Member Info for Mirasol

We should recognise the cash generative upside here - even a small oil well can produce significant sums - partly due of course to the fact they chug away 24/7, 365 days a year

At current oil prices 50 bbls a day generates over $ 1 million a year cash. Now you have to pay taxes and production costs but you can see how it stacks up - get to 1000 a day and you're coining it TBH.

They're unlikely to get planning permission on either the IoW or Dunsfold in the first half of 2020 - then they will need to look at the cash situation. Say £ 3 mm a well plus ongoing costs. They should be able to generate that (circa £ 8 mm for the year tops) from operations (fingers crossed) - it's only about 450 - 500 bopd net UKOG

The only fly in the ointment is if they buy out Alba & DOR for cash

"they gave the reason in ther AIM Admission Document document - it was to raise funds to focus on developing Brockham Kimmeridge, a stroke of genius that decision"

Well of course that's what they said but surely they could have raised money to keep themselves in HH as well - it WAS a flotation document and HH would have been another major asset. I really suspect it came down to personalities - form what we see JTP and SS seem to chalk and cheese - same with Vonk.

"I think even JTP could have got the Portland to flow at HH - he isn't a complete incompetent" Not so sure, Mirasol, based upon his current success record: i.e: Zero!"

I seem to remember he'd drilled a few wells for other companies in the past. I suspect the problem is putting him in management - and he hasn't been able to navigate into the much more restrictive and prescriptive world on the current UK Onshore. He's probably best suited to drilling wells in places like W Africa or N Africa where they don't have to deal with planning, the EA, HSE etc etc.

But I'll be very interested to see if he pays back the loan anytime soon

"... the only well to have been truly successful to date was HH... which Angus sold off to UKOG because they didn't have the expertise to get it flowing!!!!!!! Hardly confidence inspiring that we are "still" employing the same amateurs :-("

Not quite right ocelot - Angus bailed out for reasons known only to them but remember that HHDL/UKOG didn't test the well at HH until 2016 and then only for a couple of weeks flow. I suspect the reason was that Lenigas gave JTP the heave-ho and replaced him with Sanderson as soon as the HH-1 well was complete and the two didn't get on so JTP threw his toys out of the pram and walked off.

I think even JTP could have got the Portland to flow at HH - he isn't a complete incompetent- - but I doubt he'd have recognised the Kimm potential - or carried out all the science that Sanderson has undertaken - and God knows what relationships with the Local Authority, the EA and the OGA would be like - probably WW3.

"To be honest the first EWT went on for far too long"

Well that wasn't UKOG's fault - they've been waiting for Planning Permission which was delayed, and delayed and delayed if you remember. They need that AND the EWT results to go for the FDP approval from the OGA (plus getting rid of some of their drossy partners).

The alternative was to carry out a 3 month test and then STOP - which wouldn't have been wise nor would have impressed us shareholders

I doubt they'd use fishbones on their first production well - it would be a first for the Onshore UK and they are already risk averse (see pump rates)

It look like a better technique for the Kimm IMHO

"Issue so far, just not been able to deliver sustainable levels of production"

You know, I'd never noticed that...................

"while we are making progress, its very slow."

Welcome to Onshore UK - everything takes years and years - Horse Hill is now 5 years since the discovery and still doesn't have all the approvals to produce.

The latest Angus presentation looks terribly optimistic time-wise to me - its what they'd LIKE to happen rather than what is LIKELY to happen

"Give the poor guy a break Because the poor little sausage has no one to help him"

From what I've seen over the years - and not seen (like anyone else fronting up or appearing in interviews) - I suspect he DOES do it all himself. Probably a control freak - wouldn't be the first on the oil business.

Sure he's reasonably well paid but again I suspect he's working 24/7, 365 days a week. You don't hear about him jetting off the Davos or appearing in the Saturday Financial pages with his yacht in Barbados.

someone still moving shares in 1 million plus sizes through on a regular basis - v different from last week ................

Suspect the waste tankers may be moving water from the ditches etc - its been a very very wet 48 hours - maybe the eyes could see if the ditches are full?

Correct -it was normally 4-5 and occasionally up to 6 - never 10

probably upgraded the pump on the HH-1 Kimm- either to produce more or because the pressure is dropping - could be either. TBH they've done very well to keep it chugging away on a non-optimised well for so long

Christmas morning after SS has been to see the baby Jesus.......................

Hmmm 7.5 mm shares in half a dozen big trades (for here) in 12 minutes - someone is shifting stock this a/m.....................

"Tanker count up. Troll count up. Oil price up. RNS next and then UKOG sp up !!!!"

Almost all true - the only issue is that whenever UKOG issue an RNS the damn price goes DOWN - no matter how good the news.................. Here we are - several thousand barrels of storage installed, lots of tankers on site, Kimmeridge pump back in action, the vile Corbyn packed off for 5 years, the Stock Exchange up and we're DOWN at 0.925.

"Yesterday’s weather was awful in Surrey with flood warnings on the weather app"

Tony - could one of the tankers been there to remove surface water from the site? I know they normally use a different company for the waste water removal but maybe they were getting worried about spillage?

"I have been looking for a video or information on turning on the oil for first flow, but can't find anything.
I'm sure it's not a case of just turning it on full blast or it damages the well."

Scally - its basically common sense -they THINK they know what the reservoir pressure is and they THINK they know how it's going to flow but............... imagine you've popped a bottle of Coca Coal (or Champagne) and you get your thumb on the open neck- you don't (if you are wise) just take your thumb off in one go - you ease it off and see what happens and then slowly open it up to full throttle when you now it's under control.

Same thing with an oil or gas well - but with a lot more danger and a lot more kit.

"Get rid of ya who will be selling heavily into any rise. Then you’ll have a bit of movement. Too much weight round the sp at the mo."

Exactly - they'll make a profit while LTH will get very little

"Gillian Fletcher, 57, of Clifton Road, Wokingham, and Steve Lowes, 48, of Goring Road, Staines-upon-Thames. Surrey "

Not locals just the swampy rent-a-mob.

Throw the book at them - too much to hope they'll do time but a heavy fine will scare off some others. IIRC UKOG threatened a group around Broadford Bridge with action and the weeping middle -class disappeared very rapidly