Member Info for Mirasol

"Johan Sverdrup [oil field] Phase 1 investment was NOK 83 billion [˜£7bn]. Today, we can announce that for Equinor, this investment will be paid back after tax this month. Or to be precise, actually this week. That's 16 months "

that's not counting the ten years of constant investment from discovery to first oil - all that $10.8 Billion cash had to come from elsewhere remember

"Union Jack Oil .......................to announce the purchase from Cambridge Petroleum Royalties Limited (“CPRL”) of a 2.5% cash generating royalty interest (“Acquired Interest”) that is part of the royalty unit over 20% of the revenues from oil and gas production from the Claymore, Piper and Scapa"

Looks clear enough to me

"40p will be paid by midday or in 20mins :-)"

That's 0.2 p in old money - it has to reach 60P to get back to where it was pre the last raise & leak

I think Claymore was shut in sometime in 2019 as the pipeline to shore had to be fixed or replaced

"So for the year 2020 it was only worth $24,573 per annum for the whole 20% royalty?"

its 2.5 % gkb - and as I pointed out royalties are NOT a direct interest in production - its essentially the very top of any cream that's left after all costs (and the Operators always do their best to reduce the Royalty to as low as possible - bit like movie companies ). Cambridge have been investing in these for years - IIRC they had a similar override on some Brae production for a long time.

For UJO its best thought of as an annuity - it won't make them a lot of money but it's steady and helps pay the bills. Clearly if they only paid £ 93k for it it's not going to generate millions a year as there is no exploration risk involved. Aslo it cost zero to run

I'd guess each EWT would be at least 30 days long - assuming there is nothing found that requires several shut-ins and buildups

Claymore itself was producing around 10,000 bopd in the last OGA report so that's 250 bopd exposure.

You have to note they don't get 250 *Oil Price for it - they get 2.5% AFTER all running costs, operators costs etc etc - but its still not to be sneezed at.

Not a bad idea - gets exposure to any oil price rise and provides a steady cash flow with quick payback. Isn't a company maker but it will probably help cover overhead costs. Low risk and zero cost of admin - as a Royalty you have no say and you don't do any technical work - you just collect the cash flow. Also easy to resell if you want to

why would anyone farm-in to Lidsey - it's tiny, it has a history of underperforming and the water issue disposal won't go away.

"They could always follow their business plan and drill many sites for many millions of barrels of oil and gas. Sell that and make £millions. Oh, I see they are getting on and doing that quietly "

3 wells drilled in 7 years, only one producing (occasionally) - about 100,000 bbl produced on test and 38314 on production...............

"the OGA probably have a few names they would suggest."

NO WAY - they run a mile rather than get involved with any aspect of a commercial company - but the good and the great will flock round - especially if you keep the salaries reasonable - say what EDR pay

"In their response to the 2020 Energy White Paper, UKOOG, the trade body for UK onshore oil and gas,"

Now there's an influential organisation - no-one ever listens to them and I'm not even sure every onshore Operator is a member...............

I'd love to know if it was JTP who sold out this week - he may play fast and loose with specs and estimates but he does know where his financial interests are

"how the South West is 'a goldmine of geothermal resources'."

Croq - hot water deep under Cornwall has been known about for years - you have to ask tho why it has it never been monetised? Firstly it is EXTREEMLY expensive ($25 million each) to drill very deep wells into hot granite. Secondly it is very very hard to forecast what the temperatures will do once you start circulating cold water in there and thirdly it doesn't produce that much energy.

If you look across Europe all deep geothermal wells are drilled with public money then you never hear about the project again. If Lucan had said he was thinking of a warm water project at in Lincolnshire I'd have been more receptive -the Dutch have been doing this commercially for years - doesn't make a lot of money but its quite well understood.

Deep hydrothermal in Cornwall is a nonsense for a private company

"Lidsey that it could be a "ready-to-drill opportunity" by the end of the year."

So he has as seismic crew lined up, planning permission to shoot the data ? Or does he mean "we'll be trying to farm it out ?

"You seem endlessly negative, cynical and sarcastic on more than one board, much like Mirasol, GKB and a few others."

Croq = it's because on all those boards I'm down and (especially in the case of UKOG ) wayyyyy down - what we also see are people like Ocelot posting nothing but positive rubbish day after day on stocks that

a) have been in free fall for years

b) all need to raise even more money and

c) are all not communicating with the shareholders

d) actually INCREASE the BoD's payments while PI's are shafted

It's thought that the percentage is the same as JTP's reported holdings

people think he may have sold up

"I am very pleased with the oil analysis clearly confirming Kimmeridge oil at Brockham"

That's a well established fact - the problem, as at HH down the road, is getting it out

After all its not as if JTP doesn't have previous with strange share sales

"Whats your opinion regards to spares "

Given the oil business is still on its knees and they've had a year plus to start ordering I'd have thought there'd be a (socially distanced) line of suppliers right around the block TBH. Of course the problem with suppliers is that they do credit checks and, in this case, probably want cash up front