Member Info for Mirasol

Reading Panthers informative post reminded me to point out for newbies to Oil & Gas there is a big difference between UKOG - the mob at Horse Hill, and

UKOGL - the Onshore Geophysical Library https://ukogl.org.uk/ which is where all (or most) of the onshore data is stored - the two are difficult to confuse as long as you realise there are two very similar acronyms

There is a lot of free info there and if you're really keen you can buy even more

Just drifting currently - I'd expect a pump and dump once the planning meeting gets a bit closer and is confirmed

i suspect that, if Loxley is approved, that'll be when they slip out news on HH2z

11 fields and 21 mm bbl - that's 2 mm bbl a field and some of them have been on production for 20 years - none of them have been discovered in the last 10 years - at 10 years and 2 mm bbl production that's 54 bopd per field....................

Its all very small scale stuff I'm afraid - same as HH

Wytch Farm was discovered by British Gas in 1973 after a brilliant piece of geological interpretation and came on stream at low rates in 1979 - the main problem was the y were having to use rail trucks on a small line as the Govt wouldn't let them build a pipeline through the New Forest for years. Once that WAS built rates went from 3000 bopd to 100,000 ++

As part of Thatchers big sell off BG had to divest all their oil fields (!!) and sold Wytch Farm to BP - they operated it until 2011 when the rates had fallen from 110,000 bopd to 10,000. BP were involved in big fields and could use the cash elsewhere better.

HH s nothing like Wytch Farm - if the Kim had worked... maybe ... but .......

IBUG is correct - the figures are affected by work-overs etc

you have to remember that throughout the last two years of they have had to work over the well on a regular basis - pump problems in some cases, other time some sort of possible waxing problem (especially in winter) has seen them shut in for a day or so (often on a Sunday) to do some work. Up-time for all UK fields is only 78-85% anyway.

that would indicate "normal" rates of 300-310 bopd when everything is working - this is roughly in line with the little data they've given out recently. However for the year you'd be wiser using 365 * 243 then 365 * 310

Low water rates from HH-1 are good news

https://ogauthority.maps.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa gets you to the field list - it isn't made easy

Thanks to IBUG we can now see actual numbers as reported tot eh OGA - I have converted these into oil field units rather than metric

March average oil per day 180.8 bbl + 0.18 bbl water water cut 0.1%
April average oil per day 242.8 bbl + 0.19 bbl water water cut 0.08%

So as of end of April water cut not a problem and production just under 250 bopd oil

The Planning Committee meeting are listed as 3rd and 17th September

https://mycouncil.surreycc.gov.uk/ieListMeetings.aspx?CommitteeId=122

You will see that even pre-Covid they have a habit of cancelling or deferring them. Even if Loxley Planning is scheduled for a particular meeting they may not reach the item on the day, or they may defer it for some (usually specious) reason. IMHO what is needed is a leagaly enforceable rule that if they don't do it in a certain time it automatically is granted but that's not the current law.

We all HOPE it will be dealt with in September but I wouldn't bet a fortune on it.

The company has admitted a water issue with HH2z, there is rumored to be some water at HH1 - the later is not surprising over a 2 year flow period. How much and exactly what they are producing and, more important, any forecast for future production, is shrouded in mystery and the company has been very uncommunicative.

"IS it possible under the oil production reductions announced by the world oil producing countries, that a production l icence was granted to UKOG for HH but restrictions have been put in place by the OGA limiting oil production at the present time?"

Sorry Wizz - the UK Govt have NEVER done a deal with OPEC on production levels - not now, not ever. Not in 1986 when the price collapse was bigger, when oil was when more important to the UK and it torpedoed the Britoil share sale. Both Labour & the Tories have always said it was a problem for the markets and the companies..........

And we'd have heard from the bigger offshore producers of course - they actually produce material amounts of oil not the dribble from HH

December 2013 ? that was when Lenigas bought in, injected cash and changed the name and aim of the company from Sarantel, an electronics business, to a world beating oil company called UKOG.................

Maybe if he buys in again and changes the name to Sarentel , a world beating electronics company, we'll see the same jump

My issue is that Turkey is another £ 5 mm - if we are washing our faces at HH - and there is no news one way or the other there - then that's another 25% dilution coming up.

It was last at 1p around end of November 2019 (my - doesn't time fly by?) and they had a raise on 2nd December - immediately before that raise they had 6,738,389,264 shares out so at that point mkt Cap was around £ 67.4 million - now £ 24 million...............

The FI was basket case economically before the 82 war - it now does quite well on its own - fishing rights bring in a fortune, the post office makes a lot of money selling special stamps and I understand the wool produced is very high quality. I was told they actually make a payment to the UK every year to help with the cost of the military.

If Sea Lion came in they'd be as rich as some of the Middle East countries - no doubt HMG would encourage them to do a Brunei and start hiring Gurkhas for their own protection............... There are only a couple of thousand islanders and they protect citizenship very carefully - a lot of imported labour - Saints, Chileans and some S Africans - but they're all on max 1 year contracts

"UKOG are probably doing just enough drifting along 300 bopd etc etc"

I think you're right Toe - we've looked at this before and people like Egdon have cruised along for years on 150-200 bopd - but UKOG seem to have significantly higher fixed costs - a full time FD, bonus for the main man, etc etc

The problem comes when they want to do something -(like Turkey or Loxley) - EDR, Europa etc normally finance new ventures by farming out whereas UKOG won't let anyone else in and dilute the shareholders instead.

11p was on the back of two things - firstly the hype surrounding Broadford Bridge when every RNS was indicating a successful extension to the Kimm play (remember that?) across the Weald and of course secondly the announcement that the French had bought in - a massive, well funded outfit

We never had any explanation of why they suddenly changed their minds but no doubt they are congratulating themselves on a wise decision to get out

Since then it s been downhill all the way

Fair enough riches - I have friends who do the same - takes up too much of their life IMHO but that's their choice.

I think AIM is a dangerous place to play games with lots of cash tho - its less than 5% of my total holdings - the mad money.....

"Sorry are you making it up? No way in a million years would they have an office in mayfair,"

Believe it or not IGAS run their operations from a fully staffed office in Down Street just of Piccadilly in the heart of Mayfair - how they justify the expense is wayyyy beyond me. UKOG have an office in Guildford, Egdon are in Odiham and Europa sort of drift around London from one short lease office to another as far as I can see. Third are based in N Yorks these days

" Not interested in engagement long term holders. "

We understand that only too well - TBH I don't have a problem with people buying at 0.2 p and selling at 0.21 p day after day - it's not the way I trade but I understand it's some people's choice

What I object to is the wheeler-dealer merchants who constantly peddle that this share will go to 0.4 p, 1p or even 10 p in an attempt to make it look like a certainty to suck in the gullible- which it certainly isn't. If 10p Tymers et al said "I'm buying and will be out of this when it gets to 0.25p and then I'll do it again" people would know exactly what they were in for - as it's a blatant (and useless) attempt to generate mugs who you use to make short term gains.

"007 think you are commenting on the wrong board no drop here only up UU"

When young 10p got the job of his dreams and started on here around Christmas the price was 0.85 - it's now 0.21 in spite of his valiant efforts - and of course we've seen a lot more dilution.