Member Info for Mirasol

" I wonder what the JV contracts say in the event that operator asks for cash?"

The standard UK JVA requires the parties to vote on any work - pass mark varies from agreement to agreement. The Operator eventually issues an AFE (Authority for Expenditure) and the others. The Operator will then issue cash calls on a monthly basis against the AFE to get the work done. Cash is normally due within 7 days of the call.

Non signature of the AFE or unwillingness or inability to meet the cash calls triggers a default procedure. This varies between agreements but generally follows with a written warning to pay within x days. If you don't you are declared in default. No more payments from any production and if the work starts you have to pay a very substantial penalty to get back into the well/field. Continued default eventually leads to the other companies requesting the NSTA to remove you from the Licence. Which they do with enthusiasm. No likes a free-loader.

Issue a shed more shares, pump on a worthless piece of paper and already within a week new investors have lost half their cash

And of course there isn't that much to spend it on ................ plus people often hold down a second job - they guy who stamped me in at the airport last time was working in the hotel that night..........

"How do they expect to fill these posts at that salary, everything is so expensive there, when I was there at first oil 2009/10, a lettuce was £5, the cost of transporting goods from UK and Chile adds do much to the price, eg the cost to bring a car from UK then was £2500."

They get applications from experienced people who have made a pile/pension elsewhere and fancy something really different for a few years. The package isn't that bad once you factor in various add-ons such as help with housing (£800 a month for a 4 bed house - try and find that near London), airfares etc . There's a 15-20% gratuity at the end normally as well

https://www.jobs.gov.fk/

Huge volumes but a lot of them are sells - 35 million sold in one trade - down 2% already

Check the NSTA site

https://opendata-nstauthority.hub.arcgis.com/apps/984eeea3b1664049b12c02a28478bdaa/explore

But they'll be 3 months behind - HEYCO/Egdon don't publish any thing - they don't have to as they're unlisted. You could email UJO

No doubt they are studying the UKOG relist, pump & dump for lessons to be learnt

Pretty pointless as everyone will know all the players and exactly what the numbers are

"Your assumptions are wrong on the impact of velocity strings. At least compared to the views of the company. Could be that you know more from your ChatGPT analysis but I am going with the feedback I’ve had directly."

not just the points made by BP but also a company that re-entered the wrong well once...............

If this is such a great share why haven't any of the BoD bought a share in over 3 years?

03-Oct-25 0.0086 mcm per day

04-Oct-25 0.0822

05-Oct-25 0.1507

06-Oct-25 0.1425

07-Oct-25 0.1452

08-Oct-25 0.1265

09-Oct-25 0.1410

10-Oct-25 0.1384

11-Oct-25 0.1203

12-Oct-25 0.1330

13-Oct-25 0.1425

14-Oct-25 0.1415

15-Oct-25 0.1015

16-Oct-25 0.1449

30 day running average 0.1212 mcm per day

""Undervalued we will see 1P soon in my opinion""

he's talking about Market Cap I think

" Over the last 15 years, while bad luck and a poor choice of partners has slowed progress, much of the blame rests at the door of FIG for not showing willing and creating strong momentum for the project"

absolute nonsense

The only people who have been consistent is FIG. They offer a set of terms that are in the top 5% of any country that has an oil discovery and they've been very consistent - check the number of changes in rules, regulations and TAXES in say the UK across the same period. The problem was they had no choice on the people that the minnows were able to attract - Premier looked like a great choice at the time - aggressive, mid-cap, British, explorers and Noble - large US company known for careful management. The oil price collapse did for both of them. Nothing to do with FIG

The CGT issue on the far-out was well known - RKH just thought it didn't apply to them - they could , and should, have asked in advance. Lots of N Sea operators get round that quite easily.

By 2017 you couldn't have given the FI away - it's a medium size oild province with well-known political risks - not that attractive compared to other places. Now we have a chance to get it off the ground.

"At its present level, UKOG has risen about 150% since its return from suspension."

But its dropped 50% from its one day high on 1st October. Anyone who bought then has lost 50% of their money in 17 days Ocelot. Quite a performance I agree.

"We know Beacon is/was the operator, but that doesn't mean 'Navitas had nothing to do with it'."

An enlightened Operator listens to points that their partners make but they, in the end, take the decision sand actually do the work.

Unenlightened operators tell their partners as little as possible, and never listen to them -and, if they can, roll right over them every time there is a vote.....

Really big companies have been known to put forward and vote in large budgets simply to embarrass their smaller JV partners. Look at what happened to Deltic.

"Ukog is a completely different company now,s"

Same Board, same CEO, even more shares in circulation , another few hundred mugs caught by the pump & dump and left with a massive loss in a matter of a week

Nothing has changed here at all

Onetomany Posts: 567 Price: 0.245 No Opinion Optimistic 22 Jun 2025 21:15

I’ve been in dialogue with ANGS management recently and I remain optimistic. I expect an update next week on funding and acquisition and results also due. Aside from funding, what is clear is that flows are stable and revenue from new hedges are transformational. Expect also update on work over solutions to increase production further. Absolutely confident that we will see significant upside from here.

Onetomany Posts: 651 Price: 0.245 No Opinion RE: Next step 12/07/25 Today 08:55

Oh dear, really no clue what is going on. Suspect you will see an update next week on loan and placing. This coiled tubing will provide a significant boost to production from this quarter and the new well will be drilled a few months later.

All this talk about going bust is completely ridiculous. They are in the process of completing a massive acquisition ffs.

Whilst I think Mr happy is off hois tree we need to set one thing right:-

" Navitas just brought Shenny online at 117,000 bopd. That’s not the move of a company looking to “rest” — it’s the move of an operator hitting peak stride. Sea Lion is the next cab off the rank in their portfolio, and they’ve stated that clearly."

Navitas had nothing to do with it - it as all done by Beacon, the Operator, Navitas paid their bills that's all. However the logical step is for Navitas to become a serious International operator in their own right. Operators control their own destiny, co-venturers don't. Yes, there's some execution risk but They've hired a pretty experienced team - and better still most of them have worked together before at MURCO. TBH Sea Lion is not that cutting edge - if it were in the C N Sea you'd say it was straight vanilla.

Navitas have a large interest in a monster oil field which is on production and doing well it seems. They also have a large interest in a smaller field which may come on production in a few years

RKH are only involved in the latter

No-one has commented that our esteemed CEO didn't sign off the latest update - seems he's missing???