Member Info for Mirasol

Everyone seems focused on the shambolic Planning Meeting - which is a medium term effect. Not many people discussing the shortfall in expectations for the HH2z well which was supposed to become the main producer. Right now they're just about staying afloat on 300+ bopd - if they can get dual flow from hh1z maybe they'll reach 450 bopd - that's a long way from the 1500 we were all hoping for by now. Cash flow for the year is looking a bit sick as well

"possibly converting it into a future water re-injection well "

Given that it was supposed to be the next star producer with 3x the production of HH-1 that's a BIG change

From the last RNS

"After the initial reported high HH-2z oil rates, significant formation water ingress was observed, requiring the successful installation of a Thermatek plug to isolate the water inflow. It is now clear from the image logs recorded in the well, that both the oil and water flow originated from a series of extensive natural fractures, primarily at the toe of the well, although there are also further natural fractures observed higher up in the well."

No wonder they didn't report earlier - the "new" fractures may be in the "main " reservoir section - not the "different pressure regime" they closed off at the toe. This is probaaly good for the Kimm but very bad for the Portland. If those fractures are closer to the HH-1 than the toe that means the area that can be produced safely , without water, from HH1 is further reduced.

"A few posters mentioned that ANGS pays 400,000 GBP in rent."

That´s probably the total cost of the office ' rent.rates, services, cleaning etc etc - it´s normally 3x the rent cost in Central London

For me that was THE big red flag recently.............................

Still at 300 bopd they shouldn't go bust as long as they get their costs under control

Poster HH1 HH2z Total

Tymers 3000
Scallywag3 620 820 1440
Sting69 560 650 1210
Ibug 400 500 900
Mullins 410 420 850
BLSHFTW 825
Mirasol 400 400 800
Ohmetoe 780
Tetrolite 360 410 770
Profit00 320 380 700
Skwizz 600
Captain Stanley 250 320 570
Penguins 450
Backwoodsman 400
Mickybee 1

panther - I suspect that Premier hold onto their holding as a cheap way of monitoring what's happening in shale in the UK - it costs them almost nothing and the value of Egdon is very small cp their overall finances - I seem to remember Total sat behind Egdon for while as well in some licences. This way you know what's happening and you avoid the green protesters. gluing themselves to your front door. If it takes off you have an inside track and can always just fold EDR in if it really took off - highly unlikely but very low cost and low risk.

It is true that unless we have someone willing to sit outside Hamble and check the number plates of arriving tankers against those leaving HH every day we can't be certain - but IIRC they used a different company to remove waste water from the site in the past? Yellow painted tankers?

"Pretty sure Hamble doesn’t take deliveries of waste water though, therefore it follows that the 1267 plates are taking oil away from HH."

Correct - they' screen the loads and remove small amounts of water in the oil but no way will they handle waste water - that has to go (very expensively) to Igas's operation for treatment and reinjection. As HH has little water they get a good price for it.

Weald Oilers Retweeted
"David Lenigas
@DavidLenigas · 9h
Replying to @Nurtz_DJ
This well is still flowing 100% oil from what I’m aware since the day it first flowed. The resources are immense."

This does not make me feel good..................................

Well done Skwizz - lets hope it keep up - I still need this to up 9x to over 2 to be in the black...

I suspect they're doing well on site - but are there any more tanker reports?

Barrymitch- supposedly on this board since 2012(!) total of 4 post in all time now posting exclusivity on UKOG - a de ramper I'm afraid

Looks like a lot of small investors are bailing out today - don't blame them - if you bought at 0.2 p that's a 25% gain - admittedly on a few hundred quid but better than a loss

I guess Alan didn't get the job at Angus ... sigh.........................

Bladderman - for once and for all there are NO SHORTERS on here - you can't short them

Those of who need this to go up 9x to cover our loses are hopeful but there's a longggggggggggggggg way to go yet - I need 2.10-2.3 to get out ahead

Something has leaked - and it's not the pipe manifold..

AIM at it's best.

"The PI's are the last to know the score/reasons." Don't we know it!!

The lack of a significant uptick in tanker operations suggests we'e still around 220-300 bopd. Hopefully they can actually achieve something soon - co-mingling or HH-2z on stream, to get the numbers up north of 400 bopd - over 300 bopd I reckon they're probably just about afloat but only just.

Panther - there are several reasons IMHO

1. They aren't doing a lot outside of wressle

2. Mark Abbott has been a round long enough to be sick of pump & dump operations

3. With a lot of the shares in the hands of two substantial very LTH's holders there's no pressure to pump the stock - if they're happy, why stir the pot?

I believe taxable profits and losses are ring fenced in UK oil & gas operations but generally to the ENTITY, not the Field. So the y can offset future income form anywhere against losses as long as it's in the same company. But they DO have to make a profit first....... you don't get a rebate

"At the most obvious level,Balcombe and Brockham are NOT owned by Angus energy,but by Weald basin company number 3.This is a paper company,and we must wonder at the ulterior motives behind it."

You'll find almost every oil company holds its operating areas under separate subsids. I've explained before why this is - partly it used to help if you wanted to sell.

I think Welsh has hit the nail on the head - for all this work we're not seeing more tankers on a sustained basis

Mullins has reminded us that on HH2z the company said ". Half hourly rates have thus ranged from a high of 778 bopd to a low of around 10 bopd" - I'm afraid the evidence is starting to point towards the lower of the numbers rather than the higher