Member Info for Mirasol

Agreed - the problem is probably getting the work-over rig

There are very few actvie drilling rigs and probably even fewer active w/o rigs up & running onshore UK - I'm sure they don't want one that is cold-stacked for such a sensitive job.

And we're back trading at 0.57 - this is grim stuff ..................

https://shareprices.com/lse/ukog shows it - currently 0.604p

Thanks Croq... you'd have thought it would be headliner given its importance....................

"How did Sarantel get into drill oil wells?"

they were effectively bust so it was a reverse takeover by Lenigas to get an AIM listing easily and cheaply..............

https://www.thetimes.co.uk/article/sarantel-hangs-up-on-the-stock-market-0nt6zlqq35s

volume weighted average price (VWAP) is critical to the conversion process fro the loans - is this published on regular basis anywhere?

"Only Anguish could issue a short RNS that creates confusion as to what it actually means. They really are pretty inept."

Gives a clue to the quality of the whole operation TBH

" I just think the problem might be onshore Uk oil."

I think this hits the nail on the head - making money onshore UK is very very difficult. Excluding Wytch Farm - which was found over 35 years ago, not a single oil company in my 30 year investing history has made themselves into a big player on the basis of the onshore. Tullow way back had the Ryedale gas fields but they only started to grow when they went off shore. I've made some money from some companies (and lost a fair bit on others) in this field - but the problems of planning, environment coupled with low cap companies and small reserves suggests UKOG are on their way to being another small time producer -

without some solid news FROM THE COMPANY this will just gradually sink back again I'm afraid.....................

The overhang continues and , using the example in the RHS, they can convert and take an easy gain time after time. Even PCS sees the possibility (I would say he clearly hopes it won't happen or that a price rise will reduce the period) that this could go on into September even if there are no further loans

"Re the shares buy/sells, every buyer needs a seller and visa versa, as only a gambling fool MM, or someone with inside info would dare hold millions of these 'in stock'."

Too true..............

"Wheres the rig or dont we need one"

To run anything to the end of the horizontal well you need either a workover rig or coiled tubing - both of which are far too big to miss. It seems clear they are still waiting for the PLT tool - once that is run they can come up with a fix - until then we are dependent on them upping the rate from the HH1 well dual completion - which doesn't need a rig and is probably in place right now

I really thought we'd get an update of some sort today.

They really don't seem to care at all -

"Mirasol, unfortunately GMs (and AGMs) are not about informing the pi of anything not previously announced as it would enable those at the meeting to trade on that information. This meeting is all about the ability to issue more shares prior to the next AGM whether it's 1Bn or 3Bn shares."

I know, I know - I'm just hoping the BoD or SS or someone realises just how damaging this silence is to the Company.

" YA scumbag traders will soon offload enough for you to buy"

Where do you expect the money to come from, pray? No-one else will lend - no-one wants to farmin or buy in ..... its YA or the Mafia............

for the meeting ... what I'd liek to hear is:-

1. news on the water issue - an update even if it says things are moving to teh right

2. an updated drilling plan for 2020/21

3. Update on CPR and FDp possible dates

4. The removal of Alba & Doreimus at last

these would give us something to look forward to - I accept they have to raise more cash to do this but at least we'd be able to see the forward path

"The glut will affect the oil price "

That's the problem of course - tho' TBH I don't think most onshore UK oil production is that sensitive to the oil price - i

"MA stays quiet but non the less is working hard for both EDR and UJO"

That's why EDR have been around fro 20 years in a business(UK Onshore) that has seen its fill of pump & dump merchants...........

"The Positive RNS will be announced soon!"

I think we're all praying for that .... if not then there will be a repeat of the gradual erosion of the share price due to lack of an update and the constant drizzle of Tellurian and YA shares.

"Are we sure the water incursion is constant. Could it not be that a trapped pool has gradually drained down to a level easily
dealt with which would not require further intervention"

They're not producingthe well that encountered the water - it's been shut in awaiting a specialised logging tool

they're producing from the original well.

And water in the rocks doesn't sit in pools - think of it as a vast sponge spreading out across miles of the subsurface...............

as soon as the price shows any signs of life someone arrives and drops 4 mm shares at 0.58-ish trade price.......

this overhang is seriously killing any hope of decent prices.................