Member Info for Mirasol

I see the wheels are coming off on Tymers English again out in Mumbai - considering this now has to be a 15 bagger to reach 2p I guess the strain is starting to tell.

"no water from hh1 from Portland or kimmeridge"

Quite a while since they said that - TBH , after 2 years on test I wouldn't be surprised if they weren't seeing some water from one or both in HH1 - it was amazing they didn't see any for 18 months

I'm getting worried about the collapse in support - who ever was keeping this around 0.20p has disappeared. This being AIM i suspect something nasty may be just over the hill

" All the de rampers have been banned and come back under a different alias"

OK Tymers - who were you before Christmas 2019?

For quite a while the pay day lenders were able to keep the price above 0.2p - that seems to have gone and we're now falling again - I just hope today's steady sells don't mean we're about to get another of those RNS's that sends us crashing to even lower levels

"Maybe UKOG simply lobbying central gov and skip the old folks home in Surrey, since it's national energy policy and every project to promote jobs and the economy needs to be pushed through right now."

they can lobby all they like but there are laws and rule s in place - they all still have to go through the hoops otherwise they'll spend the next century in the courts.

But it's great evidence to show why the law needs to be changed -

I'd hope for two as it's Monday and they should have the weekends production to take away.

Be aware this site is missing trades just after 08:00 today - the Stock exchange shows around 10 million shares went through at 0.18 just after opening in several batches

that the share certificates are electronic these days - if UKOG had to issue a certificate for each share it would be a pile 1100 kms high - wayyyy above the orbit of the Space Station.......

It would weigh 55 Million kg - 55000 metric tons

"Wonder what the role of the nomad is in all this falure, dilution and silence."

oh , the usual, - banking their fees, occasionally taking out the Directors for a large lunch, setting off for their Cotswold house Friday mornings at 11:00............

Now nearly 7 months since we had a real operations update with solid numbers. Still no guidance on 2020 production targets. No clear explanation of the state and future production from HH2z, no mention of the Kimm (actual or future). No mention of the CPR being commissioned or a likely publication date. Seemingly 1 - 1.5 tankers per day but also water going off site as well occasionally. Not enough cash in hand to drill the desperately needed Portland production wells.

Total silence from the BoD - Trice over at Hurricane walked the plank a week or so back but no sign of any action here.

We really are being kept in the dark here

"Plenty of well test service companies about. "

I bug -all those companies have been on site but they all do different things - Moorhouse for example are concerned with drilling and completions and technical management - they don't have any testing kit, Altus interventions are concerned with things like down-hole logging - especially production logging, Schlumberger & Halliburton do logging.

A lot of them CAN do other things but all the well testing at HH has been PW as they're UK Onshore experienced and a lot cheaper than say Haliburton or Schlum. After all - that's what UKOG bought - well test kit from PW, not from Moorhouse or anyone else

"and certainly PW is not going to bankrupt without UKOG!"

Look at their accounts - they are a very small outfit

"Mirasol... have to say make no sense..."

Sorry - lets do it one step at a time - PW are about the only testing (not drilling, not production) outfit onshore UK

Business is terrible - ask anyone in Aberdeen..

UKOG are a major customer of PW

If PW go under UKOG will have to get kit from Europe or elsewhere which will cost a fortune.

PW offer to sell the kit to UKOG - this gives PW cash flow (if they had other customers why would they sell the kit?) and they still provide the people to run it.

UKOG reduce their daily costs a bit short term by issuing paper which PW can convert to cash just as the pay day lenders do/did.

When the world is brighter place UKOG (who have only drilled 1 well every two years) find they have a lot of kit in a warehouse doing nothing. PW have other customers and need kit - hey presto!

PW take the kit back , probably in return for offering UKOG a large discount on future work (IIRC PW offered a similar deal to Igas a couple of years back instead of cash when they were looking at buying a couple of old IGas fields themselves)

I think a lot f people forget that the future of PW is closely bound up with UKOG - this deal is more about keeping PW afloat than saving costs at HH.

I suspect PW have almost no other customers currently in the UK right now. UKOG have probably paid PW well over a million over the last 6 years - but with COVID PW are hurting badly and probably see this as a way of generating some cash and getting rid of kit they can't use anywhere else. UKOG save on paying from cash already in the bank by another (small) dilution - OK they've got the kit but they'll have to pay PW to run it - or hire more people to do it. Still they don't have to pay even more tho the likes of Schulmberger (who are seriously expensive) to replace PW.

It's a fact that oil companies don't own things like drilling rigs or test kit anymore - it makes no sense

I'l bet that when business get better for everyone UKOG will sell the kit back to PW for cash - or for a discount on future work.

Toe - I can see why they went to DSF -

firstly it is very easy to arrange at short notice, you don't need approval from anyone to do it.

Secondly it doesn't require the lender to crawl all over the books and ask difficult questions about flow rates etc - all they need to know is that t you'll be around for 3 months and won't upset the apple cart in that time (which is one reason I think that we see so few updates these days)

Thirdly it keeps control in the hands of the BoD - no pesky LTH's who again might cause trouble

say 220 bopd = 9 bbls per hour = 0.15 bbl per min = 0.0127 bbl per stroke at 12 spm = 2 to 3 litres per stroke approx

Just checked the numbers On 1st Jan there were 6.99 Billion shares, today there are 10.97 billion.

And we're about due for another raise I think........................

"He has wages from here , and all the other companies he is involved in"Last time I looked SS was only involved in UKOG and its subsids - he had another company way back but that looked like his old consulting (pre UKOG) company

"No decision posted yet. Implies to me they have recognised they need to re-run the meeting. But since the July meeting is cancelled "

Or that they've taken the decision and are happy with it . By not posting the decision they kick the can further down the road. They're probably circulating a draft letter by mail asking their legal eagle for his views - and he will replay by mail and they will ask him more questions and.......

These guys are masters at delay - and they often cancelled planning meetings (often at short notice) long before Covid

What is needed is deemed approval - the council have 3 or 6 months to handle the application and if they don't respond its passed/or sent to Whitehall