Member Info for Mirasol

"Shockingly poor liquidity."

Wait until the 17th- PW will provide a lot of liquidity I suspect

"Ukog should pay all the wages by shares too."

Doesn't work - you pay someone £ 10k in shares - they go straight round and sell them for a bit less than that. They're not mugs .............. if someone can't pay you cash why would you become a forced investor in them?

UKOG are famous for the delay or non appearance of TR1's...............

"Raising up to £2million via £1.5million Placing and £500,000 Broker Option primarily
to fund multiple work programmes focused on:
o Evaluating late-stage appraisal/development projects that would rebalance
existing portfolio of production and exploration assets
o Improving recovery from existing onshore UK fields including potential
workovers on WF2 and WF9 wells at the West Firsby field
o Continuing technical analysis and seismic reprocessing on the Inezgane Licence
in Morocco in preparation for farm-out"

Workovers onshore UK, seismic reprocessing Morocco doesn't leave much for new ventures - less than a £1 mm I'd have thought - maybe they think they can buy UJO's WN stake for that :))

"Would be great if they actually drilled wells with it, or don't they get the drill bits until 3rd payment lol.Gla."

PW don't provide bits or rigs - they provide the test kit and some of the production kit - and the people to work them - that's all HH based - AME will provide a total package for their own operations in Turkey except probably the logging gear

So 412 million shares will hit the market after 17th Feb - can't see the price going anywhere until they are all gone. PW won't hold on to them - they need the cash not paper

then maybe he'll start paying for it?

"Before we can expect bpd figures?"

probably 30 days after they start the EWT

"Europa the farm in partner?"

No - they're getting out of the UK Onshore - they specifically mentioned the funding was mainly for Morocco

"Mind you who knows what David could surprise us with in the meantime at 7am. "

Well that WAS a surprise................. nothing

Two reasons for the placing - firstly they have to pay their bills, salaries etc and secondly they have to keep SFB moving forward, even very slowly, to keep investors believing and showing any financier it's actually happening . Stop work at SFB and it's just another project/dream that needs new money . Practically of course there's little difference but the psychology is important

"UKOG has no financial debt and it's one significant liability is of £550k to PW Well Test Ltd due in more than 5 months, so
mention of bankruptcy is not really appropriate."

The problem here will come when they can't raise enough cash through further dilution or production to pay the bills or do anything new. At that point they'll have to run down their costs so people will go, the offices will be downsized and the company becomes another one of the AIM living dead. EDR have manged for years on a couple of hundred barrels a day but their overhead costs seem to be a lot lower than UKOG's

I interpret it as he has beaten the bushes, talked to everyone he knows, got TWO outfits into help and still "people are sitting on their hands" - so an emergency placing was needed

Jamesthesecond Posts: 2,058 Price: 1.15 Strong Buy 07/01/21

Expect a bullish presentation on the thermal front this month which should put a penny on the current SP. Expect confirmation of finance this month which should double the SP as all uncertainties are cleared. All this in the next few days/weeks. Then comes Balcombe. Seems the permission for EWT is coming with some T & C. Ditto for Brockham my guess. GLA"

"It's a question of the share price, which reflects all the negativity posted on this board and doesn't allow for the possibility of any success in UKOG's range of projects in the future."

"if at first you don't succeed try, try again. Then quit. There's no use being a damn fool about it." W C Fields

"2 and a bit weeks since the RNS stating finance closing in 2-3 weeks so news can drop any time"

Bear - the news dropped when they had to do an equity placing to keep the lights on - the Big Financing isn't going to happen soon - otherwise why do the emergency placing?

Finding the questions too hard to answer Ocelot?

Must be another raise on the way - TH2 is back..................

Then why didn't he say so in the later Q&A? all he said there was that people had been sitting on their hands for months. No "we're doing the paperwork", no " we expect to close in 2 weeks"

Ocelot - that was BEFORE we had the Q&A where nothing was said except that people were sitting on their hands - and not e it said 2-3 weeks - which have passed......