Member Info for Mirasol

They cannot move anything on or off site between lunchtime on Saturday and first thing Monday

I think they can use a courier van or break that in case of emergency but HHDL have been very careful to stick within those movement limits

No-one will move a rig in half a day so if it doesn't turn up first thing tomorrow its next week at the earliest.

Tho' I'm getting a bit worried about the rig - I always thought it would be here mid-July /end August but absolutely no sign or statement whatsoever - we don't even know if they have it on contract or option................

Scally - that is the $100 million question

As I understand it the story pre-2014 was that all the oil in the Weald was generated in the rocks deeper than the current Kimmeridge. This oil moved through faults up through the Kimmeridge and some was trapped in the Portland.

In 2014 Horse Hill showed that there WAS oil in the Kimmeridge, in the teeth of academic and industry perceived wisdom. Some of this at least was generated in the Kimmeridge.

Now is this EXACTLY the same oil type in both - I think Sanderson has said there are differences - similar but not identical

So if the Portland and the Kimmeridge are slightly different where does the Portland oil come from and how does it get there? You'd expect it to be identical to the Kimmeridge I guess

So its clear that the whole "petroleum system" is not understood (as UKOG keep telling people) and they are no doubt spending serious money trying to figure it out

One thing for sure - we'd be a lot better off if the science was being run by Sanderson that an Lucan & Tidswell

"And what do you think Steve would tell you on the phone? Be serious! He cannot divulge anything to you. It's RNS for news. "

Exactly - if you got through they'd say "I'm sorry please read the RNS's - we cannot give out any information to individuals as it would give them an advantage. Furthermore all RNS releases go through rigorous vetting by technical, legal, commercial staff plus our Nomads and co-venturers, thanks for calling"

They'd be run off if they chatted to you and answered any questions

That's Angus's excuse - almost certainly a last gap idea to avoid telling the world that they screwed up again when they did the original work. Oil maturity doesn't change significantly in 5 kms - even 50 kms would be s stretch. You're talking about deep seated heat flows over millions of years over a thousand sq kms- they don't suddenly stop at just because HHDL have a line on the map.

Note that Tidswell has been booted out of any significant role at Angus this morning......................

Dogg

" HH Portland drill prep/final Oil and Gas Authority ("OGA") drilling approval "

they have approval to drill HH-2 and sidetrack HH-1z and 2z but they probably require a final sign off when the rig is on site and inspected (what rig I ask?) - this is more HSE than anything else - normally takes a couple of days I understand

THE CRITICAL approval is the Council Planning application for development at HH - I'm sure OGA approval will follow v swiftly after that (FYI the OGA require Planning Approval before they will consider the Field Development Plan)

Is anyone looking out for tankers at HH? Or is everyone on holiday??

"A seismic overview of the Company's Lidsey asset."

Lidsey has been around for years and has had several operators - Angus aren't saying they'll get any new seismic so it's the same data set as has been used for years - you can actually see it if you go to the Onshore Geophysical Library site

3 or 4 lines that have been the basis for all the work - quite how a "review" is going to change things dramatically is beyond me. And that doesn't help you withe reservoir and water production. You'd have to "find" a new high spot - tough without any new data.....................

Lindsey and Brockham are unsalable without paying the new owner millions for the abandonment liability. Lucan has got that sort of money from the old Salftfleetby owners and whoever bought Lidsey etc would expect something similar.

I think GMED & E_Al have made a very good set s of points here

Lucan wants out of the Weald and away from all s*** bought by Vonk & JTP

he'll keep Balcombe in the headlines for as long as possible but will proceed "carefully" towards more work - ie bloody slowly . But in 2 years he'll have Saltfleetby and (probably) something overseas and Balcombe will start to fade down the RNS priority list (I'm sure he believes the DHC 3000 barrels as much as the famous 1400 barrels at Brockham)

So nothing happening here for 12-36 months unless he signs a new deal

"How much of the red tape is the result of several decades of EU oversight, I wonder?"

Zero - oil and gas legislation and rules and regs have are a reserved competency to National Governments

the UK, Netherlands, France & Denmark absolutely refused to oil & gas overseen by the EU when it was floated in the '70's and the idea died and has never been raised again

The problem is that everyone likes planning and the EA when it stops someone building any houses near them but goes mad when it affects their business or investment. Take it from me - the biggest NIMBY's are Tory Councillors - the sampies make a lot of noise but have little real effect

"surprise us next week with an RNS saying that the Balcombe planning application is already in? Why not? Why does it need so long to prepare it? It should be very similar to the last one - why re-invent the wheel"

yanis - 20 years ago it was two sides of A - these days it is hundreds of pages

Why? Firstly it keeps a lot of planners busy, secondly the rules have changed, thirdly it has to water tight as any contradiction or (worse) commission)) opens the doors for the swampies to go to court and delay things for ever

people like Lucan & JTP are NOT qualified to produce the documents (look what happened when Vonk talked to the planners....) - you have traffic specialists, noise specialists , newt specialists ........ they all have to do their work and co-ordinate it and of course get paid. Which is why a well onshore UK costs roughly 3 times the cost of one in the USA.

It's very frustrating - but on man's "useless bureaucracy" is another man's "protection against over development"

I can't see any serious movement without the Planning Permission for development followed by a CPR

That's a 6 month horizon ..... it's becoming a routine share with no serious short term news flow that affects the price

" if they sell Brockham"

Who would buy it? They've told everyone the Kimm is shot and they have permission issues getting more water flood into the Portland.. then there are the abandonment liabilities

I don't think you could give it away TBH (even if you kicked in £2 million for the abandonment) - and the worst thing is they've shredded any viable story to a seller themselves

Now we know "brockham kimmeridge is not mature"

2 things

1. WHEN did they have the analysis that showed this? - it must have been months ago but they continued misleading everyone... I presume Fred Holt (the geologist) knew but was kept firmly in his cupboard by JTP and Vonk

2. It doesn't make sense - a lot of people over the years have said the Kimmeridge is immature but HHDL are flowing the damn thing every day - oil doesn't go from mature to immature over less than 10 kms as far as I understand. And HHDL say the oil is coming from deeper as well as from the formation. I think the whole thing has been screwed up big time - maybe over a year ago - and the "immature" excuse is one that just happens to be handy

Well, there goes my investment.... it's hardly worth selling after fees - into the category of one to sell when I need a write-off against a decent gain somewhere else

Doubt they'd move the rig in on a Saturday - they can't move anything from lunch on Saturday to dawn on Monday - that's why you often see two tankers on a Monday

A rig move is over 40 trucks - and some of them are BIG - and even though the site is extensive you probably can't get more than 4 or 5 on-site at a time (and you have to organise cranes and forklifts etc). Can't see they can do that on Saturday morning.. and that would give the swampies 48 hours t get there to stop the other deliveries.

Remember Broadford Bridge? They agreed withe police to remove the rig at dawn (about 04:30) which gave them 14 hours to clear the site - and the swampies didn't even know it had gone until the company put out an RNS

sanderson is many things but he's a lot cleverer than the guys at Europa and Angus when it comes to tackling the great unwashed..................

It's actually worrying that the Tech Director isn't there - he may have a cold, or he has to attend his kids speech day

but he also may not want to be on record for ANYTHING that is said.................. and/or he disagrees with the line Lucan is going to take

Quick question please.

"Have we got any timescales for the actual drilling of the HH-2 Portland production well? Am I right to assume they will use the existing Portland/Kimmeridge well and just go sideways at the required depth. Do we know how long the horizontal section will be and how long this will take?"

See other posts - the current well is HH-1 and can be produced from the Portland and the Kimm (separately or together I believe). This is a very deep well drilled in 2014

The next well is HH-2 drilled next to HH-1 - this will only go down as far as the kimmeridge probably to get information (mainly on the Portland). Using the information from this it will then be sidetracked as HH-2z in the Portland. The probably have a nominal 1800-2000 m horizontal section but this will be altered depending on what they find as they drill. This will be completed as a Portland producer

They then go back to HH-1 and re-enter it and sidetrack that as HH-1z in the Kimmeridge. Again distances/times depend on results. This will be completed as a Kimmeridge producer.

Timings - well they have the site all set up so not as if they're starting from scratch - maybe 2-3 weeks to drill the HH-2 , some time for looking at the results then 3-4 weeks for the horizontal - depends how accurately they are trying to place it - accuracy costs time and money

Much the same for the HH-1z

Hopefully be then the Planning permission and the OGA approval are in so they can seamlessly move onto drilling other production wells.

They've posted some really neat graphics that help.

"The Technical Director will not now be present"

Well at least we've discovered one employee at Angus who has both brains and common-sense..................

"Regarding the cost of RNSs, someone once said it's by annual subscription of around £15k for AIM, and for that you can issue as many as you like. Don't know how true that it though..."

A coupleof years ago I was talking to an exec of a small AIM company and asked about this

I don't think the charge for issuing an RNS is very much at all.

the problem is preparing it in the first place - hours of weighing every word, arguments between the optimists and the pessimists (or realists) on the BoD, circulating the damn thing through the company, then over to Legal ($$$$) and then the Nomads - who always find a problem so they charge you some extra time-writing fees

Then you issue it and 95% of the time it sinks without trace and 99% of the time the price goes down.............

Seadoc "There must be a problem, why delay HH1z (fully funded) and drill further with HH2?"

Fully funded just means they can drill a new well and side track both - WHICH wells they do isn't attached to cash

It makes sense to prioritize the low risk, easier Portland and to shuffle the Kimmeridge side track to later. I guess they're deepening the HH2 Portand well as it will give them information in the Kimmeridge that they don't have - HH1 was never cored in the Kimmeridge and no modern logs were run AFAIK. This way they'll get that info at the cost of maybe an extra week's deepening AND they get it before they kick off the HH1z sidetrack

Seems a very wise move TBH

The french made some money but it was washers compared to the value of their company -. I suspect they decided to get in and maybe takeover UKOG or HHDL and thus get the info - luckily for them they didn't manage it and exited as fast as they came and making a small profit

I always thought it curious that the UKOG BoD never said very much about the French......................