Member Info for Mirasol

And that's opposite the Black Horse - but I don't think the Horse allows the odoriferous swampies in.................

The well site is RH6 0HN

What post code?

i posted the one for the Well site earlier this morning.

https://drillordrop.com/2019/11/24/deadline-for-comments-on-changes-to-horse-hill-permit/

M3, M25, M23 is the way to go from Basingstoke - cross country is a mess of small villages and crappy roads

Follow signs to Gatwick , then A217 Reigate then turn (fork) left at the Black Horse

The Black Horse is on the Reigate Road - the A217 - and about 2-3 miles north of Gatwick

The well site is RH6 0HN - that'; zero HN

There's a public footpath along the south side of the site from which you can see something of the operation. Suggest you talk to the guys on the gate to start with and tell them you're an investor - they had dogs inside when I was there earlier this summer.

My real concern is how UKOG will fund it's ongoing programme. If you have to do the Isle of Wight, Dunsfold, BBridge, Holmwood etc etc that's a lot of cash (say £ 20 mm) on top of HH development.

Can they shake their addiction to quick money from the Riverfort mob?

Karlov "if UKOG collapses, millions of small investors will be wiped out, but his savings will be safe),"

Millions of shareholders? Millions?? I doubt it

And if Sanderson is protecting his savings it shows he's a damn sight cleverer than a lot of AIM investors ..........

Scally - you make a very good point .

EVERYTHING down there right now has to be run on pipe - wireline doesn't work in horizontal wells. And every run will take them most of 24 hours in and out. We forget the ESP pump and its associate gubbins will also need to be positioned .

I said a test start around 24th Nov and I'm sticking to it - but things often move to the right not the left in this business.

TBH Deloittes aren't a major producer of CPR's.

The gold standard are people like Gaffney Cline, Schlumberger, and the US outfits NSAI (Netherlands Sewell Assoc. ) and DeGolyer & MacNaughton.

I wouldn't say Deloitte's are bad but it's not their main business

panther - the exact calculation is probably set out in the JOA but it should be something like this :-

Interest from Humber to UJO = Humber current x UJO Current % / (UJO current + Reabold current)
Interest from Humber to Reabold = Humber current x Reabold Current % / (UJO current + Reabold current)

In other words distributed i n proportion to the PAYING owners of the interest

It's a bugger when people do interests in thirds and you finish up with a lot of decimals - some JOA's apparently specify what the rounding should be after 3 or 4 places of decimals to avoid legal arguments later.

Note you should wait for the specific announcement from the Company - they may agree with Reabold to just round the numbers out for ease.
Apologies - I was on the road and didn't have a calculator to handle all the decimals

Be patient and count the tankers - if they ramp up to 800 bopd they'll need to have to keep the tankers moving steadily - 4 a day on average - given that would be 5600 a week I'd expect they'd settle at a steady 5 a day during the week and maybe one on Saturday morning

That was my point - we're better of where we are right now than most of the other UK onshore players (always excepting Wytch Farm)

"It seems we might have 16.665% of The Wytch Farm of The North."

The critical word here is MIGHT - no-one knows. The CIty has seen literally dozens of small cap oil companies on AIM "find" vast reserves but how many of them actually exist and reach production? And how long does it take?? And how much has to be raised???

I've been investing for years and I can only think of a couple of small outfits that transitioned to being even medium sized oil companies . O&G investment is either in the very big guys or day traders and some very dodgy people at the bottom of the pile fleecing small investors IMHO.

Yup - aren't you glad you live on a country with a World Class Financial Sector - that steals anything that moves...............

Correct IBug - when they were producing steadily it was an oil tanker a day , two on Mondays and maybe 3 after a Bank Holiday weekend when they can't move anything.

There have been constant posts over the last 16 months from rampers saying it's 2, 3, 4 a day

Until the eyes report that and back it up with pictures of full tankers with the correct HAZ plates it's just another attempt to push the stock up for a day.

HHDL have exceeded all expectation tho with these tests - steadily (within the limits of actual investigation) chugging out 200 plus a day - there are quite a few outfits on AIM that would settle for that long term - EDR averaged 182 Bopd last financial year and that included some offshore production.

Good God! BUTD is back - no doubt double faced crook will be posting tomorrow................ train leaving station, 3500 bopd .......

I think we should remember that unless and until UJO/Rathlin tell us if Humber are meeting their obligations here or not we just don't know. They may have decided just to drop their JV with Egdon - it doesn't automatically mean they are bust - they're just running out on Biscathorpe. It does tell what sort of people you are dealing with though.......

An RNS would be helpful.

Grey Panther wrote:- The things I'd really like to know more about in a default situation are - Does the default partner lose its licence interest immediately, or are they given time to pay up? And, if they do lose their interest, do they get everything back that they have paid so far? This seems a bit unlikely. Or do the other licence partners just have to pay the relevant costs going forward? If so, it's possibly a cheap way to increase your interest if you like the prospects, and can afford to do so. "

Timing depends on the Joint Operating Agreement - normally bills are sent out monthly - if you don't pay it is like a bad debt - it gradually escalates. Eventually (and the length of time depends on when someone deciders they've had enough and the defaulting party is showing no signs of paying) a formal notice has to be issued - this gives them a set time - 7 to 30 days maybe, to cough up or else. If they don't then the paying parties declare them in default, suspend them and start dividing up the interests - eventually they'll write to OGA and notify them but OGA normally see these things as "commercial issues" and not affecting them unless the Licencees (en-masse) aren't going to meet an obligation.

The defaulters lose everything they've paid in. You sign up , you know what you're in for - it can be a tough business at times.

The remaining partners have to cover the unpaid costs and then the costs going forward - in this case the Humber 16.6667 % will be split 2/3 Rathlin and 1/3 UJO - so that's an extra 5.555% to UJO and 11.1111% to Rathlin.

As I've said essentially UJO pick up another 5% of what might be a very large discovery and some of it has already been paid for by Humber. I would imagine Rathlin/UJO could sell the Humber interest to someone new if they want to.