and not a single mention of actual production rates at HH nor any forward guidance

Revenue £ 908,000

Admin costs £ 1,1755,000

No bonus!!!

Clean up and flow testing of HH-2z was conducted from December 2019 through to October 2020. Initial flow tests were
encouraging with established rates up to 1087 bpd and oil cuts up to 60%. Unfortunately, as the test progressed the formation water cut significantly increased to over 70% rendering production of the well technically and commercially challenging. A decision was made to undertake a water shut-off at the toe of the horizontal section.
In early March, following the identification of the water ingress source via production logging, a plug was set over a zone of open natural fractures clustered at the deepest part or "toe" of the wellbore. Initial testing of HH-2z demonstrated a continuous flow of dry oil to surface, confirming that the plug had eliminated underlying formation water ingress into HH-2z. Testing continued but over time HH-2z oil production rates continued to be lower than expectations coinciding with rapidly increasing water cuts, thought to be from natural fractures along the wellbore.
UKOG has now determined that the most commercial future usage for HH-2z is to utilise it as a water injector in the field rather than as a producer. This will both remove the need for expensive off-site water disposal via tanker and also help maximise oil reserves recovery by supporting reservoir pressure

Horse Hill has also proved to be another challenge, including the unlawful activities of climate change activists who have twice occupied the site in contravention of the UKOG injunction. The oil field has behaved like a talented but troublesome teenager: plenty of promise but with the expected problems too. In addition to the constant and mounting regulatory workload, the oil field's geology has proved unexpectedly complex. The team is determined to find technical solutions to make it the economic success story we want it to be.

this year we have written down some £17.25 million of our historic investments, primarily at Horse Hill and the newly relinquished PEDL143 licence.

He used the phrase "transformational" - now where have I heard that before? and he can't wait to leap on a plane and go to Turkey.......................

Hmmm - doesn't mention HH or Loxley or the IoW...............

FUTURE UPDATE: Stephen Sanderson on Core TV discusses latest Turkey news and plans to fully investigate Geothermal energy

No doubt he's joining ANGS in Cornwall.

I suppose the real news is that he's still alive - I was beginning to have my doubts the silence had been so long

"Question answered from today, that was fast?"

but its not answered really "

Please can you explain the significance of Aleph Saltfleetby Ltd.
Does the incorporation of this company imply a change to the RNS’d financing terms.
Does incorporation of this company mean that Aleph will take an ownership stake in Saltfleetby? Asked on 16 April 2021

Preliminary Answer: Any material change to the RNS’d financing terms would have to be communicated by RNS.