Member Info for Mirasol

"Balcombe is the jewel in the crown with flow rates equivalent to and superior to Horse Hill - lets not forget slugging at 3000 bopd equivalent and having to be choked right back as the equipment couldn't cope."

is that the same as the +1500 bopd you talked about at Brockham DHC????

". Yet, not sure if they actually have to put the £2M in escrow a/c Anyone think those N. Sea rigs have £100M sitting in bank for decommisioning. There must be some other way ."

It may have escaped your attention but those N Sea fields are owned by Shell, BP, Premier, ENI etc etc - not JTP.

Would you give the current Angus BoD £2 million quid in return for their "word of honour" they would keep it safe??

There's your answer mate....................

"I hear the herd in the distance"

which way it heading tho', that's the question............

Note that unless there is a lot of gas - enough to justify a pipeline to the grid - they won't get market prices. They can do gas to wire, or sell it locally (eg to a market gardener to heat greenhouses) but gas is just a pain in most oil fields - in fact in some (especially offshore) they pay people to take it away to simplify their processing and investment

Vonk & Tidswell of course.............

I would love t be a fly on the wall when they sit down to "negotiate" with the OGA - these are civil servants who, on a good day, are in complete CMA mode.

Angus - or rather JTP and Tidswell - have caused the OGA more problems then even Cuadrilla so they'll not be predisposed to believe a single word that Lucan says (especially if JTP is still hanging around). They'll want solid legally enforceable, nailed down ring fenced cash - that will take ALL the money "received" for Saltfleetby and maybe some more depending on what they decide - perhaps an extra 10% "just in case".

I think it IS possible to repair your reputation - UKOG seem to have (almost) shaken of the Lenigas taint these days - but that's taken 4 years .......................

I agree on the RNS - positive without going OOT - maybe Sanderson is learning a few lessons at long last...............

as for "A Mid- Cap oiler maybe be down playing the potential here... if BP don't buy them then UKOG could become a serious home grown competitor!" - highly unlikely - BP currently produce 3.7 MILLION barrels a day nett so the Portland at Horse Hill would last them 3 days..............................

Big companies won't get involved onshore UK _ they're scared that the greens will chain themselves to every petrol station in the land - and then there's all the hassle with councils, the EA etc - far easier just to slip the President of "insert African Country name here" a few million via Switzerland. Even INEOS have moved offshore - onshore is for small cap outfits only..............

I think the A24 prospect is another name for Holmwood that Europa spent the best part of 8-10 years trying to drill that and had to hand it over to UKOG eventually. Drilling from outside AONB will make things EASIER but not EASY on the planning front - say 3 years to spud........................

Exeter "It may explain why there are only two tankers a day"

Sorry - I have to keep pointing out they average about 1 per day - two on Mondays as they can't ship on Sunday and sometimes don't bother on Saturday morning

After a Bank Holiday you'll see 3 on the Tuesday but they're only emptying the tanks filled over the weekend.

They have produced both the Portland and the Kimmeridge at 200 -250 barrels a day long term - that is about a tanker per day. Unless and until the eyes report a bigger pump or the current one running faster it'll be a tanker a day. The thread has several sets of calculations but they all come back to that number going back a year.

We won't see moire IMHO until they finish a horizontal - and even then I expect them to keep it throttled back until they get planning permission for production so as not to scare the natives.

What serious investor would put money into a company that leaves the headline
"17 July 2019
Abgus Energy – Director/PDMR Shareholdings"

up on their webpage for over a month (and counting...)

see http://www.angusenergy.co.uk/media/news/

Talk about sloppy, unprofessional, incoherent --- actually , yup - its a fair representation of the Company

They receive £ 2.5 million for doing the deal - that is to pay for the eventual decommissioning and it looks as if the OGA will require it to be ring-fenced in some way. They're getting very touchy about claims that oil companies can walk away and leave the land owner or the Govt to clean up.

That means they need to spend to redevelop the field - how much that will be is currently unknown. The OGA will want evidence they have, or can definitely raise the money before approving restart.

They MAY be able to get away with a small raise to get things moving and try and pay for full redevelopment out of cash flow but either way its a long time before we'll see any cash back to the PI's

"Always" rather than "lawyers" - but they're a part of the problem as well..................

Don't forget DHC also was THE big ramper on Angus's Brockham test..... those posts make an embarrassing read. - espec. to LTH's like me

I agree with Trollhunter that UKOG are playing a clever, and very long game here. Sanderson is backing the science and soaking up the weaker brethren

I would say tho' that NO onshore UK oil operation goes to plan - they are lawyers later than forecast for a start - and the reason is that they companies can't control all the variables - planning, police, rig availability, partners.................

I don't think it's deramping to say late October for news of the Portland horizontal when we still haven't seen the rig arrive yet............. I've been in here for over 4 years so I can wait a bit longer.

It was always likely that the OGA would keep a beady eye on Angus and the decommissioning funds - they were seriously embarrassed over the Brockham planning permission issue by Vonk et al and I'm sure they won't give them an inch of wriggle room if they can avoid it

"even a wildcard on Lidsey"

Lidsey has always been a dog - even before Angus came along - it's small, it has a water problem and a water disposal problem.

It was discovered in 1987 - and even then the first well produced as much water as oil on initial flow................

It's an extremely dead parrot

I don't think they'll drill past straight through the Portland in the HH2 well- they never took any core (thanks Tidswell...) in the Portland in HH-1 and I'm sure their geo's & engineers will want that that data for the development plan

Say 3 weeks to bottom, then a lot of logging (4 days) and testing of the vertical hole. They may not flow it if it looks identical to the HH-1 well but go straight onto to the HH-2z - another 3 weeks I'd guess...........................

End September/mid October before we see the results of the horizontal I think

I suspect it would be easier if fraccing was allowed - you'd lower the risks quite a lot for any one well

But Sanderson has said that life is tough enough already without trying fraccing in the Weald - and the Govt would have to change the depth rules as well - maybe in 10 -20 years

People who wear trousers like that don't read BB's never mind post on them - probably one of the regulars on here having a laugh..............................................

what seems to excite my oil patch friends is the lack of produced water over 12 months flowing - it's not unheard of but it is strange - especially for Onshore UK.

"And what would the Mcap be if the next well was non-commercial or damaged in the process? Any sign of this rig, its been a long time waiting.
I am also concerned about why the kimmeridge started testing then was shut-in for months and is now only producing 200bpd, it certainly doesn't look like there is 10.99 billion barrels under HH as SS was shouting about."

Of course if they screw up the drilling it will damage the SP - go over to Angus to see what happens

The rig issue has been done to death but the general opinion is that it may have been to do with Tellurian holding out for a sale - they seem to have had a blocking vote on the rig contract

The Kimmeridge was shut in while they flowed the Portland - it is possible to run a completion that would allow both to flow but expensive and risky . The point of the last year has been to prove the Portland is commercial - done - and now to find out what the Kimmeridge can do. I suspect the 200-250 barrels a day s is partly being cautious and partly due to the kit on site. They also don't want a load of tankers going in and out while they wait for development planning permission.

The vast resources peddled by Lenigas et al could still be there - but not all of it is under Horse Hill - they were taking of the whole of S England