Member Info for Mirasol

"The HHDL Investment Agreement can only be varied by HHDL Investors’ holding at least 50% of the share capital between them" is what that says but it's only a summary - this sort of agreement often has some lock to protect the smaller parties ie requiring 50% and a minimum of 2 parties to agree to a change

I can't see either Alba or Doriemus agreeing to that

The give-away is that the reduction in Alba's holdings is clearly inline with the Invest Agreement - a 1-2% fall which represents the interest rate - there certainly doesn't seem to be a default provision in action otherwise they'd be looking at losing all their interest.

And who would replace him? The other small cap UK oil companies are all run by people who are similar to (if you are lucky) SS or a lot worse - look at UJO & Angus for example

"how easy would it be TO OUST SS....."

looking at how the votes go at the AGM etc impossible - only around 17% of the shares are in the hands of PI's IIRC

Thanks Seadoc - that looks as if ALBA can just cruise along diluting their interest in HHDL at whatever the Base rate is, not paying and not in default.

I think someone should ask UKOG's lawyers what they were thinking about................... I guess the difference is in the lousy structure Lenigas set up - instead of being a Joint Venture HHDL is a Company - so the JOA doesn't apply to intra-HHDL transactions only to external ones with the likes of Magellan/Tellurian- brilliant!!!

"Wressle appeal decision is due in next 3/4 weeks max after election"

NO date has been given other than "after the election" - they could legally sit on it for a very long time is so minded

There's something odd here - Alba elected not to take part in some of the HH-2 work IIRC but they were not in default . They now apparently can't fund their share of the development programme but no-one is mentioning the "D" word.

There must be some agreement (maybe dating back to DL's time?) that's allowing them to stay in the game. Any ideas?

What intrigues me is that the price is pretty stable right now - normally after a surprise raise a stock goes south big-time. I presume that everyone who is anyone on AIM is confident about the flow rates to come.

fjones40 - have you ever heard of a full stop? They go at the end of sentences - not paragraphs - it's hard to make sense of your posts as it seems to be a stream of words without a breath. That's a pity because you often have something useful to say.

Sorry - wrong board!! But clearly Humber aren't the onl;y people running short of cash - Alba are also up s*** creek at Horse HIll - and that's on production!

Sounds as if Alba have paid NOTHING to the HH-2 or 2z operation - that's another 14% UKOG had to find - hence the raise

Question is does this put Alba into default at Horse Hill? Or does it just mean they can't won't fund development in which case there'll be no cash flow to Alba?

It's clear Alba aren't paying up - hence the rig moving off, no news on the 1z and the forced raise

The question is does this put Alba in default? Normally I'd say yes but there have been a lot of twists, turns and odd agreements about HHDL and it's component companies over the last 5-6 years.

Maybe the cash is to buy out Frankensides ?

" Should Humber Default UJO doest not have to take an increase in the percent "

that is only true if the other companies agree to take up all of Humber's interest. If they don'y then either UJO has to take their share (or even all of it if the others don't want any) or the Licence is immediately null & void

"re there still protestors outside Greenham Common ?? Closed mid 90s"

No - its a Business Park now.......... the airfield is a nature reserve and the old Tower was recently reopened as a Cafe/museum - supposed to be worth a visit

The old Cruise missile Bunkers are sued to store computer records and also as a backdrop for the last Star Wars movie

"The Portland figures are pre Angus from the 1990's and Balcombe from CUADRILLA so they are prior to the involvement of those who started HH."

Thanks IBug - that's maybe why UKOG steered clear of both - they must have a very different geological model.

"Portland API at Brockham was only 28 so not consistent. API for HH and Brockham a consistent 40/41 but Balcombe only recorded API 34 and BB 38.5API "sweet light oil" which is nearly consistent with HH/Brockham."

I'm not sure I trust ANY numbers in relation to Brockham or Balcombe given the history at both sites........... but the API may be a function of local source AND the migration path

"I assume they wouldn't be allowed to sell if they are in default at WN as their interest would have to go to the other partners (Rathlin & UJO)."

Not necessarily - often partners (or more precisely co-venturers) are happy t o see someone else appear as it doesn't screw up their short/medium cash flow forecasts and gets someone in who wants to be in rather than go through months of the default process.

Firstly there is no evidence I've seen to say that Humber HAVE defaulted at W newton - all the chat is based on them defaulting on another Licence.

It's not easy to drag it out - the "default" clauses have been through the courts before on other licences so it's legally pretty bomb proof. It's a bit like you and any bill you owe a bank or a creditor - struggling only costs you more money.

Without seeing the actual JOA we have no idea how long they have at each stage - it could be up to 5 months to remedy their default (if they HAVE defaulted at W Newton).

Again something from the Company would be a great help here.

IIRC the two oils have different API - so they are NOT connected. SS has said he thinks all the Kimmeridge might be connected.

The Portland is not in the "oil Window" at this time so the oil must have migrated (moved) there sometime in the past. The question of whether the Kimm is generating oil at this time seems up for argument - certainly 5 years ago "the experts" poured a lot of brown stuff over Sanderson and his team for suggesting that was the case but it seems that he was probably right - at least partially and they were wrong.

I suspect UKOG are still quite unsure about how the Kimm oil system works - it is certainly a one off onshore UK. They're accumulating data (and oil) but going very carefully. I think SS, as a geologist, would love to pour cash into it but after BBr he knows one mistake and he'll kill the whole Kimm play for a generation.

". I just refused to believe that they would do a placing before an update on the well test and the Wressle decision"

You assume the wressle decision will be soon and it will be positive

If it is either late or negative UJO wouldn't have stood much chance of raising any cash at all going forward

Doing it now was the least risky option - a shambles but brought about by that leak.