Member Info for Mirasol

"Unlikely we'll be shut out for over a month?"

Details of what a PBU does has been posted on here often enough - essentially the longer you shut in the better the information you get . Petroleum engineers would leave it shut in for weeks, the finance guys would settle for an hour............

" did I not read somewhere that the oil in the Kimmeridge was formed there, the oil in the Portland had migrated there."

that's my impression but talking to some geologist friends it seems like the jury is out on the Kimm source rocks and movements - it sounds like fiendish subject with a lot of disputes amongst the brightest and the best in the rock world on what is happening . It seems accepted that UKOG have the data and no-one else does so if they don't understand it there's little hope for anyone else

But it makes sort of sense - the Portland is supported by water moving from elsewhere whereas the Kimm could be a sealed box effectively - so they have a problem with pressure support.........

"If I remember correctly aswell the Kimmeridge is 100% dry oil."

thats what I understand as well - the technical question is why does the Portland produce water via fractures but the Kimm (so far) hasn't???? Fractured reservoirs are notorious for water production (ask Hurricane)

Its academic as they clearly can't figure out how to make money from it - if they could we'd be drilling another Kimm producer at HH rather than going off to Turkey and paying someoen else to drill the wells.

Thinking about things - I wonder who leant on them to produce that RNS? Its says nothing and isn't going to change sentiment - I supect its a CMA one so that the NOMAD can feel safe.

There is a reasonthat teh City of London is a great place to make money and leads the wowrld - and it has little to do with shareholder value and a great deal to do with fees, consultants, trading, shorting, take-overs............

this money machine has bought the Govt, the Civil Service, the Regaulators and the media - everyone wants to be get in on it

Read Le Carre's "Single & Single"

with wressle just about tostart I can't see thir major investors walking away right now - maybe they'll have trouble with Premier -as -was but they also have Petrichor - a realtively small amount of extra cash will see them through

"The Kimmeridge has always flowed as well if not better than the Portland so I don't know why they are just ignoring it."

If you go back 2-3 years you'll see that the Kimm rates quoted then were all relatively short term - they also kept switiching the EWT from Portland to Kimm and back but gradually it seems the Kimm was tested less and less.

the suspicion is that the rates were declining fast, almost certainly due to the fact that they'd produced all the easily accesible oil in the fractures, and that the recharge rate from the tighter formation wasn't fast enough to keep it flowing at commercial rates. The only good thing (and quite amazing) is that they don't seem to have produced any water from this fractured reservoir - very strange,

We can be certain that if they thought the Kimm would add anything they'd have it on flow now - it's a couple of years since they started to talk about dual completions etc etc and they'll have it all specc'd out and designed. The fact it hasn't happened shows it won't happen here.

Ocelot - I've never had you down as one of the paid rampers on here like Tymers nor a shameless seller while pumping poster like Heid

What is your take on the RNS? Why do you think it lacks any detail whatsoever ? TBH why did they bother putting it out at all??

"It's quite obvious to anyone with a brain that the horizontal drill needs to be through the Kimmeridge zones and not through the Portland."

Wow! I'm sure that SS, who has 30 years of experience, Matt C and people like PW well test, XODUS , Schlumberger, NUTECH, and Moorhouse Drilling have never thought of that................... you should call them up and tell them.......

"I have no oil drilling experience "

that's pretty obvious from the crazy drill path you described as "possible"

Just Google 1.01 drilling and see how hard it is to drill a directional well - the fact they do it all requires a lot of technology and a lot of cash - and the more bends the higher the chance of getting stuck and having to write the well off

They RNS 's lasy tyear that natural rates form teh Kimm were low and they don't seem to have bothered to go back to it in a year

Angus's famous Balcombe flow was very short term and appears to have contained a lot of drilling fluid - its now 7 years since it was drilled and no-one seems that keen to go back t it.

someone just didn't like my post..................

It should also be noted that in the normal course of conventional oil well optimisations there can be a requirement to change the placement of the downhole pump should the flow characteristics change over time, this can be the result of various factors including the break-out of solution gas and increased water cut, translating directly into a production decline over time. It is also normal that individual conventional oil well production declines over time.

TH2 - in Dec 2019 you forecast that the price of UKOG in 2020 would be 20.7 p a share...............

Care to comment?

"Are you deviantly ramping? Why did you leave off that funding being required for Turkey?"

:)))))

I was looking at the past (2017) as a guide to the future.............

The need for a lot more cash is clear - at 120 bopd they're not covering their total company costs (EDR just about manage it on around 100bopd but they are a lot cheaper to run). But TBH Turkey is now our only hope - and the BoD clearly agrees as that's where the effort and the cash are going

Since hardly anyone has ever been done for not releasing "market sensitive data" don't get your hopes up

as all they've said is they are "in serious discussions" the only point they'd have to say anything is when they haven't raised the cash and the bailiffs are at the door as there is always hope that someone will step in until that point. Just look at other companies that go bust.

As I've said I think they'll get some cash but they'll have to hand over effective control of the company to whoever is putting it in - the covenants will be fearsome

Ocelot - don't you remember "Cash ids King"

i se the latest expenditure as keeping the lights on while they are in negotiation. If they stop SFB work now no-one will touch them,m with a barge pole. We may see some very small, short term, cash being injected into ANGS by the BoD or current major investors for the same reason - this has happened at EDR in the past - in the hope that the main raise will go ahead.

Ah yes TH2 - a twisted negative

Please tell us which of these is wrong please?

HH production well bores in 2018 - 1 drilled in 2019 and shutin
100mmbl net reserve in the Kimm - never heard of for 12 months
Broadford Bridge - a disaster
Holmwood to be drilled in 2017 - never done, now relinquished
Markwells Wood - relinquished
Godley Bridge 3/Loxley drill in 2018 - 2021 at the earliest
Isle of Wight - not before 2022

" a gas and oil company with a commercially viable well with proven production rates."

7 years to produce a single well with declining production rates ............ and no gas reserves by the way

I'm in the same boat as Ninetails - wise enough to know it was a long term punt , stupid enough not to see the warning signs

If you go back to 2017 and look at what was being touted then:-

H production well bores in 2018 - 1 drilled in 2019 and shutin
100mmbl net reserve in the Kimm - never heard of for 12 months
Broadford Bridge - a disaster
Holmwood to be drilled in 2017 - never done, now relinquished
Markwells Wood - relinquished
Godley Bridge 3/Loxley drill in 2018 - 2021 at the earliest
Isle of Wight - not before 2022

all we have now to save our skins is a non-operated venture in Turkey

The shares have been diluted to hell and back and the BoD and SS have taken large salaries and bonuses throughout - a real shocker TBH

"Mirasol: do you think they’ll get a £12mm. loan?"

Not sure TBH - whatever Ocelet thinks a non producing field that requires several more million to come on stream isn't the best of security - the last owners basically paid ANGS to take it away remember - so it you had to take it over who would you sell it to? You'd be budgeting money to give to Igas or EDR or UJO I guess.

I just worry that it will be a very opaque deal with all the value going to the lenders and not much left for us

I need just over 2p to be clear - I 'm, still waiting for SS to update us on exactly what happened at HH2z last December -

That's the reason this share sinks like a stone - no communication, no BoD buy-in and constant dilution