Member Info for Mirasol

There is no magic authority that issues a press release saying "SLreserves have changed category".

It's much better than that.

The rules are v clear and every explorationist, reservoir engineer and oil field finance person has a copy and knows the definitions. When FID and FIG approval are announced that,s it.

Everyone knows the new Reserve status. Banks etc will immediately change their valuation of the assets using their own guidelines.

No-one has to do anything. It's a clever system as its based on VERY clear, publically available trigger points, accepted world wide

Thanks Penguin- they weren't a company I followed. I can remember that a lot of UKOG investors got excited about the French Connection - but clearly they wised up pretty fast and got out as fast as they could.

"I can equally me sat on a table by myself at the pre AGM drinks at Wetherspoons whilst all the Yes voters huddle together, with my mate, who's bought me another awful pink drink before abandoning me, and Rock still having a bank balance over $175m in July and me drunkenly shouting 'I TOLD YOU SO"

Surely a better place to be than sitting there and the FID postponed for a year or two waiting on FIG or RKH sole risked and having no remaining interest in Sea LIon?

ZYX is totally correct - you don't need a very large, state of the art rig for the NFB - it's C N Sea/ N Sea weather -and water depths - not W of Shetland or Offshore Canada stuff. RKH where drilling & coring wells in 30 days. Most of the targets are at relatively shallow depths and there are no known drilling hazards such as HPHT. Why burden yourself with a Rolls Royce when what you need is a Ford Focus?

That was the problem the the "Eric Raude" - they brought a rig in that could do NFB AND SFB - and what a mess that was.

If BOR want to drill their acreage fine, but they can't expect Navitas & RKH to take the risk , and the long term vastly increased cost, of a SFB suitable rig.

"Celtique were a subsidiary of SCDM 'the French' company and the UKOG shares were transferred to them. "

Not originally - I think they were set up by 2-3 onshore G&G Guys - Davies? , Pulllan?? - well known at the time onshore U/Europe. They built up quite a big portfolio in the Weald with Northern as partner/operator. They were also operating some acreage onshore France with the Bougeys (?) family who owned SDCM. That French drilling went horribly over budget and at the same time the French Govt pulled the plug on onshore exploration so they were high & dry. SDCM took over their Fecnh Interests by buying into the main company in late 2016 ish

Celtique flogged the Weald deal to UKOG in June 2016 I think. SDCM came in later through a UKOG share purchase in the market and it looked like we had a decent partner with money. What happened then no-one knows, but the French suddenly exited - before any drilling at Broadford Bridge - and UKOG shares started their longggggg decline to suspension.

It might all have been so different

Space

Screw this up and you'll wait another 15 years for production. Or Navitas might just dump RKH and sole risk the develoment . I'm sure they can raise the cash with 100% of the production available.

That was 1960 - today things are very very different

At one time it looked good - if only we'd sold out to the French way back...............

Am I imagining things or did they once suggest we'd get some sort of update mid-September?

Or was that one of the other suspended high value stocks such as PPP or UKOG?

"has the potential to result in FID not being able to be taken or being delayed"

Negotiating position - trying to get some relief.

If FIG allow them the break now they'll just change the tax once the field is in production and get the 22 million back that way.

"excite interest"

please point us to one industry source that's mentioned ANY rumour about this RTO.

there isn't one.

no-one is excited other than the financial mechanics constructing a get-of-jail card for the company

I think the intern is bacj.

Shae deals are suspenede but only on AIM.

You can still selk them at the local car boot, the bar at 'Spoons, or in the smoking room at m'club in Pall Mall

"It hasn't been great here that is for sure but you never know what is around the corner"

Oh I think we all have a very good idea of what is round the corner - at best another stonking great dilution, followed by a 50:1 consolidation that wipes out PI's or Administration , which wipes out PI's.

Look at that other Lenigas vehicle PPP for the full horror

And remember - they can sell - we can't because the shares are suspended - 100 days tomorrow..................

"significant shareholders hold 48.67% of the stock, making the float 51.33%

30% is, therefore, 58.4% of the float. Acquire this in the market and the impact on the share price would be very substantial indeed"

But not if the significant share holders sell out for whatever they can get in order to get out of what has been a dog of a company

It was a bit more complicated than that IIRC . Nelson sits between two known oil fields (one of them , Forties, the biggest at that time) - but there was little or no structure. A couple of Enterprise explorationists were convinced there were sands there. The convinced the management . The trick then was assembling a major interest in the block without tipping off the people who already held it. They spent over a year doing little deals here and there across the N Sea, and always , at the last moment, said - "look, can you sweeten this a bit... maybe throw a bit of block x (i.e Nelson)"

"Enterprise oil did it in 1990 after discovering the massive Nelson field in the North Sea "

But Enterprise were gifted the whole of the BG oil portfolio by Mrs T on political grounds and to raise cash - its not the same at all. On the other hand the Nelson discovery was one of the greatest exploration success in the whole oil business anywhere

"Oil is found in the minds of men" and it certainly was the case at Nelson

In this case any "premium" will be the hard cash that the company needs to pay its debts and avoid administration Ocelot - you know that so why conjure up some dream of a higher SP?

Maybe I was a little harsh on Herbert.

I always had the feeling that the Good & the Great were sold a pup when they took the appointments. They always seemed to struggle, trying to to achieve something but were unable to get out of the morass left by Vonk & Tidswell. I'm afraid the words "truth" and "AIM" are far, far distant cousins

"My concerns are financial and managerial. The cost of money is too high and historically the management a bit sheet imo"

Understatement of the week - I don'y think they've managed a single action on time and on budget since they started

but they did have tone at one time - Lucan, Clanwilliam and Buchanan added some real class to the disasters.

Zielecki, Forrest, Herbert, Vonk and above all Tidswell are/were more your typical AIM management.