Member Info for Mirasol

Panther

I'd assume Egdon ha the survey planned pretty well - but it's likely Shell will change it. I don't think it's very shallow water there - the 10m isobath runs close to the coast - I guess they'd have to shoot parallel to the coast though.

Following other onshore UK outfits I'd hazard a guess that a work over might be £ 300,000 - £ 500,000 - site prep and mobilization will be the main costs.

wil crawl out of the woodwork under new names this weekend?

We had Steptoes around Christmas and then Penguins I'm Not Penguins this week followed by SueMay yesterday

When will we get Double headed crook and Allan 2018 back ??

Guinness? You don't pump water for the sake of it AFAIK

Ho ho ho.......................... unless you are on the circulation list for the Daily Rig Report you too have no idea............... just hope

She suspects Harry wears a stetson and has a strong Australian accent.....................

But we're dependent on the yes - if they're not there or go off to the pub we are, literally, clueless.

Be nice if they could tell us the pump is still working for a start - but of course what is really needed is an update from the Company. I don't think SS likes releasing even a holding statement............

"Wasn't there at least two a day at one stage."

No - only on Mondays as they can't send them in or out from Sat lunch and all Sunday

Occasionally after a Bank holiday weekend there were 3 . This fits in with the HH-1 announced rates of 200-230 barrels a day - I think a tanker lifts around 220 barrels each trip

"I read all your posts with interest from which you seem to have some knowledge in oil operations, or are you well researched?"

Spent some of my career visiting Houston etc on business - worked with a lot of oil crazy folk on project planning............ found it very interesting but not a stable industry TBH. Since then I've kept up an interest - I've been in Egdon for example since they floated ............. I think the technical stuff is really fascinating , if a bit over my head when you get into the details .

TBH I'd probably have been better staying out of energy stocks tho I made some money on Tullow recently when everyone panicked and sold up - it's better to invest in something more predictable

"All of you derampers are going to look very silly when this re-rates."

Care to hazard a date Scsi?

"SP doesn't want to go South of 0.7 for long"

That's what we all said at every round number (well one decimal penny) point on the way down for the last 3 months

But without an update there is no reason for anyone to buy - every day Riverfort or YA sell a few million more shares and even the most optimistic can't buy enough to stop the drift down.

It certainly has the merit of being a solution so far unexploited by the International oil & gas industry :)

You should patent it quick.....................

as Penguins 19801.................. not very clever

"I'm not a chartist but the 3 month chart that greets you when you move to the UKOG board from elsewhere looks remarkably straight and it's pointing in the wrong direction: down."

Exactly - not a lot of variation - just a one -way trend. I think we were all hopping HH2z news would save us but all we have is silence............

"Why then did they pay Leningas for his share of the field ? What did ordinary shareholders get?"

1. there has never been a convincing explanation

2. A liability

"would it not be better to open it up store some on site "

It's not like oil - one of the old BG gasometer's holds about 1.8 mmcuft of gas - that's less than a days production from SFB (hopefully) - even if you compress it you have to build the gas storage tanks and the compressors - and they aren't cheap - especially as you don't get paid until you deliver. Converting to LNG just isn't possible at these volumes (and it costs $ 1 Bn for the plant). You have to flow and burn the gas for a day or so and then take a punt..........

I don't think anyone thinks they won't get ANY gas - its how much and how long it flows for that are unknown TBH but it'll probably pay for the pipeline.

IBUg - I agree - I was just pointing out that in his post at 9:50 tadoay Steptoes said"The Horse Hill license areas total 143 square kilometres; on company estimates (see slide 16 here -https://www.ukogplc.com/ul/UKOG%20Corporate%20Presentation%20Nov%202018..pdf) there's room for 6-12 sites in that area, with 6 wells at each site. Let's call it 9 sites, existing plus 8. "Target recovery 1 MMbbl/well" (slide 15). So 8 more sites each worth around £100m NPV - IF the Kimmeridge concept can be proven (bring on the Balcombe EWT)."

I'd love to think they could get 9 sites in the HH licence area but I think SS is correct - they are limited to HH

Steptoes

Your valuation was specifically based on the HH licence area of 143 sq. kms- not the "huge acreage" elsewhere. I honestly think they'll be lucky to find more than another couple of sites in the area.

What is worrying me is that there seems to be a serious collapse in belief in the last week - we're now at 0.7p - down from 0.875 just before Christmas - when we were hoping to see maybe 2p in short order..................

"The Horse Hill license areas total 143 square kilometres; on company estimates (see slide 16 here -https://www.ukogplc.com/ul/UKOG%20Corporate%20Presentation%20Nov%202018..pdf) there's room for 6-12 sites in that area,"

I have real problems believing they 'll be able to get anything like that number of sites in the HH area. Have you ever been there? It's big houses, NIMBIES with deep, deep pockets and a real dislike of any development on their doorstep

"Still no RNS. Yesterday's heavy volume drop was the result of a spread of panic. Today, investors should return to reason."

Why? I've ridden this up and down for 5 years and believe that SS and the team have done a decent job technically but I do know that a long period of total silence, with no "hints" or even any sign of the usual suspects on AIM having any positive news to pump & dump is getting worrying.

Let's be clear about Resolution. It's not the greatest field in the N Sea. It was discovered in 1966 - and in 47 years no-one put it on production.

Egdon got it for a very minimal work programme in 2013 - no 3D and no wells - that is the N Sea equivalent of pennies.

They've had it since 2013 and not a bit of real interest until recently - admittedly the oil price collapse didn't help but even so .... Now Shell are interested - probably (like the Cluff deal) to rebuild their UK SNS gas portfolio and to keep infrastructure open.

It's a nice to have and may be a decent earner but don't go around thinking that Egdon have sold the Crown Jewels - they've done well to get any progress on an "asset" that has lain there, known but unwanted, for the whole history of the N Sea exploration and development.

"Lidsey - why is this not mentioned at all? What are they dloing with this asset?"

because it isn't an asset - it's a (small albatross). I suspect they'd love to just kill it off but then they'd have to pay for the abandonment - so it will gutter on until they have better news and cashflow somewhere else at which point it will be quietly closed down and eventually written off the books when they need a write-down.