Member Info for Mirasol

"A local action group has taken all UKOG’s facts and figures and poses the question ‘Why is UKOG is bothering to drill at Arreton at all?’ Their conclusion is that it makes little commercial sense and asserts UKOG’s principal activity is to attract investors’ cash to pay UKOG’s staff - especially the CEO."

Complete waste of time - nothing in planning law allows the Council to take into account any financial issues at all. The OGA & Treasury have legal oversight over O&G companies finances- not some Councillors in hicksville. They'd be sued from here to Wressle - £ 400 k that cost the ratepayers.

and now Exploration!!

Amazingly well briefed and with all the old RNS's at his/her fingertips!

40++ million shares at 0.20 and 0.21 p end of day.....................

It just goes on and on - the idea we might have to wait until late November to clear the YA loan is awful.

"I wonder if ukog will fly in some texas oil workers to carry on the next part of work.. after all they drill so many wells out there they have a wealth of experience"

We're hoping UKOG will cut costs not drive them up....................

"Do you think they furloughed themselves as we have not heard anything?"

I'd expect s o - I seem to remember a number of small oilers (Egdon IGas) said they were almost all working from home. given the very small number of experienced staff available for things like well -testing I'd guess they are taking no risks and have deferred all the work on dual flow from HH1 until later. An oil site has people coming and going from all over the place (Aberdeen, Yarmouth, Bridlington, (moorhouse), London, Guildford ) day in, day out and some of them work close to each other.

someone just traded 15000 shares @ 0.85p according the London SE

"Has SS and Co gone back to the site yet ?"

The eyes haven't reported an on-site meeting in months so I guess not. They'd be hard pressed to distance 2m if they were all in one of those portacabins but I guess in this weather they could all sit in a circle outside and yell at each other... :))

"Mirasol. Wrong, Wrong, Wrong."

Exactly how am I wrong Zoom?

That YA & Riverfort don't hold shares for long periods?

That they depend on a converting and selling their shares as fast as possible?

That they can'stand to lose if no-one buys and the stock falls?

Oily - the BoD would have to put a positive spin on it as it's not great news.

The current CPR is done on the basis that the whole Portland structure is one areal unit - the HH2z well has proved that there are at least two, separate, areas. as a minimum that means an extra producing well to tap the new area (if it is big enough). If it's not big enough to produce that has reduced the area (and therefore volumes) used in the CPR. If the reservoir needs water injection as well that's another injection well.

The implication is that the reservoir model used to position the HH2z well is incorrect and that needs revision - which costs time and money. It also means any other new well will be higher risk.

This isn't necessarily the end of the world - trying to predict reservoir distribution from a single well (HH1) is never an easy exercise - it just means the usual oil field problem - later, smaller and more expensive than you originally hoped.

"Riverfort is pushing to buy our shares before SS has the money to dampen their efforts."

Zoom - you've been told often enough YA & Riverfort don't play the market - they make their turn by converting the loan into shares at a discount to the current price and then selling them every day as fast as possible to lock in their GUARANTEED profit. The only risk to them is :-

a) people don't buy any more shares and the price drops below their conversion price so they're stuck like the rest of us with shares going down and/or

b) no one will buy so they have no way of converting and getting the outstanding loan back

Ok - it's a week since the last conversion - at £75k a week that's another 26 weeks to pay off the YA debt.

That's the 20th November........ this is a real albatross around the shares

And that assumes they don't go back for more.

"All that UKOG can do is retain some of the cash raised ostensibly for HH and hope that HHDL doesn't run out of cash buying all the kit rather than renting it and have to send more funds for workovers or other necessities.."

Penguins - the way you write it you'd think UKOG had no control over HHDL - in fact they own it and operate it as a subsid. The remaining shareholders will theoretically get a share once HHDl makes a profit (subject to whatever deductions and strange agreements DL left behind between them all.

Right now HHDL is still probably losing cash at a reduced rate. If & when they get into a profit the funds will be used to pay back UKOG et al in the most tax efficient manner but really it's all smoke and mirrors . HHDL is a "front" company for UKOG in fact - SS doesn't have to "hope" - he runs the whole shooting match and decides exactly what they send the money on

" SS is now in a good position to borrow on the market to pay off YA. ALL IMO."

No reputable outfit will lend a dollar at reasonable rates and terms until there is a CPR - even then they will crawl all over it with their own experts

Igas for example can get Reserve Based Loans as they have a official reserves and a production history

" Don't forget folks that these are seriously disturbed people and they do not have your interests at heart. Quite the opposite."

On the other hand if you listened to Swampy & the masked Trolls over the 9 months you'd have saved yourself a shed load of cash as the price cratered from 1.3p to 0.21p

"It says production was from HH1 portland, then it refers to HH2z as test production. Two different things."

Argos I'm never sure you can take that as a given - they RNS's seem to sometimes refer to production as in we have produced - at other times they seem to refer to Commercial production - ie that under the OGA licence. One thing we all seem t be agreed on is that they're probably producing around 300 bopd right now. I suspect this is all from HH1 Portland

300 bopd will keep the lights on IF they cut their admin costs

Alan2017 (sigh...) who some of you will remember as the "expert" on all things Weald who led the ANGS board a merry dance and disappeared when Brockham was cancelled re-appeared yesterday with over 30 posts over there. He launched a personal attack in some detail on some of the junior members of staff there naming names etc etc.

I think it's been rmoved but Lucan himself waded in "As MD I take objection to personal attacks on members of my staff and I am asking you to delete the relevant posts. It serves no-one to make ugly and defamatory remarks in an otherwise useful Share Board"

I think we should all take note!

"UJO they do have 5.5m cash and zero debt, they also have production comparable to ukog with vastly superior uk acreage and resources,"

None of those "resources" have been fully tested I'm afraid - history shows the chances of it being "Britain's biggest onshore discovery" fades in the sun - Avington, Balcombe etc etc etc

Alan

Now you're back would you like to explain exactly where you were wrong with all that good technical advice about Brockham? You were the fount of all knowledge and then disappeared exactly as they pulled the plug IIRC.

You're damaged goods here

"Give it time man -Remind me your a disgruntled holder aernt you please tell us as we like to know where we all stand"

I've posted this before - I've been in and out of small cap oil companies for the best part of 25 years investing. Occasionally I've made money but over time it's always been a bit frustrating.

I got into UKOG late 2014 and then added more in early 2015 at around 1.15p - 1.17p. The attraction for me was a small cap outfit with the Kimm as major potential but backed as a safety net by the Portland. I liked SS's measured scientific methods (certainly compared t some others in the neighborhood) and once DL was off the scene I thought they'd do OK.

I was very supportive - check my post history - but realistic - so I was a "troll" back in Jan 2019 when I said they wouldn't get the rig until June 2019 to drill HH2 and that it would be the BDF28 - both of which were correct forecasts.

Since last summer I've started to have serious doubts about the trajectory here - the constant, never ending dilution is a worry, the lack of communication and the lack of specificity - such as forward guidance on production forecasts - is another concern. The bonus was a very bad sign IMHO - I can't see ANY reason why SS was paid extra. The BoD is silent and we never hear a peep from them, nor do they invest in the company.

I had hoped we'd get back to 2 -2.5 when I could exit having covered my costs - this now has to be a ten bagger to reach that limited target.

The incessant ramping is an extreme irritant to us LTH's - we don't want the company to fail - far from it - but telling lie after lie day after day is no way to achieve this.

I agree - it was crazy - UKOG went in for 3 months and have gradually extended it for nearly 2 years - but they have a good track record with the CC.

I can't see the officers changing their minds just because they've shortened the period tho'- that wasn't the grounds for rejection. Any way we have to wait for a new Application - that could be months away - and then it will join the queue of all the other stuff that has been piling up during the lock-down. The Councillors will just love to have another excuse not to take a decision and scare their voters.

I expect they'll be testing SFB before they get to Balcombe