Member Info for Mirasol

"Mirasol that is painful. I guess you have seen this all before then."

I've done OK on a few onshore shares over the years - going back 25 or so - but it's been a dog's breakfast for the last 5 or so.... Infrastrata, Angus... not pretty. And other small cap oilers internationally not much better TBH - Solo, Rockhopper , Northern/Cabot, Cairn, Ophir for example. The big guys are OK - Shell, BP etc but the smaller the worse they are IMHO

Troll - in oil field parlance "free flowing " means no pump is required. As they've spent nearly 20 months pumping both the Portland and the Kimm I don't think this is "free flowing" - it flows quite well but has to be pumped - probably due to the shallow depth of the reservoirs............

"Well if you are invested for the long term why are you afraid of long term assets alongside the near term excitement. Gradual development of assets leads to opportunities like the one we are enjoying this week."

5 years 3 wells... and that's GOOD for onshore UK........ one a discovery, one they messed up at immense cost and we wait to hear if they've fixed the third........... I could be dead by the time they finish the wells on the books

TBH I never saw the immense dilution coming - we sit praying for a small uptick while the big boys shovel shares in to the market on a guaranteed profit... AIM!!!

I would like it to get back to my 5 year investment at 1.16 p (plus interest) thanks...................

Our 1 million share seller is still with us - every hour or two another 1 million hits the market - no wonder the price is stuck.................

"UKOG aint just a one hit wonder"

there is a lot in the cupboard but how long before they show results? Loxley planning just been put back another month and that's a year gone just waiting for Councillors. IoW hasn't started the planning process, A24 is the same - - and BBr is something well down the road

That looks like a 2-4 year programme I'm afraid

Thanks Seadoc

Looks like the issue is NOT a JOA problem but an internal HHDL one.

The Joint Venture is now between HHDL ( a company owned by UKOG Alba & Dor) and the ex-Tellurian interest owned by UKOG.

The JV bills both parties and of course they pay up do there is no default under the JOA.

The problem is inside HHDL - when UKOG ask for the money Alba aren't coughing it all up - they are then diluted, within HHDL, at a Base Rate of a couple of percent a year........... It is actually their share of HHDL that is falling (and consequently the beneficial interest in HH. SO they're getting a very cheap ride.......

I assume SS isn't too happy about it but it does incentivise him to remove the dross from HHDL sooner rather than later I guess

" They are providing the services of George Frangeskides for free."

And what does he bring to the party ... Gold??

Thanks Penguins - I hadn't seen that - certainly the reduction in Alba's interest looks like its based on some very low rate of interest being charged ... pity..........

We knew it was going to go Pete tong once Joey turned up this morning...

"Great positive news! Boom!"

Also 2020-02-24 16:09:49 0.63 1,600,864

2020-02-24 16:34:55 0.66 7,000,000

that looks like YA/Riverfort

"Up 7% and getting ready for the next step up."

You really should stop ramping Troll - we feel your pain when the wheels come off every afternoon.....................

"If ALBA don't stump up cash, then they will lose their %. No contract is going to give a free ride and revenue from oil sales if costs are not covered. Frankenstein will be under pressure."

This set me thinking - Alba are clearly not paying all (or any ) of the cash they owe - but they haven't lost more than a few percent of their interest. Since I'm sure SS wants rid of Alba & DOR you'd have thought he'd have fired the gun in the JOA and dumped them. I wonder if there is some slithery clause, maybe in the original setting up of HHDL, that allows them to get a free (or very cheap) ride on the EWT until the FDP is approved?

Lets face it the original HHDL group was all "mates of Dave"......

"RNS tomorrow? "

Doubt it - they won't issue an RNS until they are sure they aren't producing water IMHO - maybe by next Monday................

just for a second............ now back!

Looks like all of todays posts have gone AWOL................

"Not convinced it will take that long (July/August)."

Croq - I'm with PCS on this - he reckons July for Tellurian and maybe September for the others - depends on how much more they decide to take up on the back of the Board resolution I guess..............

I see the "irrational exuberance " of this mornings ramp-fest seems to have cooled a little in the face of the large sells. We're pretty much back where we were at 08:00 this morning price -wise although the news from the site is highly encouraging - the best day for operations in some time IMHO

I'm afraid that looks like the pattern going forward - any enthusiasm generated amongst the PI's is just an opportunity for Riverfort, YA & Tellurian to sell more shares until the overhang is gone in July/August

Phil - traditionally with wireline tools you run the whole shebang to the end and pull it out slowly. As this is horizontal with coiled tubing they'l have the option of recording both going in and coming out. They may well move the tool backwards and forwards to make sure they have really high definition data and the location (s) fixed to high accuracy