Member Info for Mirasol

FD not FR

There's also the FR - Morzaria who has a mining background and seems to have been close to DL at one point. He also runs a lithium explorer IIRC

Cartwright isn't on the Board but brings some serious big company engineering & commercial experience as Commercial Director and they poached a production engineer from IGas in the last year

"does anyone know much about the other board members, ie Nicholas and Allen?"

Neither of them are exactly communicative but Nicholas was FD at Hurricane I think and left after he'd got into a spat with Trice (who seems to go through colleagues at quite a rate) possibly over the method they used to raise several hundred million for their EWT/production system.

Allen is Texas based and runs , or has run, a series of hi tech geological analysis outfits. They do a lot of work for UKOG I understand but their main business is very much US Shale based

TH2 - it's not trolling or deramping to point out to another poster the administrative rules that cover oil & gas EWT's and FDP's in the UK

They are facts that we all have to live with. I'm in this share and have been for a long time - I've got the losses to prove it - but I think UKOG have done a good job technically and we shall see the benefits in the next 12-24 months. One thing I am sure about after 20+ years of investing in small oil companies is that things rarely happen as quickly as we'd like - they always drift to the right. I was hammered on here early this year for suggesting the drilling rig wouldn't turn up until May 2019..... and that was by the likes of Double faced Crook et al

Vernony - if only it were so simple.

The EWT permit from the OGA is what it says - it's only for a TEST. You are not supposed to do it to raise cash but you can sell the proceeds of the test of course. TBH OGA would probably have pulled the plug on UKOG except that its the only piece of good news on the Onshore for them to boast about. I assume that HHDL are keeping them closely involved in the results and HHDL's interpretation of them but they are starting to stretch the limits of the word "test" after nearly 18 months production.

The EWT does not seamlessly glide into a Production permit - that is issued by OGA after receipt and approval of a Field Development Plan - you can find what that involves on their website but it's not as simple box-ticking exercise and may involve a lot of work by the technical team at UKOG.

Another reason you want an approved FDP is that without it you can't upgrade the reserves to Proven - and most large financial institutions won't lend any serious cash except on the basis of the Proven reserves

Zoom can you tell us how you know the permit will arrive a/m Tuesday? have you ever dealt with a Govt body?

Tho for sure UKOG won't start flowing the well without ALL the permits in place.

Personally I'd bet they'll flow the well at low rates for several days into storage and then open up on a Friday so they can have a reasonable rate to announce in a Monday RNS - not sure which Monday tho'............

"More buys than sells and the price drops been like that for months"

The Buys & Sells shown on here mean absolutely nothing - it's been explained every 2 weeks for years that its an artifact of the way the information is presented. All to do with the price paid relative to the mid-price when the deal is done.

" mean us still in Europe with Brussels deciding what we can and can't do in terms of British oil &gas mainland exploration"

Oil and gas activity (and I believe all energy policy) is reserved to the individual states - always has been, Brussels has no say on any of it

"Also, MAYBE, the buyer is still adding to his stake."

IF they are they're taking their time over it - £ 1000 at a time is going to take them several months to get anywhere

Craig306 - the other wells aren't "recently drilled" - Balcombe 2 was drilled over 6 years ago and Broadfrod Bridge a coupleof years back. UKOG think they know why BBr didn't work - that was due to teh drilling methodology - Balcombe has never been properly tested.

The well that was supposed to be sidetracked into the Kimm was the original discovery well HH-1; the HH-1z sidetrack has disappeared off the radar in the last 2 months without explanation but it still continues to produce oil. The new well HH-2 and the sidetrack HH-2z, are aimed at the Portland

"Mir - despite the kimm flowing at this very moment?"

Absolutely - it's quite astonishing when you think how much brown stuff was poured over SS and his team about the impossibility of their being any Kimm oil at all. But they've been quite careful about saying anything about it - clearly they screwed it up at BBr, and Balcombe never flowed nand the least said about Angus's efforts the better.

I think the learning that not only the limestones but also the intermediate shales are contributing over a significant vertical height has caused them great joy but also makes any interpretation very hard. And what is important, how can you predict it and where can you go to replicate it?

Keep HH-1 chugging away, keep doing the studies and keep thinking - before spending a load of cash on another shot

Also in the front of their minds is that they (especially SS) really can't afford to screw up again - at least not until the company is on a solid footing with a good production history in the bank. Tullow have just defenestrated their CEO and Exp,. Director for less than optimum annual results and, like football managers, you're only as good as your last few games.

"We have 5 of those Wells and injector"

Currently we have 2 wells one about to produce from the Portland and the other one producing from the KImm. There is no timescale for the other wells , although we do have planning permission.

I doubt they'll go back to Broadford Bridge soon - they need to establish a number of other sites first - it would be a catastrophe to go back, spend more money and may be only get a small flow rate at BBr. The fact that the HH-1z sidetrack appears to have been kicked down the roads suggests that they still aren't confident about how the Kimm is working

"Yes there is room to park 6 tankers when the site is not drilling. There will also be room up by the gas tanks for 2-3 tankers. The track has parking for 4 as long as the parking area has been designed to that weight rather than private cars."I suspect using the parking areas to store oil would bring the EA, the OGA and the local Council down on them like a ton of bricks - unless they could prove a genuine emergency. HHDL/UKOG have got where they are today by carefully sticking within the rules and permits - they aren't going to suddenly do an Angus for the sake of a days production.

"Mirasol, so what is the pumps capacity?"

No idea - I have no idea which pumps they are buying or renting - they'll want to size the pump as far as possible to the plan but what that is only they know . and there is no reason for them to release that info either.

" Why not let it flow naturally"

You would if you could but it's clear that the Portland oil won't flow to surface at sustained rates - the Kimm might but remember they've been pumping away at both for over a year now. You probably get an initial surge flow but the oil doesn't contain enough gas - the gas would expand as it gets towards the surface and push the oil out. Or the reservoir pressures are too low - remember this is pretty close to the surface by oil field standards.

No-one pumps unless they have to = cost, complexity , maintenance etc etc but most onshore UK oil fields are pumped

"Tony, I had no idea it could be controlled from the surface for the weekend."

It's an ESP- the electric pump is downhole with wires leading to it - you just dial it down - or you turn the valve (=tap) on the output line between the well head and the processing kit

Tony - the last thing you want to do on a flowing production well is to around changing the flow rate - there is absolutely no guarantee that it will behave the way you expect it to - you'd look a complete idiot if the well didn't come back to the original flow rate. As the computer guys say - storage is cheap.

"David Anthony Leningas is a former board member of Primorus Investments PLC"

They seek him here, they seek him there ..............

But that's DL's model - spot an opportunity, form a company , get some assets, float it on AIM or where-ever, pump the hell out of it, step back from management so he can legally trade at all hours and then quietly exit to count his cash and do it again. There are a lot of people who do the same thing - I think the difference with DL is that he often had 10 outfits on the go at the same time...........

"He also needs storage to cover the 44 hours from sat lunch time to Monday morning."

He actually needs 68+ hours storage as there are Bank Holiday weekends when they can't ship on Monday - plus there'll be a margin in case the tankers are delayed so probably 80 hours of production minimum capacity on site.

Nothing if the Tories get in

If they don't there has t be a question about the future of the whole of the Onshore oil business - I could see Labour holding back any FDP approval at HH for "review" with their Green friends fraccing or no fraccing