Member Info for Mirasol

"Just an interesting and important technical factor that will be / is being concidered. How does the South Atlantic eather compare to other oil bearing sea areas?"

IIRC the NFB is almost exactly the same as the C N Sea off Aberdeen. Similar water depths, similar weather. In the big RKH drilling campaign 15 years ago they just used a N Sea type operational practices managed by a Consulting outfit out of Aberdeen who had half a dozen guys in Stanley with backup from the UK. Helicopters much the same

However annoying Buzz is correct to point out that whilst Navitas are now in a good place that doesn't automatically read across the the terms that RKH will be able to get for their financing. RKH don't own a bit of a massive field in the GoM.

However I'm sure that Navitas have a fully worked out plan on how to finance RKH should problems arise - but they'll want recompense if thats whatthey have to do.

"Not really sure how Shenandoah news helps Sealion."

Navitas have spent (and owe) a fortune on Shenandoah. The fact that it is now on production removes the biggest unknown in their corporate future. The banks and investors now have some assurance that the loans will be paid off, that the company will survive. Just producing means the value of the oil reserves increase by a a factor of 5-10 under the standard guidelines.

Navitas are now a FAR safer investment, literally overnight.

The reduces a major part of the investing risk on Sea Lion as they are unlikely to go bust. More money at much lower interest rates becomes available and the number of interested institutions goes up by a factor of 10 or 20

" have clearly no idea of how to interpret financial data,"

You have to laugh - coming from a man that thinks not paying your bills increases your Asset base.................

The problem with Argentina is not what anyone on here think about it - it's what the people in Board rooms think about it.

That has always been the problem. Argentina hasn't been a real threat for 40 years but large companies can't see past the noise.

Navitas can & have and they will profit from their clear sightedness - but don't expect a mob to turn up and join them. Maybe a few medium sized companies are rethinking things tho'.

Contact your Nominee account

they will have a procedure for registering any paper shares.

I'll stand by published past data

It takes 3 months ocelot at the mosr. Spreading out well over a million

I do indeed - and he is what Argentina desperately needs - the problem is that he faces reelection in 4 years

You might get the Peronistas back in - sure Navitas would be producing, but the geo-political landscape may change suddenly - that's why major players are steering clear of the FI

The problem with Argentina and other oil companies is not the current Govt there - it's the strong possibility that sometime in the future the Peronists & Nationalists will be back and they'll U-turn back to confrontation - or at least non-cooperation.

" I think I can recall Malcy getting Angus right once. That was after the Captain America fiasco. He called Angus uninvestible, didn’t he?"

he probably offered his "services" and they turned him down..............

The British did try and invade Argentina back in Napoleonic times - a dismal failure.

https://en.wikipedia.org/wiki/British_invasions_of_the_River_Plate

I'm not saying I agree with any of those points - all I'm saying is that's what I've heard over the years. Big companies don't like negative publicity or hard questions - it affects the bonus scheme.

TBH if the Argentineans had any sense they'd announce that "when we take over the same oil and gas terms will apply to the current holders" - might change a few minds in the FI over time

". Better to listen to them than someone like Malcy, who absolutely has the inside track and understands the business."

You pay Malcy and he does a puff piece on you. There's not a single small oiler that pays any attention to his "opinions"

Q2 US average production circa 100 boepd gross - not e GROSS - not net

Moccasin drilled to 5,690 feet in Q1 2025 Open-hole average flow rate on test equated to 620 bopd gross - the usual AIM story of a 10 minute test extrapolated over 24 hours

Currently pumping at an average rate of 65 bopd gross - thats down 90% on their original statement in a few months

Union Jack acquired proxy interests in 163 wells for £780,000 in 2024 - thats £ 4785 a well - a really significant investment

I 'm finding it odd that Mr Zieklicki is not apparently amongst us

Perhaps someone in Sussex could drop by his place at Rette Farm and see if he's recuperating from the stresses and strains of suspension?

"it would be interesting to get a view from one of the major oil companies on why they are passing on Sea Lion."

No company is going to go on record - it would upset someone - like the UK Govt.

The reasons I've heard over the years are :-

1. The Argentinean claim - no-one wants to finish up in a war zone or have their property confiscated.

2. Argentina is a big market for many several companies.

3. Other S american countries - again although Argentina isn't a popular spot in S America, most S Americans feel that their claim is reasonable.

4. If you deal in Third world countries they normally aren't that happy about "colonies" in general and the British in particular - it's an irritation you can avoid by not going there. State oil companies will be pressured by their Govts to avoid.

5. So far only one field found, which has technical challenges such as waxy oil - much easier to be offshore Guyana or Namibia. Reserves are good but not mega.

6. Issues with the supply chain

Most of this is rubbish of course but the FI comes with a lot of non-technical baggage - which most oil companies would rather avoid.

Anyone note that yesterdays RNS was issued over Carlos's signature?

Our Interim Chairman seems to be still missing

I was in a charitable mood this morning

They probably have going concern issues until they sort out how they're going to pay the debts