Member Info for Mirasol

"But to get the oil flowing they will need many more workers than the Islands can provide, for example. "

Why? The oil is being produced into an FPSO - it will be offloaded to a tanker on site that will sail to India, Fawley, Houston, Hong Kong. It will never even come within sight of the islands. The drilling ops in the past have been run from a couple of really small bases in Stanley - half a dozen guys from Aberdeen on site and maybe the same number of locals - the actual day to day management and planning was all done in Aberdeen and London as well.

As previously discussed the main items will be an enhanced helicopter operation and enough standby accommodation in Stanley to house up to about 100 people if the weather delays the crew changes and the charter flights to the UK/Brazil/S Africa. Most times the charter will arrive at Mt. Pleasant (which is over 40kms from anywhere), the incoming crew will get off and walk across to the helicopters and fly out to the operation. Reverse for the outgoing guys.

Yes, there will be more people but overall I'd bet its going to be less that 100 full timers in the islands - and a few of those will be Islanders who are returning.

PS they don't WANT development - they don't need flash cars, motorways, a financial sector etc etc - or even a stock exchange

"This is simply not a realistic goal when your population is a few thousand and you don't have the resources or expertise on the Islands to service development."

Not so sure - most of the people in the FI are there BECAUSE they want to work on farms, out in the weather (which they have for free). They're not there to get rich. They'll shove it all the bank against the time the Oil runs out - plus, of course, they'll make large payments each year to the UK Govt for defence. They could even think of doing a Brunei and hiring Gurkhas directly .

I'd expect the FIRST thing they'll do is to improve the Broadband and phone service - it is dreadful and costs a FORTUNE - might even become free............

Lenders making sure that the BoD doesn't go off the rails and affect what they're owed.

Next stage is to appoint a puppet as MD

"The gas can provide the onsite power through a turbine and the export ( data ) via starlink"

All you need is planning permission (say a year), a generator (where's the cash for that?) and and and

it's the most awful story I've ever seen in relation to the UK onshore. Makes UKOG's dreams of hydrogen and gas for a mere $ 1bn look like blue chip investments.

I'd give it another couple of weeks to see how it's going.

It's always bothered me tho that we never got a cost nor any specific production guidance - means they're marking their own homework.

Another peice of genuine guidance from Alan

Brockam isn't a horizontal well, so I will go for a conservative figure of 1,000bopd flow rates.

Take your pick it could be anyone of those.

Alan in a previous ID

RE: Fun times soon approaching 07 Nov 2018 23:13

Its great for current and potential investors in Angus observing the well test taking place only 5 miles down the road as the crow flies at HH. It's like going into a show room next door and test driving the product before buying Angus shares. Now you will agree that Angus will multi bag due to the testing 5 miles down the road, production licence and how the well was drilled. Talk of pipelines or a rail head are for much further down the line...pardon the pun lol. Now that that painful bit of the placing is out of the way, we should see more PI's buying into Angus as they are the only company in the Weald to have a Kimmeridge Production licence. HH test is due to finish around the sae time Brockham is going to be perforated.

This is an ideal opportunity for UKOG investors to buy into Angus while there is a long hiatus at HH. Angus gives the best opportunity to multi bag and then yes I'm sure some folk will slice and buy into UKOG before it rises in a year or two. I hope to see the exact same steady rise of last year when it climbed from 9p to 38p in a matter of months. All he best to the genuine Angus investors.

And they're talking about just using the current wells. Remember this from a presentation:-

"During testing, there was a lack of sustained hydrocarbon flow from these wells"

As has been pointed out various other UK onshore operators have talked about gas to electricity and it has rarely made any economic sense - generally its looked like a way to get rid of the gas to enhance oil production.

"management HAVE THE TIME to organise a Right Issue to reward actual share holders,"

I suspect the issue is FI Govt who will want ALL the finance for BOTH players in place before they sign off approval. And they (and Navitas) don't have any duty to RKH shareholders. They want an easy life.

"Oh dear God just when I had finally realised UJO was run by self interested, overpaid incompetents this comes along and I know now its far far worse than I imagined."

Not even dave lenigas ever came up with anything like this.................................

Oceloy

When an AIM company starts with

" the company is in a perolous pisition" which way do you think its heading.....

The audotors, after 5 months, seemingly can't sign as going concern

Sounds familiar doesn't it??

Indeed creditors

And who ever believed an angs management statement and made money??

Still nosign of the interim ceo..

All v interesting but where does the money come from to build this facility.

They are currently suspended because they cannot or will not pay their bills.

As peviously discussed the most likely option is that there will be some financial jiggery pokery that wipes out PI's and leaves any asset value in the hands of the debtors.

They still have to pay uk tax on saltfleetby

The world is full of oil discoveries that had one or two good early wells and never made it

Small oilers are especially prone to be too optimistic about these things

16-Jul-25 0.1175

17-Jul-25 0.1059

18-Jul-25 0.0889

19-Jul-25 0.0518

20-Jul-25 0.0358

21-Jul-25 0.0000

22-Jul-25 0.0000

23-Jul-25 0.0000

24-Jul-25 0.0000

25-Jul-25 0.0244

26-Jul-25 0.1024

27-Jul-25 0.1309

28-Jul-25 0.1289

29-Jul-25 0.1315

30-Jul-25 0.1263

31-Jul-25 0.1212

01-Aug-25 0.1373

30 day running average 0.0904 mcm per day

Now have 6 days post summer workover with slightly better results.

Don't fall in love with exploration.

It doesn't always work.

Much its true and not true that Isobel aapraisal will be valued as if it hasFID.

The stock market will lean that way.

Unfortunately the fianciers will still see it as officialy "Probable undeveloped". The rules are strict and you need an approved FID & govt approval to move it up the laddet.

Most large lenders hsve strict limits on what they lend st each rung of ladder

In the 2011 Budget the then Chancellor, George Osborne, announced that the supplementary charge would be set at 32%, while tax relief for

companies’ expenditure on decommissioning would be restricted. Mr Osborne stated that if oil prices fell back down on a sustained basis,

the extra supplementary charge would be removed, and the duty escalator would be re-imposed.

What did the government announce in May2022 about a windfall tax? In the weeks following Russia’s full-scale invasion of Ukraine in February 2022,

and the associated rise in both world oil prices and energy company profits,there was considerable speculation that the Government would introduce a

one-off ‘windfall tax’. On 26 May the then Chancellor Rishi Sunak gave a statement to the House of Commons, announcing a new energy profits levy

(EPL), charged on oil and gas profits at a rate of 25%. The new levy would apply to profits arising on or after 26 May 2022. Mr Sunak stated the EPL

would be temporary, and the legislation to establish it would include a sunset clause to remove the tax after 31 December 2025. At the time the Government estimated the EPL would raise around £5 billion in its first 12 months.