Member Info for Mirasol

"It would be nice if this rise was reflective of encouraging developments on the ground."

Yes & NO -

Yes because we'd all like to see it recover to something reasonable - I'm in at 1.15- 1.16
No because it would mean information is leaking out in the usual way of AIM...................

"Might the pressure build up test be giving encouraging results? Are they monitoring continually?"

They monitor the pressures on the surface 24/7 of course bu tthat's reflecting downhole conditions AND the hole in between.

They can put clockwork or battery operated gauges in certain places in the hole sometimes but that is tough in a horizontal well as you can't use wireline. These are the most accurate gauges but have to be pulled after 2-3 months and can't be read in real-time but the Res Engineers prefer their accuracy.

I think there is also a real time downhole gauge from Oxford Instruments available that they may have been using in the last year for realtime downhole monitoring -- that needs a wire but can be placed when running the horizontal casing I think

"Bullish Doji Star Reversal Pattern"

don't you love Chartists? Always can explain why something has happened after the event

"Have they got to pay costs by law for wasting everyone's time and can we take them to court to recover it"

They are legally bound by the Joint Operating Agreement to pay up when the Operator issues a cash call. If they don't and after a period they can be declared in default and they are suspended - they have no vote and if there IS production then they don't get their share. In this case all they lose is their vote.

You can pursue them through the courts but that is a very lengthy and expensive business - they almost certainly are running their interest through a subsid. that has no real assets. In most cases at this level the costs of suing exceed the money you'd get back.

Of course none of the affected companies will do business with them again (not just the Company but the people involved) - that can be quite a threat if you are a proper oil company but if you're just a bunch of shyster investors you're clean away I'm afraid.

TBH default is pretty rare

Bistable

"you mention the big crane and workover rig-has anyone seen these?" I haven't seen the crane mentioned but they can get one in a couple of hours if they need one - its a standard unit. No-one has seen a workover rig - these are in limited supply and probably would have to be hired from BDF in Nottingham or one of the well service companies.

"What happens if water ingress is over multiple sections?" Firstly there is nothing in the RNS that suggests that is the case.
They may have crossed a fault at the end of the horizontal section into a water wet part of the reservoir which is sealed from the main area by the fault. Or it may be a single fracture. In those cases isolation can be achieved almost all the time.

If it were to be multiple zones producing water that would be expensive to fix and they'd probably have to settle for a higher water cut. That in itself isn't a disaster but it does cut income and increase cost until you figure a way of getting rid of the water in bulk - here that would probably be large scale re-injection into the Lower Portland

"Unfortunately SS has a track record of not informing the market when things are going wrong" - put yourself in their shoes - if they say something is going wrong there's likely to be mass panic - far better to say something has gone wrong but we've fixed it

hopefully the mystery purchaser of 2 mm shares an hour will continue - we could all do with some liquidity and some upward movement

Its says something about the number of shares in circulation that buy 2 mm shares an hour = 16 million a day = 80 mm a week still wouldn't reach the 3% holding mark for a TR1

"With confirmation that the Balcombe planning won't happen until the end of Feb"

remember that's the SOONEST it can be granted - any delay, questions or the usual deferment of the meeting just pushes things further right

Good luck with that.................

It's positive for the employees for sure - AA are a big enough company to fund this properly - not an undercapitalised AIM outfit.

SXX would be constantly trying to raise cash and dilute the shareholders - or, as has happened, run out of funds and friends and face going bust I'm afraid

Anglo American plc is a British multinational mining company based in Johannesburg, South Africa and London, United Kingdom

"just how long does it take to block of the end of the pipe where we are told the water is-seems to me there could be more in this than we have been told"

Its harder than you'd think - remember its a couple of thousand feet down and half a mile away in a small pipe. They have to engineer the fix, get the kit and then do the job. I don't think they can get to the end of the horizontal section with wireline (in which case they'd almost certainly use the big crane that comes and goes).

They probably have to use coiled tubing or a small workover rig - not sure about the current availability of those onshore UK - they are around but the w/o rig (I think there is only one generally in use in the UK) may have been stacked and will have to be dusted off. Worst case is that it's working elsewhere and they're waiting (as they had to do with the BDF28 last year).

Blocking off the water IS a "routine" procedure but be warned it doesn't always work completely.

Whatever I can't see it stopping them from producing a lot more from the HH-2z than from the HH1 in the Portland even if there is a significant water cut - it just takes time..................................................

some decent sized sales/buys this morning all ready - lets hope we're getting some liquidity back in this share.........

You are right of course - it's the cash calls or debt as they don't want the bother and expense of trying to get the PI's to cough up every 6 months

I'm reporting you for that Insidious, yes I am, AND I'll throw my dummy out of the pram.............. ;)

Whatever your views make sure you register support with the Council - it really does help to have significant support when it comes to the planning decisions

Exactly - the important thing is to get Sea Lion moving (finally)

Once it starts up the chances are RH will be bought out - today's rise mean I'm only 90% down rather than 93.5% last week...............

" I wish LSE would have a phone number attached to each account with txt msg during registration."

TBH the whole of social media would be a damn sight better place if people couldn't register without their full name and address being open for everyone to see................. would cut out the trolls but make a fortune for the lawyers.............

Curious why the grant of options or their extension would warrant an RNS. Nothing has actually changed hands - we don't get an RNS when someone gets a raise and that IS a change in value.

I'm sure his Reservoir Engineers just love him for using the time for a PBU - and the guys on site probably like a few more days of relative peace and quiet to get the place cleaned up, minor jobs done etc etc tho' of course they have the HH1 well producing again.

Interesting to see if the eyes report an on-site meeting middle of the week - they're very common but it 's probably 3 weeks since they all were there

"whats news on the horizon?"

News is going to be very sparse unless they find another asset to look at