Member Info for Mirasol

I think Camperdown has hit a nail on the head -" makes me wonder if this is just over exuberance or worked to plan"

Read these small cap BB's and you get herd of people who want NEWS instantly and all the time - possibly as it moves the stock and makes pennies for day traders

But they only want GOOD NEWS - see how George Lucan went from hero to villain when he told the Angus shareholders the truth about Brockham.

So there is tremendous pressure on the BoD to put out positive news - or the best possible spin on whatever they have. The any also know the analysts and "experts" will crawl over every comma and word - any suggestion of alternatives, or lack of 150% surety is pounced on and dragged round the block for months (bring in Alastair Osborne of the "Times").

I suspect Sanderson was caught earlier this year - he wanted to show that progress was being made, a rig hired etc but he didn't want to fill the RNS with words like maybe, subject to, possibly, we're doing our best, partner issues (eg Alba don't have enough cash), the b****** planners.................

Now no doubt he regrets it.... the alternative is to be like Egdon - who hardly issue any RNS's at all - but then the stock hardly trades .....................

How much will Sanderson want to take on Brockham??

I'm sure he'll point out it's not producing, can't produce according to GL , there is a toxic relationship with the planners and he has to pick up the risks of a field operated by JTP........

Wressle Planning Appeal Update 29/07/19

“Egdon Resources plc (AIM: EDR) notes the movement in its share price and the speculation surrounding the Wressle Oil Field. As notified on 29 April 2019, the planning inquiry to hear the Company’s appeal against the refusal of planning consent for the development of the Wressle Oil Field by North Lincolnshire Council’s Planning Committee is scheduled to commence on 5 November 2019.

The Company has been advised that following a closed meeting held by North Lincolnshire Council (“NLC”) on 17 July 2019, a decision has been made that NLC will not be presenting evidence at the Public Inquiry and will withdraw its case in respect of this appeal subject to the agreement of acceptable planning conditions.

While the Company considers this to be a very positive development, we still need to obtain planning permission via appeal and the Company remains focused on presenting its case for the Wressle development to the independent professional Planning Inspector in November.”

Thanks Penguins - nice summary

FOTH does good work in reporting but he seems desperate to get to 5p a share

As you say I can't see a Bn $ company like Tellurian staying in Horse hill - their share is worth ? £10mm? - I'm sure they'll sell soon - maybe that's what the £ 3.5 million was for? Cash, paper and some sort of long term payout if the Kimmeridge is actually a Billion barrels? (thinking of which whatever happened to the Arch Ramper David Lenigas?)

As long as JTP is there what could possibly go wrong?

really doubt Adrian knows anything about the French or their "plans" - just hoping.......

If anyone bought out Tellurian they'd have a veto

The JOA says "Each participant’s voting interest shall be equal to its participating interest. All decisions of the PEDL137 JOC shall be made by the affirmative vote of at least 2 participants having in aggregate a percentage interest of not less than 65%"

So if its HHDL 65% and Tellurian 35% they BOTH have to agree - sometimes I wonder if that is the problem with the lack of a rig so far................

I totally agree YL - I'm one of the LTI who have been murdered here

But there IS a possibility that a decent outfit might make Saltfleetby work... in say 3 years....

Chances of Lucan et al succeeding.... not very likely IMHO

Ocelet is absolutely correct

Angus are betting they can reconnect and make money AND abandon (if & when they have to) for less than the sellers currently estimate. That is a matter of judgement

I reckon they can probably produce at lower costs than WINGAS, and they might be able to get the reconnection/restart done cheaper. Abandonment? That depends on the way the wells were drilled and left - I'd expect WINGAS to have an accurate estimate for that but again they have much higher overheads.

the whole problem is TIME to do all this and delivery rates once they start production

ocelet

Do you think there oi s any real difference? Classic French smoke & mirrors method of keeping control over a network of companies

"One of the main features of the Bouygues group is its special ownership structure featuring two major shareholders:
SCDM (a company controlled by Martin and Olivier Bouygues), which owns 21%a of the capital and has 29.4%a of the voting rights"

"May be the French buying in again before Brexit."

Ridiculous - they're long gone and no doubt congratulating themselves they didn't get sucked in - if they ever think of it at all

probably the guy whose idea it was has been sent to Alaska

I can't see a company with 35 Billion euros in sales suddenly deciding to spend 10 grand on a Friday afternoon...... they probably spend more on toilet paper

Its not cut and ried - for a start anyone who bleives an Angus RNS is deluded

BUT it is true Saltfleetby is a proven , producing reservoir.

Why was it shut in? Probably because the running costs exceeded the production costs for a large company and the cost of doing something about it exceeded the potential gain. That doesn't mean that a smaller company may make a go of it in the future - it's often done

We should remember it's not certain to be achieved and that Angus are taking on board the abandonment liability (hence the give-away). It won't happen soon either

But compared to Balcombe (which has all the hall marks of another Brockham) I think this could work - but no-one on here has the patience to see it out

Alba or Tellurian?
I'm sure one or both are in Sanderson's sights
based on previous prices Alba would be about £ 6 million and Tellurian maybe £10-11 million................

Cash? Unlikely
Paper? - possible given the previous record

Penguins

there are SEVERAL Agreements - the revised work programme is indeed agreed to by the Licencees with OGA but that has no wording as to who pays within the joint venture - The OGA couldn't care less

Payments within the joint venture are ruled by the Operating Agreement, and in this case with the farm-out agreement with Magellan.

I believe that this only refers to Horse Hill 1 but INCLUDES all the testing is paid for by HHDL. Don't know if 1z is a separate well for these purposes

as for Commerciality the standard UK JOA seems to contain this wording:-

"The proposed development Programme and Budget shall be subject to consideration,
revision and approval by a Determination. The Joint Operating Committee shall meet to
consider such development Programme and Budget as soon as practicable and to make such
revisions thereto as may be agreed."

So the partners get a vote on the Declaration

I'm sure Telurian's market cap is vast and this is truly peanuts but there'll be someone deep in the company who will want to show he can get the best deal out of HHDL on this - his future may depend on it - and when did you ever meet a Yank unconcerned about cash??

IIRC under the Joint Operating Agreement both HHDL AND Tellurian have to approve anything significant

Possibly they need partner approval to "declare commerciality" - maybe Tellurian are playing silly buggers connected with the HHDL carry through Horse Hill 1 and the EWT. They may have to start paying when commerciality is declared??

Penguins is pretty negative but he has a point here - if the planning documents aid used the word un-commercial " then I trust him .

So what does this mean? My guess is they mean "it hasn't been declared commercial" - which is true of the Kimmeridge - UKOG have been very careful never to say that it IS commercial at Horse Hill. It may be the planning guys stuck it in and it was never caught - they've had a few of those and with hundreds of pages of useless bumf I'm not surprised)

I've posted several time on the lines that I suspect UKOG/HHDL really still aren't totally certain about what they have in the Kimmeridge and how they're going to produce it optimally. Commercial if there is Portland production - almost certainly, commercial without Portland... maybe....... maybe not right now

E_al
"Sorry Mirasol, we had this conversation before and I am not interested in repeating myself again. I am a shareholder, you are not so whether Angus sell Brockham or perforate the X4Z Portland shouldn't be of your concern."

You haven't answered the question (s) tho'

And I AM a shareholder all the way from the IPO down to less than 2p in 2 years- the worst share in my portfolio in 30 years investing.....

But if you want to believe - fine.....

UKOG shipping 200+ barrels a day for over a year

Angus two years from any cash flow

Your choice

Capt. S

One thing we can be absolutely sure about is that UKOG know a lot more about Brockham than we do - in fact I strongly suspect they know a lot more about Brockham than Angus do.

Sanderson has had 2-3 years to get into Brockham - in the mean time he's soaked up company after company in HHDL, expanded to the Isle of Wight , kicked off Dunsfold and even taken on the poison chalice at Holmwood.

But he hasn't touched Brockham... now it maybe he doesn't like the colour the fence is painted or he is suspicious about JTP but maybe, just maybe he thinks it's a complete shambles and doesn't want anything to do with it?

E_Al

1. It beggars belief that having said Brockham is a total do that Lucan would come back and say "sorry guys - we got it wrong again - it's NOT a dog and apologies for those of you who lost 70% of you investment in 48 hours....". Maybe in a couple of years they could do it but in 3 weeks????

2, Please tell me your sales pitch to sell Brockham to another oil company. "we have issues with the Council and OGA going back years, several wells need abandoning , the current MD has announced in an RNS it's a dog....... apart from that we need the $$ so please buy it as the guys on the LSE Board think it's worth zillions "