Member Info for Mirasol

Given UKOG/HHDL's excellent record with the planners, the EA and the HSE over the last few years at HH, Broadford Bridge & Markwells Wood it's fair to say they are spending almost certainly spending a fortune on things like meeting the conditions.

Just because it's not in an RNS doesn't mean to say it's not happening

There are people on here who would like a hourly confirmation that Sanderson is still breathing in the hope it would move the price but let's face it guys - there are a lot of routine ops and admin that are never going to be headlines.

Been thinking - the current BoD isn't exactly strong on UK onshore experience but there's a distinct "Arabist" tone to their backgrounds

Maybe the "new asset" will be in sunnier climes? Oman, Egypt, Morocco have all seen small UK companies wandering the sands - not that many have made any money of course - but it would enable GL et al to trumpet a New Dawn and try and suck in some more mugs.....................

IBug is absolutely correct - there is no OGA Approval yet for "production"

The OGA won't issue this without a Field Development Plan, Planning Permission and letters of support from the main owners of the company.

HHDL will have been talking to the OGA for months now and probably drafts have been going to & fro as well - the aim will be to submit a document which they KNOW the OGA will accept and they need the Planning Permission and whatever conditions it sets to finally polish the submission document. It goes to OGA and after a month or so (and a few questions) it gets approved - no-one wants to waste time on putting in something that won't pass.

As for Wytch Farm JK posted "And cos you're a fan of Wytch Farm, you should note the terms of the sale from Premier to Perenco, in 2017... 14.9M 2P and 5.1K bopd = $200m = £150m.." forgetting that this is a price paid for an asset that has been on production since 1979 and that as so far produced over 300 million barrels to date... and is still chugging away..............

"Were UKOG not scanning as they drilled? Why would additional logging be required?"

Phil - yes but there are dozens of different logging tools - each measures a different rock property - gamma ray, electrical conductivity, speed of sound through the rock, diameter of the hole, amount of pore spaces,..........

Not all of these can be run at the same time even on wireline - you often have 4-5 runs to get the data they want. MWD might give you 2 - 3 of the parameters but you have to use tubing conveyed tools get the rest - because of the cost of running the drill pipe in and out of the hole (probably takes 20 hours to round trip at HH) you 'll keep those logs to a minimum.

It's a monster business - that's what made Schlumberger one of the worlds biggest companies - as they were first (back in the '20's) to perfect logs

Oddly I don't think any electrical log tells you that you DEFINITELY have oil or gas - you (or a highly paid log analyst) have to figure it out comparing the different log responses - those of us with long memories will remember Desire getting it totally wrong in the Falklands way back.

"further electric wire line logging will take place during oil production testing "

You need to do most of the logging BEFORE running the liner - once the liner is in the tools have to measure the rock properties through several inches of steel - many of them don't work . You run the logs BEFORE stating the completion - that's why you run them - to get the completion right.......

"MO. No wire line log is needed for the horizonta"

Zoom - you can't RUN a wireline in a horizontal well - it's on a cable - think of trying to push it 3000 ft or more along a flat hole - it doesn't work - the cable just balls up

They use what are called Tubing conveyed logging tools - these screw onto the end of the drill pipe and are run ( very slowly and carefully) to the end of the horizontal section and then pulled out slowly while they measure the results - costs a lot of money and it may not give you as much flexibility as a wireline suite of log s but it does work.

"Better to get there early in case you miss the train."

Damn!! Double headed Crook stole my season ticket...................

"How do you know they are not measuring while drilling? That "tool" on the back of the Moorhouse truck could have been it."

They are measuring while drilling (MWD)- it's pretty common these days to have at least a gamma ray tool behind the drill bit (that tells you if it's sandstone or shale for a start).

The problem comes with the more complex tools - they cost a fortune an so you may not want to risk them before you know what shape the hole is in. Plus they make running in and out more tricky. I don't think anyone would run a real time image logger for example as it is seriously expensive - and I doubt they get permission to run one of the tools that has a radioactive source in it either

IIRC Solo nearly went bankrupt when they lost some tools down one of their Trinidad wells.......

The MWD will help them steer the well correctly but for full formation evaluation they'll need a full set - and Sanderson has shown he'll spend a lot o f money to get the science right...............

"Remember we get daily updates as they flow a new well"

No we don't - they issue an RNS when Steve S thinks he needs to

We can see the tankers leaving but that's as good as it gets. Plus I doubt they'll open the taps immediately - Sanderson has been very cautious on flow rates and I'm sure he'll want to flow it at low rates for a few days to make sure there are no nasty surprises before throttling up gradually

"be ready to start with the liner and completion work over the weekend and next week."

They have to get to TD and THEN pull out and run logging tools on the drill pipe - this is a slow process

then they have to evaluate the results - I doubt they'll make up the liner etc until they see the logs

My guess is no flow before the 24th so you don't have to get in over the weekend as the train is still in the station and will be there all next week

Cabot (ex Northern ) have sent out their de-listing documentation

Another great O&G AIM success..................

Oversold I think at these prices - but no real news flow until after the election

If Wressle is approved the price will almost certainly come back to 6p; a definite farminee offshore would maybe add a couple of pence - maybe more if they farmin for a firm well and not just seismic

I suppose the BoD are looking forward and can see there is no realistic chance of significant income before 2021.

So they are going to have to keep raising cash to pay their salaries and stay afloat. The question is how long will Riverfort et al keep shelling out - there must come a time when they decide it 's not a viable game any longer.

At that point the only option is private equity - and that leads us to a delisting IMHO - I see Cabot (ex-Northern ) posted out their documents today re delisting - and that was (officially) to save US$ 1 mm a year on AIM costs while they raise less than half a million to stay afloat to year-end.

I can't see much difference between them and Angus right now - there is absolutely nothing that can happen in say the next 6 months that can change the cash flow picture

From the RNS - Transaction details: The £12 million total consideration payable to Tellurian comprises:
· An £8 million initial payment on SPA Completion (£5 million in cash and £3 million in UKOG shares).
· A £3 million deferred payment, on or before 31 December 2019, in UKOG shares.
· A £1 million second deferred payment, on or before 31 March 2020, in UKOG shares.

so that's $£ 7 million eventually - cp a market cap (current) of £ 72 million or 10% (approx) but right now they only have £ 3 mm - so 4.16%

I can't see any reason for them to sell now TBH - they have a US$ 1.92 BILLION market cap so this is really washers. Plus they had all the data up until the sale so they know what the upside is - might as well wait and show a gain - which will probably pay for a days supply of Xerox paper...................

· The number of consideration shares issued will be calculated by the payment amount divided by the 10-day volume weighted average price ("VWAP") prior to the respective payment due date. At its sole discretion, UKOG can also elect to pay all or part of the deferred and second deferred payments in cash.

Looking to raise 46 million dollars.................... good luck!!

https://drillordrop.com/2019/11/07/a-j-lucas-raises-funds-for-pnr-frack-site-and-the-prospect-of-72-wells-drilled-from-single-pad/

Admin are only interested in keeping people posting - even if it is abuse and rubbish - that way they have big numbers of "activity" they can show to potential advertisers - who are the only people they really care about

I posted yesterday that I can't see them being ready to flow until around 24th November - they have to drill 1200 ft (horizontally so slowly) condition the well, log using drill pipe (means they have to run all the pipe in & out slowly withte logging tools on the end - no wire-line) look at the results, make up the liner etc................

OGA don't have many people working on the onshore I guess and they'll all be running around screaming after Boris 's change of plan on fracking

Angus aren't top of ANY list (except one) down there given their record and the work they've created over the years. It could take months to clear Saltfleetby

"If I am right over the drill starting again today, by Monday slotted liner should be going in, "

I doubt it - they have to clean the well up, drill another 1000 ft, condition the well and then run logs on the drillpipe (as they can't run wireline in a horizontal well) - which means pulling everything out, fitting the logging gear, running in slowly and out slowly to log and then rig up the liner etc

I'd guess 2 weeks after they reach TD - so around 24th Nov

IBug

the decision in 2010 was for "Proposal Construction of an exploratory wellsite to include plant, buildings and equipment; the use of the wellsite for the drilling of one exploratory borehole and the subsequent short term testing for hydrocarbons; the erection of security fencing; construction of a new access onto Horse Hill and an associated access track with passing bays, all on some 1.16ha, for a temporary period for up to 3 years, with restoration to agriculture and woodland. "
https://bdsdocs.reigate-banstead.gov.uk/Planning/lg/GFPlanningDocuments.page see page 2

Page 6 restricts the TOTAL ops over 3 years to 140 days plus they couldn't drill at night(!!)

I don't see any approval for production here - just the usual quick test

So Magellan had no better (in fact worse) conditions than HHDL had.....................