Member Info for Mirasol

Panther - the Licences were awarded some time ago - maybe the "due diligence" was done back in 2013/14 when all was fine with the oil price.

Companies going bust - or not paying their cash calls is not common but not unknown. AFAIK the Joint Operating Agreement (s) have a well proven mechanism for removing the defaulters but it takes time - maybe 6 months.

The unpaid costs are divided amongst the other Licencees according to their percentages.

Then t he interest which is now available is up for grabs - if one company wants it they say so and they pay their new share going forward. If they can't agree or no-one wants the share it is divided in proportion to all those remaining - no choice - unless they decide to go back to the OGA and relinquish the whole Licence.

JTP is a "Director of New ventures" or "Director Business Development" or similar - but he's not LEGALLY a Director of the Company - he's not on the Board any more. It's a title.

He's still around tho and still the man pulling the strings IMHO

"I guess this is both the beauty and the curse of operating in the UK in plain sight."

Very true but even offshore news gets out. News of a number of N Sea discoveries leaked when people checking in for helicopter flights at Aberdeen noticed a well test Crew at the next desk outbound to an exploration well. And Hurricane have been hounded by people observing their flaring etc west of shetland - they had to put out another holding RNS just this week.

"We can't be many days from an RNS concerning the side-track initial flow rates"

Don't get your hopes up - Sanderson has been bitten before by posting initial rates (as have Angus). I'd expect they'll start slow and low and build up over a week or so to a high rate and then choke back to whatever the Petroleum Engineers think is a "sustainable" rate .

That's when we'll get an update.

I said a few weeks back I couldn't see them starting flow much before the 24th Nov and I'll stick with that. Watch the tanker count.

Not sure what you are trying to point out but that's the subsid. UKOG (GB) LIMITED - as it says Ex _Northern Petroleum - so not the main PLC accounts.

"I’m switching off until news next year."

Charlie - that's a very optimistic view - at this rate we'll be delisted before Christmas

first one clearly has orange plates, second one clearly has no plates - may have just been delivering water

EOGL wrote:-" IMHO the last thing we need is more borrowing from Riverfort/YA.............. PIs would be far better off if the BOD pursued a more conventional equity issue - rights or placing. Furthermore, there is no need whatever to acquire the Alba stake in HH. ............................................."

As a PI I agree on the first one - but I can see why they go the Riverfort route. It's hard to get II to invest when they still have a memory of Lenigas and Angus are just down the road. A new CPR & a Production Licence should help here. Doing a conventional raise from PI's is expensive in money but also in TIME. UKOG don't have many staff and I imagine they'd have to go through a load of hoops withe lawyers and the FCA for a conventional raise - whereas with Riverfort I bet it's a phone call and a couple of emails to raise the cash.

As for Alba - they have no resources - if HHDL want to drill a load of wells Alba will be a drag on the operation. Even now they're taking a slight dilution as they can't/won't cough up for their share of all the costs. Plus there is a definite cost in having Joint Venture partners - they have to be provided with information constantly and a lot of time is spent "managing" them. Once production is underway buying out Alba is the easiest way to increase your production - and cut your costs at the same time - no exploration risk!!

It's very very hard to be positive here - I've ridden this down from the float to 0.8p

The naysayers have been 100% correct all the time and if you want to see villainy & stupidity on a vast scale go back 6, 12, 18 months and read some of the "positive" posts. The latest screw-up is just another proof that the management don't know what they're doing but are happy to take a salary every month.

All stock markets are casinos but AIM is simply a haunt of con-men and crooks on a vast scale. In 10 /20 years they'll make movie about it and people will ask"how did the punters not see what was happening?"

"compared to 'two tankers a day' HH-1 "

Only on Mondays and after Bank Holidays - it was 1 tanker a day on average

but that will be the crucial thing to watch out for - they can't store an awful lot of oil on site and they have to keep some space in case of an emergency. each tanker = approx 200 bopd

Got to be a record - 14:46 on a Friday and not a single "I wouldn't want to be out of this over the weekend".

Even the rampers have had enough

Back in June he tweeted

"Overnight I was forced to resign from Doriemus Plc by some Perth brokers who feel UK Weald based oil is not for them, nor was Butler. Those individuals will remain nameless. Sad thing is my involvement with developing this amazing Weald oil is now over. Long live UKOG & partners"

so he was stiffed by someone - which really DOES make a change

Scally the only likely hoax around here is anything put out by the BoD

" I don't understand why if the EA agreed to Cuadrillas previous planning statement then why has the situation arisen whereby they are at odds with Anguish Energy on this one,"

One it was Cuadrilla - this is Angus , secondly the original was some time ago - some the rules change , the liner is that much older, people change

I cannot understand why they didn't ask the EA in advance about possible issue s- or just look at the EA queries to Egdon, HHDL and others recently. Ground water is THE major issue that keeps coming up

"Tellurian are praying that they can pull off the infra project at Driftwood terminal"

Yeah - and that's a USD 28,000,000,000 project that many industry observers believe will fly (see Gaffney Cline etc) and which Total and others have backed over the last few years.

I'm sure the BoD of Tellurian wake up every morning to log onto LSE and see how their shares in UKOG are doing and issue directives to go and sell another 100,000 to raise 1200 dollars..........

Tellurian are backed by Total - they put something like USD 500 million in earlier this year - they ain't going bust and they don't need the UKOG money...................

They're a long term strategic bet on the US LNG export business

Thank God Lenigas replaced Tidswell with Sanderson is all I'll say being invested in both outfits...............

Most companies don't issue an RNS for something like this - its clear (and public) what the issues are and what has to be done to come into conformity. Nothing to comment on or explain TBH.

The issue of BoD competence is one left for the AGM..................

"As I said. It was how the well was left prior to producing from the Portland in February. The commingled production was the last test carried out. Can you produce evidence of which layer in the Kimmeridge they are producing from now? No. They have not mentioned KL3 or KL4 or commingled (spelt correctly) in any RNS."

Ibug is correct - they ran IIRC a complex test completion string that enabled them to open and close of any of the three levels as they wished. They may (or may not) have left the two Kimm. levels open at the same time or they may have closed one off. We do not know and they haven't told us. Anything said on here is a guess until they tell us or we see the test report when it's available in 2024.

Users who hold UKOG also hold: Sirius Minerals, Lloyds, Alba Mineral Resources, Solo Oil Plc, Range Resources, Valirx, Greatland, Rare Earth Metals, Angus Energy, Premier African Minerals

My God! That's a real portfolio to hold!!! Luckily I'm only in one of that exalted company.....................

One explanation is that they've looked at Balcombe again and decided it's as big a dog as Brockham, Lidsey and the other gems in the portfolio.

By letting the EA do their work for them they kick the can down the road for another 12 months by which time they (may) have progress elsewhere. But the silence on the gas field front is also a major worry...............