Member Info for Mirasol

"Shale bankruptcies could result in a Nat Gas shortages given gas tends to be a by product of shale production."

But that's in the USA not here. You aren't really suggesting Saltfleetby gas will be exported are you?? SFB prices will be set by UK demand

"Plus there’s a chance the council could let Angus run a shorter ewt for say 18months."

I never understood why they went in for such a long period - well I do as they want to produce and see just howlong it will flow/ But why didn't they follow UKOG?

They went in for 3 months initially and have successfully flowed it for almost 2 years, getting new permissions every time from the OGA, EA and the Council.. Once you show you can do it properly and safely it's hard for the m to stop an extension.

But ANGS have never really had an understanding of the Council and their concerns and have a poor reputation for compliance. No-one is going to sign off a 3 year permit when you know JTP is still lurking under a stone there.

"Leo yes impressive 5p to 2.5p within a year ukog united"

whereas here we've gone from 1.12p to 0.25p in the same time _ amazing performance..............

Apologies!! i though that was a new post about the crane - it's 2 years old :((

But the eyes do a great job in general (even when FOTH goes into meltdown) - without them we'd know absolutely nothing about HH activity

He's one of the people that has made AIM what it is today.

"Recently read some of winifriths connections and doubtful business associates wouldn’t trust him as far as I could throw him ,beware David ,he is a snake in the grass"

anyone who has followed TW over the years knows to stay as far away from him as possible - it's a mistake to go anywhere near him

"#ukog Eyes on the site tell me yesterday's orange crane is now yellow. Terranova. "

The big Terranova crane is normally only there for significant work - either downhole or moving very large units around the site IIRC

https://www.gaffneycline.com/company/news/gaffneycline-energy-insights-3

Onshore US drilling activity decreased by 33 with a total active count of 359 rigs; those targeting oil down 33, with the total at 292. These figures pierced the floor of 380 onshore rigs in 2016. Across the three major unconventional oil basins, the oil rig count decreased 30 (~4% drop w/w), with Permian down 21, Williston down 6 and Eagle Ford down 3, currently at 198/20/27, respectively. For Williston and Eagle Ford, current rig counts hit a new low since the start of the basin-wide record in 2011. For Permian, the speed of rig count decline has not significantly slowed down since the middle of March.

"I mentioned it originally as I was surprised by the drop in available mileage from using vehicle accessories."

Same with petrol/diesel - if you run the heater (or worse the AC) you see a very noticeable drop in mileage - that work has to be paid for in fuel - electric or fossil

Because according to the loan agreement they should convert a minimum of £ 150k at a time.

If they only wanted to convert £75k the assumption is that they thought they would crash the price through 0.20 p and leave themselves holding a pile of debt that would be very very difficult to convert at a profit going forward.

The whole CLN model depends on turning the stock quickly - if no-one will buy you're stuffed - so the signal was that things were getting to the stage were even YA had doubts about UKOG. And the fact they went to an II rather than YA for the latest raise also suggests that YA's appetite for more CLN lending is limited until the price shows signs of climbing.

"Does anyone know how the progression of the gas field is going. "

Check the posts under ANGS on here - they've also put up a new presentation and notes of their replies to shareholders questions.

Still some time away IMHO

Gas? Problem is the greens are trying to replace the main markets in the UK (power and heating) with wind & solar so going forward the market is likely to be more restricted medium term

"your probably right. I was thinking small/medium steam generator and tapping the electricity straight into the grid rather than water heating systems.."

The temperature at these depths is too low to generate steam - I think most of the shallower Weald wells only reached 50-60C.

The well that was being drilled near Truro last year (?) was targeting hot granites at maybe 200C to flash water into steam as you suggest.

But the Dutch use wells like Brockham to heat greenhouses and in the past there were community heating systems in places like Nottingham and Glasgow I believe using warm water. There are problems with the mineralised water and corrosion but the biggest problem I understand is finding a customer - they have to be pretty much on top of the well so you're looking at a small number of people - and then you have to convince them to change from say cows to tomatoes or a warehouse operation.

"they actually have potential certainty say 75% to return a profit in the near future."

I like your definition of a "near certainty"

If I offered you a revolver with 75% of the bullets taken out and asked you to point it at your head and pull the trigger would you consider you had a "near certainty" of walking away? I make it that you have a 25% chance of losing it all............

"The bonus was from the September accounts, its misleading to say it was decided at the time of releasing the RNS (although I agree it wasn't warranted)"

But he could have announced he'd waived it or (better still) was investing it in the stock. This BoD last bought stock in the company FIVE years ago..............

Phew! that should give them a bit of breathing space down at HH

Oktane was asking for "update with decent news on flows"

An RNS talking about raising more cash to cut costs (!!) a few days after announcing a massive bonus to the CEO doesn't hack it I'm afraid

"RNS is only solid ground here, update with decent news on flows"

Oktane - I think that's exactly what all the nay-sayers and the pessimists are asking for - but we hear nothing..........

"Come back in 7 to 10 years might be in production by then look at Ukog for example, to much red tape, which causes fund raising with now to many shares in issue, and ujo have only just started the process, for Ukog to be a £100m company it will only be at 1p frightening how it's not too this. "

Exactly correct. There is no reason to suspect that the trajectory for UJO will be different to UKOG (or Angus, or Celtique, or Egdon or .....). Possible large find, hyped to the rafters and then several years of struggle.

Name any onshore UK company that has moved from being a one horse wonder to a mid-sized cap company ? The last one was probably Tullow in the late 80's early 90's - but they did it by ditching the onshore and going into the S N Sea.

" and as far as West Newton is concerned, the production there will be done by the likes of Chevron or BP"

Fantasy land - no major oil company is interested in onshore UK - it takes too long, the legal environment is terrible and you'd just get your offices, filling stations, refineries and your home overrun by swampies. The majors left 25-30 years ago boys and they ain't coming back.

"I do like the idea that we of developing a source of revenue from a failed drill from geothermal energy"

Don't get your hopes up - it's one of those things oil companies start to look at when the oil price is in the gutter. "what can we do to avoid writing off all that expenditure?" "What about geothermal?"

These are normally "warm water" systems which have been used in the Netherlands to heat greenhouses etc - not electricity generation (that's the sort of thing they were looking at in Cornwall a year or so back).

I think over the years a few outfits have looked at it but it's more complex than you'd think - for a start you have to find a customer in the middle of nowhere. And the paperwork and hassle become too much when the oil price comes back and everyone can go back to the day job.