Member Info for Mirasol

" 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.

I've always said 10pTymers was a paid ramper since he turned up around the time DHC and allanXXXX disappeared - when we were 0.8p - loads of posts, almost all on here. Spouting total nonsense a clearly trying to con idiots into buying , buying buying. Trashes anyone who has a negative view. Never answers any questions. Waves his finger at anyone who doesn't support him. A classic IMHO

" If we check your history you have been buying since this was 11p - bull****tier imo"

But he's only been on here since Christmas! And if today was so great why is it only up 0.02p?? God help us if we have a bad day...........

I see we are no longer United Tymers................

"and the Canadians asked many times for UK. to leave EU. so that we can start trading with them and the rest of the Commonwealth."

This is deluded nonsense - the Commonwealth is totally unimportant to countries like Canada, Australia etc - they gave up on it way back.............

and most western Canadians hate the Quebecois..............

For once 008 I agree - it makes no sense - not even as a favour for a mate

Maybe its mad money , or maybe they think they can make money trading but this is a very different outfit to the usual drossy bottom feeders UKOG normally seem to deal with

Looks like they kicked in £ 1 million for their holding - not too shabby - but probably just the spare change in their cookie jar.............

Certainly has moved the price away from yesterdays awful 0.200

"The change in the percentage of shares held is due entirely to participation in the placing by UK Oil &
Gas plc, the shares from which were admitted to AIM on 01/05/2020."

So someone like us................................. Tymers Personal Secret Wealth Fund I guess.........

"it also nails on the fact the 300 BPD is from the Portland horizontal."

Could be from the HH1 Portland? Who knows - they could tell us of course but hey! We only own the company..........

"Sorry Wrong site , My apologies ,"

Jeez!! There's another share you can confuse with this one? Warn us for heavens sake......................

Yes that makes sense.

"'Production will also enable oil sales to be booked directly as income, rather than simply netting off the revenues against EWT costs.'"

Good points P. I think the OGA take the view you shouldn't run the EWT for profit - or at least not PRIMARILY for profit so it probably keeps them square there. I suppose the Portland from the dual flow will go into the books as profit and the Kimm oil will go into the "set directly against costs" pot

" they just swap to Kimmeridge they can't book HH-1 oilo revenue to UKOG "

They book all the HH oil revenue to HHDL to start with and then consolidate into the UKOG accounts I thought?

Yes - hopefully some support from the bigger holders - at least until the end of the day

04-May-20 10:26:10 0.20 4,500,000

This is getting worrying...................

"Nobody foresaw the water ingress at HH-2z "

I think you are wrong - fractured reservoirs and water go together like fish & chips. It's very rare not to get some water (and sometimes you get LOTS). It's been amazing that HH-1 hasn't had ANY water as far as we know - very odd indeed talking to hose who know about such things. It's something they should be able to handle - the main issue with HH-2z is the separate pressure regime - which proves the original reservoir model in the Portland needs revision

"If the BOD had shareholders interests it would have raised funds very differently and especially it would not have gone towards Wonga loan."

I asked a relative who has worked in senior levels in fiance in some reasonable sized outfits why you'd go down the CLN route. He reckoned partly it was because you couldn't raise money against your assets but secondly it's very easy if you know the guys giving the loans. There is little paper-work, no serious due-diligence and it can be done very very quickly.
Raising money from a bank is paperwork heavy and they'll crawl all over the books and the asset (and maybe nasty words such as "Directors Personal Guarantees"). Going to the shareholders is slow, expensive and there are lots of regulatory hoops to jump through which are a pain for small companies.

The CLN guys can turn a profit very rapidly - that's all they are interested in. They like to loan little but often to minimise the risk - sound familiar???

"Croq - I'd like to think more of a focus on national assets and economic and energy independence will far outweigh personal priorities at IoW."

Not a hope - you're talking about HOUSE PRICES here - and the fear that O&G drilling will affect them or their view or their "countryside life style". These people have no concern with the national Interest.

I remember hearing a Norwegian guy say "everyone wants the maximum of energy at the cheapest price available without fail 24/7. They also want it at the cheapest possible price and for it to be generated as far away from them as possible"