Member Info for Mirasol

Ridiculous ramping - the finds are 1200 km away from the UKOG acreage.... as I said earlier that's London to Madrid.

Turkey has been explored for years - in fact some of the small fields in the area they are going into date back to 1948. Not much has ever been found and not much recently

Exploration posted a while back:-

"The Mardin reservoir in SE Turkey has strong aquifer pressure support but in nearby fields the average water cut will rise quickly to 90% because the fractures communicate between the aquifer and the oil zone. Getting rid of the water is fairly simple at the surface with a separator at the drilling site and re-injection of water into a disposal well.

Polymer gel injection to control water has met with some success in the oldest Mardin field, Raman, which was discovered in 1948 by Mobil and produced until ~10 years ago. Recovery factor there was about 10%. That means UKOG may have accessed ~ 25 mmbbl unrisked prospective resources and contingent reserves (net to UKOG) for a very modest investment.
But beware of big numbers for oil-in-place, because Genel took a $1bn write off in 2017 when they reduced recoverable reserves in the Taq Taq field in Iraq from 172 mmbbl to 59 mmbbl by failing to take the effects of fractures in the Shiranish (Mardin equivalent) into account."

"There has not been any serious drilling in any part of Turkey for oil and gas especially the SE where potentially huge discoveries could be made."

Hmm - The RNS slide pack shows they discovered Cakilli in 2017 and Mardin in 2014 so someone was busy................

"Mirasol. Itermise the risks detail the it's like me saying there are no risks. UU"

Your English is going again 10p - back to language school...............

"How can you publish a cpr if there is not sufficient information on the field? "

The RNS refers to a June 2020 Report prepared by XODUS - it would be nice to say what it says... no?

But you're right - if they need more data there are obviously some significant risks involved...............

" This inept BoD has backed itself into a very tight corner,they have absolutely no control over the timing of Sea Lion development it is totally out of their hands, they are at this point in time and for the future merely bystanders, who from time to time will be presented with invoices that they are required to pay to remain bystanders, what a sad state of affairs and what an absolute mess this BoD have landed shareholders in."

I'm afraid you're right - PMO have little incentive to progress SL - we should remember that the original decision looked fine - there weren't many takers because of the Argentinean Govt stance at the the time, PMO were expanding rapidly , they were British and they weren't risk averse - and the oil price was over $80.

Hard to blame everything that went wrong on the BoD as once they signed the paper it was out of their control. BUT they never developed anything else and have continued to fund themselves and the company at without any real care for the long term consequences.

"Note that UKOG's internal evaluation sees further upside resource potential than is currently identified by Xodus."

Also note that the XODUS Turkish CPR has never been published and that XODUS do a lot of work for UKOG

"Turkey have found a lot of Gas & Oil in the black sea Are we part of this ??"

NO
"A Haberturk daily report said that Turkey's Fatih-1 drilling ship discovered gas in two separate locations, near the Danube river and in the Kiyikoy region along Thrace's shores. "

UKOG are in the mountains in SE Turkey near Sirt - these finds are in the Black Sea & seem to be N of Istanbul - that's only 1200 kms away - about the same as London to Madrid...................

"Vast majority of Turkish population has no interest in western style environmental virtue signalling. Much more interested in improving their financial income and personal living standards."

better tell them to avoid UKOG shares then....................................

Friday afternoon and all of a sudden wave of new posters on here - ol 10P post s then we get Zapsnap, Wcountrybo, furball, dubed, Bulent... all banging on about a find OFFSHORE Turkey about 1000 km from the UKOG acreage

Train must be about to leave the station, I 'm stuck in here over the weekend, and this is got to be a 10 bagger to save my mortgage

"Never really understood why Cuadrilla didn't test it properly just after drilling it, that's the normal process"

Well it used to be but I think they only had permission to drill not test. Remember it took UKOG several months to run a very short test at HH and another 3 years before they could run a decent test. The oil price also collapsed in late 2014.

I also understand that Cuadrilla were is a state of shock after the violence and threats from the swampies at Balcombe

These days everyone seems to put in for drilling, sidetracking and testing in one application - it's a lot more expensive and takes a lot longer to get approval over a simple "drill here" application but once you have it you have some certainty in your plans

" One also has to remember that the target at Balcombe is not only the Kim layer, but also the Great Ooolite and Portland, it could actually be less of a risk. "

problem is gkb that the well they are hoping to test is completed horizontally in the Kimm - the pilot hole -#2 - drilled through the Portland and found nothing - not even any sand I believe - it never reached the Oolite. To deepen to the Oolite from the #2z would be a major and complex piece of work - you'd be better off drilling a new well

The original #1 well drilled in 1986 by Conoco did test the Oolites and found no hydrocarbon shows and a tight reservoir

So it's the Kimm or nothing at Balcombe I'm afraid

"What it doesn't explain is why UKOG would resort to this. Why not just offer the shares to existing shareholders and the
public."

takes a lot of time, costs a fortune, never sure you'll raise the cash you need

Much easier to call up your mates and cut a deal that gets the cash in the bank overnight and dilutes the LTH

"Pity nobody paid any attention to SP Angel’s recommendation!!"

They're paid by UJO for heavens sake - they're their NOMAD - do you expect decent, unbiased research from them??

"West Newton could be one of the largest Oil and Gas finds in the UK for years."

people have said that about every prospect and discovery in the last 40 years - Avington, Horse Hill, Balcombe, Preston New Road..................

A bookie wouldn't t think much of the track record here

"But IMV it's now solely and exclusively investable in on the basis of whatever potential value one sees in Poundland gas. The way I see it, anything else is just white noise, distraction, diversion and misdirection, whether well-meaning and unintentional or deliberate."

Agreed - its Saltfleetby or nothing.................. a small oiler, but probably able to turn a profit

"Argus. We see more investors buying in daily with a nice steady rise each day wont take long to get to our 1p market. Well done Ukogers"

at a rate of 5 thousandths of a penny a day it'll take until after christmas 10p

"Planning application in. The clock starts ticking. 19th November is the latest that we will have an answer on whether it is recommended or not and since this is a second application then all of the problems should have been corrected and we should have a yes."

They can kick the can down the road for years - plus the big problem isn't "something that can be fixed" - its that the professional planners think the whole idea of testing at Balcombe is an invasion of England's green & pleasant land.

Any way its only smoke and mirrors to keep some news flow until they can get SFB on stream and dump the dog

I'm no fan of the BoD and certainly not JTP but I too remember Alan2017 ramping away last year on Brockham last year sighing away and peddling his vast experience of all things oily.

Then he suddenly disappeared without explanation for 6 + months to reappear as the scourge of the company - very strange

Reading hte RNS carefully they said they had reduced costs on decommissioning the next two wells - which is great.
However the sentence then mixes apples and oranges (on AIM! Who could think such a thing.....) referring to a reduced cost for the first 4 wells against an estimate for all 8 wells. The individual wells maybe, and probably are, quite different from the latest two set up for decommissioning. A cost reduction on # 6 & 7 may not have any relevance to the costs of eventually cleaning up the last 4...........

at an average of 250 ish bopd and OPEX of $13 a bbl HHDL are making circa $ 7500 a day clear - some of this may flow into Alba's pockets ( or it may be being used to pay off the cash they wouldn't pay for the test). You can't run a company like UKOG on that cash flow - salaries in 2019 were over £ 2mm - so any consultants, studies, legal fees, rentals etc are on top

I'd guess they need another £ 1.5 - £ 2mm to stay afloat