Member Info for Mirasol

Crude prices slid yesterday amidst swelling supply and weak fuel demand due to the coronavirus pandemic, while the market was also sceptical that the world’s major producers would quickly agree on output cuts. US crude inventories are forecast to have increased by 9.3mmbbls on the week, with gasoline expected to have surged by 4.3mmbbls.

The API reported even larger builds of 11.9mmbbls and 9.4mmbbls post-session, with official EIA data due today. Top producers, including Saudi Arabia and Russia, are due to meet on Thursday to discuss reducing output in an attempt to offset the growing glut, but Reuters reported that several energy ministers have said they will do so only if the US joins in with its own cuts.

An OPEC source said that any final agreement between the cartel and one-time allies including Russia would depend on volumes that producers such as the US, Canada and Brazil were willing to cut. US President Donald Trump said on Monday that OPEC had not asked him to push domestic oil producers to reduce output, but noted that US supply was already declining in response to falling prices. The EIA confirmed this yesterday, reducing its 2020 forecast by 9.5% to 11.76mmbopd, which would be a 470kbopd fall from 2019, and it’s 2021 forecast by almost 13% to 11.03mmbopd. The agency also said it expects global petroleum and liquid fuels demand to drop by 5.2mmbpd in 2020 from an average of 100.7mmbpd last year.

Brent settled down $1.18, or 3.6%, at $31.87. WTI was off $2.45, or 9.4%, at $23.63.

YA again ......................

"This shows that investors are optimistic about the market outlook."

You have to wonder if 008 is on the same planet as the other 7 Bn people................

Pointless commenting on what is the daily pattern - Tellurian drop a million shares every couple of hours ad YA wade in at the close to make their profit. Even the most optimistic PI's can't hold the prices in this scenario

I

"it is just frustrating that they fail to update SH on any HH2 progress, has it cleaned up? is it still cleaning up? is it fcked? "

I suspect they really aren't certain -

Our old friend Steptoes has reappeared cunningly disguised as HARRYHCORBETT on UKOG ramping his heart out againYou have to laugh at his cunning disguise :) :)

yeah it's Steptoes - doesn't even have the brains to get a decent new name................

For the first time in history no -one (not even Joey) thinks the train is leaving the station or that we need to be in this share over the weekend...................

"Gone up a colossal 30% in 2 days plenty of upside here"

Another LTH I see.................. :)

I think UKOG need to sort out Alba - right now they're sitting with an interests that is gradually decreasing - not paying a bean (and probably not getting any income either) but it's not a great situation to be dragging them along....................

"Mirasol - you won’t see a CPR this year. It takes much longer than two months to put one together."

Agreed a full company CPR can take months - but this is a single field with 2 wells in it - it's not Forties. And if they go back to XODUS then they have all the old data and have the background. Plus there is all the work done for the FDP which can be reviewed rather than repeated. I'd say 6-8 weeks technical work and 3 weeks arguing as to how high SS can push the numbers.

2p by next week eh Tymers?

I've learnt to look very closely at the wording in any UKOG RNS - they don't tell mis-truths but boy is the language carefully chosen.

"It is our view that it would be prudent to wait to commission a Competent Person's Report to fully capture Proven and Probable Reserves once we have established long-term production at Horse Hill from HH-2z and a dual Portland and Kimmeridge completion in HH-1."

So the CPR has not yet been commissioned and will wait on the results from the HH-2z , which is still cleaning up apparently, and the dual completion, which has not been installed as yet. A CPR isn't a trivial exercise - I'd estimate at least 2 months work by whoever does it. So we aren't likely to see it this side of end July I guess.

"Government help for oil & gas sector article. https://mobile.twitter.com/Adrianwfire/status/1245703629530697728"

Thats a request for help not any real help ... as yet.......

11.7 million in big trades (ie over 1 million shares each) already

"What value could be given if ukog prove up all the sites they have ? Portland, kimeridge and gas anybody know? I expect it will be a huge number"

IF they prove up - a 25% commercial success rate would be outstanding

It will take years and cost maybe £ 100 million

So far its taken 5 years to reach an average 180 bopd

Pointless looking at the BoD to control SS

KM - an invisible presence who goes back to DL days - only paid a £100k a year so no doubt just part-time. he is at least invested in the company having bought some shares in 2015 (!!)

AH- Chairman whose companies have done very well out of UKOG/HHDL over the past 4-5 years

NMT - the original Invisible Man

Apropos of nothing why the small spread today?

"A24" Prospect, PEDL143 (UKOG 67.5%)"

that's the old Holmwood Prospect that Europa spent nearly 10 years trying to drill at a cost of god know how much in legal fees, environmental studies, security etc etc

"Remember Rome was not built in a day,"

True but after 5 years they 'd actually made a fair bit of progress......................

"During the year, consultancy fees of £200,000 (2018 - £217,000) were charged to the Company by Matt Cartwright Consulting Limited, a company of which Mr Matt Cartwright, UKOG's Commercial Director is the sole director. £nil was outstanding at the year-end (2018: £30,000)."

is interesting...... Matt C has been signing off all the RNS's for a while, he's "Commercial Director" and he (and KM) pre-date SS. - but he's not on the BoD - which is a bit odd. I assume he's not an employee and that the fees are in fact his pay cheque. Hopefully he's one of the 5 "new hires" the y added in 2019. Would make sense to wait and see how the EWT was going before adding more (expensive) staff I guess