Member Info for Mirasol

"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

" SP locked down by YA & Tell, so expect the shackles to be released once they are gone"

And when will that be - please tell us!

Eventually Tellurian will be gone as they have no interest in this anymore - but YA? SS still has authority to issue more share to them - it's now 5 months since they reported the issues at HH2z (and covid only covers half of that period) - the longer the silence goes on the more one's thoughts return to Broadford Bridge.

If there was good news they'd have reported it or it would have leaked - neither has occurred - tells us one thing

"How every aim share is allways the worst one ATM. To some people."

that's because over the history of AIM 72% of stocks have lost money and it's estimated that in over 30% of stocks investors lost over 95% of their investment.

All stockmarkets are a casino - but AIM is the worst

"There is very little chance that enforcement will be necessary IF an award is given in Rockhopper's favour."

You have really never encountered the Italian legal system - they can drag things out for decades I'm afraid

"We all know that balcombe can flow big numbers, "

They claimed big RATES but not total produced IIRC - this was where we ere in the run-up to the Brockham fiasco with posters like Double headed Crook constantly quoting rates (which were probably a 15 minute initial peak flow) rather than actual production.

the history of onshore UK is of councils kicking the can down the road - I doubt they'll OK Balcombe as the planning officials have already objected to it and the company has withdrawn its Application

"Is a wise man, IMO. as at the present time we are earning over £100000 per month clear of costs.. This is clearly indicated by his wish to pay in cash to Riverfort or YA £75000, when he could under the terms of our agreement have held them to a conversion of £150000. I"

Zoom - any evidence we're earning £100k a month clear? Or is that an extrapolation of tanker numbers to production etc - and you have no information on actual costs incurred. As for Riverfort /YA I suspect they said something like "sanderson, we need some cash right now, not more paper - if you don't pay us say goodbye to any more loans..."

"We certainly don't know what price UKOG get 'at the gates' of the storage facility but as they have to store and sell it there will be a discount."

Penguins - I think the Portland discount is 3-5% - I think it was in an old CPR - no discount on the Kimm as it's higher quality. They do have to pay for the shipping but they store almost nothing (relatively speaking) on site except over a long holiday weekend. Transport is probably around $2-$4 a barrel

"What was tellurians share price? In the 0.70s so why would they sell down here and where is the tr1s to say they are selling?"

Firstly they are very cash short in the USA

Secondly they didn't pay for the shares - they were original owners of the asset - so although the value has plummeted it's not a real loss

Thirdly they've only ever put out one RNS about Telurian holdings -they seem to be in breach - but not sure if that is Tellurian or UKOG - if it's Tellurian there's not much AIM can do about it

Sorry typo

I think what you mean was there was revenue but ALL of it was applied against the testing costs by HHDL thus reducing the contribution required from UKOG, et all.

"I grant that the Kimmeridge is commercially viable but not yet commercial"

I suspect that it makes money if there is Portland production as well - the Portland pays for the site etc and the (suspected) relatively low Kimm rates are jam - hence the need to get multi-flow from HH1 ASAP

"e're under EWT conditions where there was no revinue."

Sorry there was - they weren't giving the oil away to Tullow/BP at Hamble but selling it at spot - so that is revenue.

I think what you mean was there was revenue but not all of it was applied against the testing costs by HHDL thus reducing the contribution required from UKOG, et all.

10pTymers has serious form:-

Tymers | 2019-09-24 19:36:27 | UKOG | In time for sure we will climb that mountain and a few trolls rolling down the other side but they have been warned , we know 3 or 4 weeks we have blast of my prediction this side of xmas 8p but only.my.opinion

100. | Tymers | 2019-11-29 19:44:53 | UKOG | Reduction in loan is one of the biggest signals in advance of what will be significant news but some will panick and some will reap the rewards

116. | Tymers | 2020-01-22 19:57:43 | UKOG | We all know Ss is getting on with developing Ukog its bottomed out and at today_s bargain sp has multi bagger written all over it . You have to be in

"PCScotch will be breaking a bottle open around now I guess. 25 years I tell you, 25 years. I love it."

You forgot "liquid, black gold"

"What's with the weird 1p trades??"

Shhhhhhhhh - I shouldn't tell you this but its the Illuminati signalling to each other how many shares and at what price they'll trade to stiff honest , law abiding shareholders..........

Normally we get the standard lunatic weekend ramper turning up here about now - who fills the board with rubbish until they get killed off at 08:00 Monday....... where are they??

"It is a good step as long as it doesn't lead to fund raising in future.."

That is the only certain thing that will happen here - they're addicted to it I'm afraid

"Canaccord is UKOG's one significant institutional holder."

Some time ago they placed some shares supposedly with an II - but we never found out who it was - probably our large Australian friend :(((

I'm intrigued by the fact that they paid cash out as part of the latest placing - you'd have thought that they'd hold on to every dollar right now.

Sounds like the lenders are getting worried they won't be able to convert all their shares before the price falls again - or they need it to pay their own bills. We're in danger of borrowing to pay back cash then we have to borrow to pay back.... a REAL death spiral.

We need news and we need it quickly