Member Info for Mirasol

I thought Lucan said the wells were simply capped - so it's a (relatively) simple job to weld on a new well head and then drill out the concrete plus and run a new completion?

Will cost but nothing like starting a new new bore.............

and then the pipes may still be in place underground - connect and pressure test I guess..........

The OGA is pretty hands off on Corporate issues

they ask for proof of financing for the bid work programme when you first get a Licence and they ask for proof of funds when you go to a development - as UKOG /HHDL will be doing the instant they get Planning Permission from the Council.

Other than that they hardly ever intervene or ask questions - they don't have the expertise or the staff - any financial expertise is at the Treasury. Same as spats between partners - they stay well out of it I believe........

that sounds about right - £ 2 mm a year net Angus - enough to keep the lights on but that's about it

Definitely a Plan B move...............

Rosewall

I think you can still do it - the process is explained here:-

https://tinyurl.com/lq25t3g

The grandparent born in Ireland link.

You have to first apply to be registered as an Irish Citizen - ie get an Irish Birtth Certificate then you apply for a passport

As you say you need a lot of paper but new copies of all of it can be be ordered over the web from the English/Scottish/N Ireland govt registries

You 'll need birth, death and marriage certificates for yourself, your parents and your grandparents.

Best to start with your own and work backwards - the various websites allow you to search over a range - obviously the more you know the easy it is to find them. they send you a paper copy within a week - costs about £10 per certificate I IRC

Ohmetoe

Possible - it's always baffled me why Angus sold out of Horse Hill and UKOG, who held a percentage of Angus for a while, didn't lever themselves into Brockham etc. God knows they've bought just about everything else around.......

Of course it was JTP who actually drilled Horse Hill 1 and he was replaced by Sanderson immediately afterwards so there maybe some frost there. With Lucan in now it may be a chance for some holdings. If Lucan's efforts to spread the holdings at Angus work he might look at having UKOG/HHDL operate Brockham......

Ninetails is correct - the Company is in a much better position than it was a couple of years back.

In fact we're clearly invested in a very small oil company that can keep going for 10-20 years.

Now this isn't what many of the PI's or the market are looking for - it all depends on the Kimm play - but this is clearly going to take several years to understand and for anyone to be confident enough to pour in a lot of cash so it's a waiting game.

the latest RNS was in fact very good - except for the issue of the rig...... It doesn't make me feel much better to have been proven right on rig arrival (or non-arrival).

There are a few possibilities - one is the results from the test are so interesting they are deliberately extending it so that when they get round to doing the CPR there'll be a good upgrade and we won't see the CPR until 2 months after the test finished IMHO.

Secondly they are clearly focused on getting the Portland producing - it would make no sense to stop production to drill the 1z sidetrack so maybe they'll keep that flowing until they get the -2 well on stream?

Thirdly - why no contract? Often the Joint Operating Agreement has a different level of approvals from the partners to exploration and appraisal. I wonder if maybe a partner (?Alba?) don't have the cash or want out as it's non-core ( ?Tellurian?) so they can't get the final (maybe unanimous) approval required to sign the rig. The recent raise might well have been to help take out on or both of the partners or maybe to carry them in some way until production starts.

It's all smoke an mirrors in the real world - important to accountants but in fact the debt /loans and shareholdings are all intermixed - so UKOG lent money to HHDL which they now control and issued their own paper to buy out the original shareholders and their loans and then they make another loan........ and the numbers flow from spreadsheet to balance sheet to balance sheet and eventually will finish up in the most tax efficient spot one production starts full-time

See the Virgin Group as a classic example...........

I've spent some time running through GL's statements and appearances this week trying to get an idea of why he was managing expectations at Brockham, why the sudden and new need to "consult partners", the "interpretation" issue and not having the test gear on site.

As Alan and other shave pointed out this is a bit odd...

I suspect the key may be in his mention of looking at the UKOG/HHDL work - we know UKOG screwed up Broadford Bridge and we know they seem to be doing OK at Horse Hill so we presume that lessons were learnt by UKOG. It's also in their interest to have a success down the road so they were probably quite helpful.

Perhaps, looking at how Brockham was drilled originally, there is something that looked like the right thing to do then but now maybe you'd do differently? It might be acid, or fluids or additives or something simple like timings and order of operations. Something that makes you think.... remember Alba are in both licences and brought on a couple of really experienced O&G specialists - they maybe advising as well.

I could see Lucan having a root & branch review when he came on board and had a good rummage to see if there were ANY possible issues. This would have been flagged and so he decided to move forward one step at a time (I can imagine how Vonk & JTP would have gone at it.... full speed ahead and damn the torpedoes). re- enter the well, isolate the water - re-perforate - (that suggests a learning - didn't HHDL re-perforate sum of Horse Hill on their latest test?) then look at ALL the data again and decide exactly how to move forward and know all the possible good and bad signs to watch for.

And, as he is a careful sort of bloke, what is Plan B if it all goes Broadford Bridge? Spread the risk, get some other , non Weald , interests so the Company isn't totally dependent on the single play. Hence Saltfleetby (never going to make a fortune but should pay the bills) and other , possibly non-UK, new ventures as well.

I really don't think they've actually seen anything bad so far - if so the share price would have tanked big time - and it will be maybe a month before we hear how Brockham is really doing so no change right now. At least Lucan seems to have a head on his shoulders and something other than air (Vonk) or bone (JTP) between his ears........

Jiff is correct - it's definitely Saltfleetby

the map on page 17 of the latest presentation shows well labelled "SF" and there's an arrow towards Keddington.

The map is "From Hodge 2003"- this is clearly lifted directly from "The Saltfleetby Field, Block L 47/16, Licence PEDL 005, Onshore UK" by T Hodge (Roc Oil) in Memoir 20 of the Geological Society "UK Oil and Gas Fields"

I thought Lucan was quite good - certainly came across better and more measured than Vonk - but of course the possible fly in the ointment is that he isn't an O&G guy - he depends on advice from JT - and lets just say that's been of variable quality over the years.Brockham - we have to wait on the well test whenever that startsBalcombe - GL said Aug/September - I note he didn't say which year - but it looks very optimistic to get planning approval in that time frame when HHDL/UKOG have been waiting nearly 6 months for Horse Hill planningSaltfleetby needs some more research but I doubt they can abandon 8 wells (eventually) for £ 2 million. And what cash flow do they get as 1% of 5 million cu ft a day? I suspect it 'll generate just about enough cash to pay the bills but I doubt it's transformational.

"9 million buys yesterday and 37 million on the Friday-"

doesn't that also mean that people SOLD these shares - and were willing to accept really low prices for them?

I see some people getting out - which is a bit stupid until we hear definitely about the test

"The last rns confirmed unequivocally that the water had been isolated,and that the oil and water weren't co-mingling."

I honestly don't think we'll get a re-rate here until we see a steady flow of oil over a significant period - a week at the same rate as Horse Hill (say 200 bopd) would do

What is this post base don?

IGas are nearly a busted flush - they were trying to offload a lot of their older fields to PW Energy last year, their stock is down from around 110p to 62 p in 6 months and and the latest news is:-

28 Mar
10:02
Igas reports wider losses as production falls, costs rise

Igas, producer and explorer of hydrocarbons reported a sharp uptick in annual losses as production fell and operating costs inched higher. For 2018, pre-tax losses widened to £25.1m from £3.3m

-------------------

I've always though that the IGas Weald assets will be the next thing on the UKOG Shopping list - more dilution of course...........

Mate of mine tried to call them about Broadford Bridge way back . Normally the Switchboard just stonewalls you apparently . He did get through once and was told that they won't give out any info to an individual as under AIM rules they have to tell everyone at the same time by RNS.

So go to the AGM if you really want an answer I guess..............

Paolo

It's not a beam pump - the pictures from the site show a linear rod pump - it looks like a cylinder that just goes up and down - I 'm pretty sure Angus have one as well.

they haven't produced at 360 barrels a day - that is the "optimum" number SS keeps on about. According to the eyes etc its been a steady 200-230 barrels a day for some time. I assume the latest stop in production was a long buildup - beloved by petroleum engineers - all dealt with in earlier posts.

Trouble is this is all great engineering and exactly what any proper oil company should be doing - but it won't feed the insatiable desire of people on here for ACTION - I think they should be careful what they ask for.......

I'll believe it when I see the tankers leaving daily as per Horse Hill

I don't want an RNS with a "high rate" number (that could be 10 minutes flow) - I want a daily production total and a known destination and price for the oil

Still scratching my head over what they found that required them to "consult the partners" - you'd have though they'd have a decision tree all mapped out. Unless it was a real surprise of course................ and real surprises at Angus are ... worrying.........

Thanks for that Yare - but that document is last year - they're looking at rigs available now. As long as the rig they get is within or very similar to the ones in the Planning Permission it's a simple case of a variation.

I 'd hazard a guess that the "Moor475" is some kit from Moorhouse who seem to be doing a lot of the operation - IIRC they were at Broadford Bridge as well.

The 1z well & 2 wells are respectively a sidetrack and a new bore - don't think that can be done with a workover rig - and as pointed out HHDL /UKOG have done a lot of operations using a crane (cheaper, less obvious) at bot Broadford Bridge and in this well test.

I also doubt you'd mobilize TWO rigs - far better to have one rig to work on all three new bores........

We'll see - be nice if the long awaited RNS gave some clarity to this. If it's NOT the BDF 28 what are we waiting for????

Jason

I've posted this before but the BDF 28 is the only rig currently working in the UK that can drill the Horse Hill wells.

BDF DO have other rigs but they are either workover rigs (such as the 41) or they have been stacked for several years. The BDF 28 was stacked and was mobilized to drill Egdon's Biscathorpe well - and it took a long time to shake down the rig and crew apparently. Hopefully W newton will profit and Horse Hill will get a rig that is up to speed.

If you drill one or two wells a year the kit is in poor shape (and the 28 is about 30 years old IIRC) and, worse, the crews are dispersed either to the dole, another industry or overseas/offshore drilling. BDF don't pay them to sit around the rig yard playing cards I'm afraid.

Bringing in another rig from Germany or N America is very very expensive and there is a shed load of paperwork - and then you have a crew that isn't up to speed with UK rules & regs.......

It IS the BDF28 at W Newton and I'm pretty sure it will turn up at Horse Hill for HHDL/UKOG - there is no alternative...........

"not long before that rig arrives."

Probably end of June - the BDF 28 will take around 7-8 weeks to complete W Newton (if they are lucky) and they started on 25th April

There is no other active rig in the UK that UKOG can use TBH - a couple are cold stacked but you REALLY wouldn't want to dig them out.. And of course there are only a couple of active crews ................

" having other interests & being diversified as UKOG is allows other areas to be developed allowing contingency planning rather than having all your eggs in one basket."

TBH if there's one thing that DOES worry me about UKOG is that all it's eggs ARE in one basket - one country - the UK - and one basin - the Weald.

If Labour get in they may well just stop Onshore exploration full stop (tho I'm sure they'll find a way of saving Wytch Farm) - it happened in France, it could happen in Italy & Spain. And there was no compensation in France........