Member Info for Mirasol

"remember what is there!"

Sorry - that is what they tought before they drilled the latest well - as at so many onshore UK wells the interpretation was incorrect or over optimistic. They have less than they had before and so the valuation is lower.

Some of the posts here trying to get people to buy remind me of the post Broadford Bridge and HH2z comments over on UKOG

"The SCC Planning Officer recommends PERMIT. To vote against that will leave SCC in a massive legal hole."

Cynders - I'm afraid that is simply incorrect - the Officers recommend but the Council decides. Unless you can prove real villainy they will just say we "took the decision in view of the interests of he electorate" - it happens all the time - Google it.

the remedy then is to call for a Public Enquiry (as Egdon had to do) that will take a year and probably get approval (but no damages) and open up more legal games as well

I think Luckyman is correct - they clearly didn't get what they hoped for so its a back to the drawing board exercise - it takes a good 3 months to rebuild the computer reservoir model and they'll want to be be very conservative with another drill.

they can't afford another screw up

You've clearly never met any local councillors Troll...................

"Fantastic chance to add this morning."

so you were caught out as well Heid?

Still unable to give us your forecast on August HH production TH2?

Good summary post RNST - it's clear this is NOT what they wanted to find

"Don't agree with that statement, Mirasol, it will be subject to negotiation. The lenders can't just "take" as many equity kickers as they like." You'd think there was a line around the block to lend to ANGS - there isn't and they will have to take what they are offered.

"Why would Shell take the time to complete due diligence and then sign an off take agreement if they did not think the asset was commercial? " - They didn't sign off on commerciality - all they did was to sign a contract saying if ANGS can deliver x mmscfd we'll pay you £y - they don't invest a penny, they take no risk. They can do this because the volumes ANGS hope to deliver are so small they can fit them in to their daily processing without a thought.

Cynders - there may be a process diagram somewhere in the planning application (s) but it really doesn't matter as you say what counts is what is receipted and paid for.

The Energy Institute publishes annual figures for losses in transportation worldwide but that seem s to be mainly sea going VLCC's were the rates are a lot less than 1% loss per voyage. The receiving refinery will have a spec which the HH oil deliveries have to meet - this will almost certainly be weighted towards Wytch Farm given its destination. Somewhere I'm sure someone has said HH crudes meets a high spec

The OGA numbers are in accordance with:-

https://www.ogauthority.co.uk/media/6235/oga-metering-guidelines-2019_revised_dec-19.pdf

3.2.1 Direct measurement approaches may be regarded as adopting the following hierarchy (in ascending order of measurement uncertainty):
(i) Continuous single-phase measurement of each phase, post-separation, in dedicated meter runs designed to minimise
measurement uncertainty.
(ii) Continuous, nominally single-phase,measurement of each phase on the oil, gas and water off-takes of a dedicated separator.
(iii) Continuous multiphase or wet gas measurement via a dedicated flow meter, installed either topsides or subsea
multiphase.
(iv) Intermittent, nominally single-phase, measurement of each phase on the oil, gas and water off-takes of a test separator, with interpolation of the flow rates of each phase during the periods between these ‘well-tests’ – ‘flow sampling’.

3.2.2 In some circumstances, a ‘by difference’ solution may be appropriate, provided the field in question is a relatively large proportion of the commingled total.

3.2.3 The optimal measurement solution is one where the desirability of low measurement uncertainty is weighed against the economics of the field development in question.

"The operators themselves dont yet know what they have,"

Very true - but we know it wasn't what they were hoping for - no Cadeby and no test of the current hole - more time and money to be expended . Long term investors in small oilers know what this means

Numpty

He may have no choice - it'll be a take-it or leave it offer

And he HAS to keep activity going on site - if they stop they company will have no assets, no income and no future

Look at the charts - and they don't show the never ending dilution

you can make money here by very short term investing and ramping like hell and selling to the mug punters who believe you

All the long term rampers on her sell on small spikes

"but you've seen it rocket mode!!!"

Yea several years ago since when it has sank like the Titanic

And like the Titanic a lot of the officers are sitting in the lifeboats while the punters drown

Troll they haven't even commissioned the CPR - and they take 3 months to produce once they do

Victoria - NO-ONE mentioned a sidetrack on here since they started drilling this well

they clearly didn't find what they were hoping for and we're now looking at a delay and extra costs - my advice is to sell and come back when (and if) the dust settles and we are told some real numbers - such as net pay, type of "hydrocarbons" and flow rates

I'm out at a small loss - this is another onshore oiler where the wells aren't anything like their predictions. More money needs to be spent, more delay, smaller reserves

Seen this happen over and over (ANGS, Europa, UKOG................... )

sidetracks are never good news - it means you didn't find what you were expecting or that you screwed up (remember UKOG at Broadford Bridge?).

These reservoirs aren't like great sheet sands - the come and go. Sounds like they went at this location.

OK troll - whats your guess on August production numbers which are due this week - from the OGA??

depends on the details of the financing TBH

I'l go 490 tonnes of oil and 260 tonnes of water