Member Info for Mirasol

That he was part of the crowd that thought hey could buy cheap kit in the USA and delayed things by 18 months and then resigned so he could trade his shares freely??

"As for Sea Lion development, I cannot see any issues with that, Sea Lion has had so many holes poked in it, there should be no surprises "

That's a brave statement - Durward & Daultless in the N Sea had 4 or 5 successful appraisal wells - and then something like 4 or 5 failed or very poor development wells. Wrong geological model IIRC. Very embarrassing. Blood flowing through the corridors in Aberdeen & London. You can never be certain in oil exploration.

W Newton? always was a dog - they couldn't make up their mind if it was oil or gas remember?

TH2 - how will they pay for the well abandonment costs?

You have been warned....

"Mr. Forrest has 19 years’ experience in the natural resources sector, including 10 years in offshore oil and gas in the Philippines. More recently he has 7 years United Kingdom experience in onshore oil and gas, culminating in the acquisition of the Saltfleetby Project in 2019. Paul is the former financial controller of AIM traded Forum Energy Plc and Celtic Resources Plc."

" Trump was right about immigration, tariffs, Gulf of America, Iran, Russia, China, India, stock market, DOGE, corruption……"

All of which he has had to row back on

Trump Always Chickens Out (TACO), also known as the TACO Trade, is an acronym that gained prominence in May 2025 after many threats and reversals during the trade war Donald Trump initiated with his administration's "Liberation Day" tariffs.[1] The acronym is used to describe Trump's tendency to make reciprocal tariff threats, only to later delay them as a way to increase time for negotiations and for markets to rebound

Yes - it confuses them eventually - remember Heid & Rubbey over on UJO? Got herself into a terrible tangle................

Ocelot - who IS the CEO?

Oh , yes they still don't have one - an "Interim Chairman"

presumably finding someone to take over is proving difficult - I wonder why??

The last CPR was actually (at long last) quite good. Production and pressures have behaved very well and are at the higher end of the (much-reduced) expectations. Water cut is over 65% as forecast and they had August 2025 as probable end. There's always a bit of give in those estimates - you factor in small variances in the oil price, OPEX, the cost of the removal, availability of tugs etc, how much you need the cash flow (as opposed to a tiny profit)...........

I'd expect once the FID is published we'll also get a fairly firm date for the removal of the FPSO from Lancaster

The Receiver currently has nothing to do with the FPSO - it's a different company, it's owned by Blue Water not any PRAX company anyway

"I have had very reassuring feedback from the company over the last couple of months. "

You keep claiming you've heard from the company- when cornered you always admit that you know no more than the rest of us

A "Non Board" COO???

That's a new one for me........

He's in charge but the organ grinders won't give him a vote.

They clearly know who they are dealing with it seems.

There is a business case for micro UK oil companies investing in US stripper production - it can be a steady business, the costs are relatively low and the risks (eg Millibandism) are much lower.

But you have two issues - UK micro companies seem to have higher overheads than equivalent US stripper outfits - they pay themselves and their advisors and lawyers a lot more. US outfits are more Mom & Pop operations. And of course you're dealing in someones back yard. The people selling deals have maybe 50- 100 years of experience in the area - you don't.

You have to keep frilling - think of it as a conveyor belt - a constant stream of small production wells that rarely last more than 24-36 months.

DB needs to articulate this as a strategy at the very minimum. And no-one ever became REALLY rich this way

"Someone else is on shift at the Ocebot keyboard, clearly."

Summer holidays - he's got a student in........................

The 2021 CPR had oil at $ 66 (not a bad guess)

Hurricane has signed a contract with Bluewater for an extension to the Bareboat Charter beyond the current expiry date of 4 June 2022.

The key terms of the extension are:

1. The charter has been extended to cover the remaining economic life of the Lancaster field.

2. Either party can give six months' notice to terminate the charter.

3. The existing day rate and tariff for the vessel remains at $75,000 per day and 8% of revenue respectively. (so thats about $ 110,000 a day)

4. Hurricane agrees to establish a secured deposit account of up to $18.7 million for the benefit of Bluewater to cover the costs associated with the day rate for the six-month notice period and decommissioning in respect of the vessel.

Economic limit was given as Aug 23 to Aug 25 - as the field has been producing at close to the optimistic level in the 2021 CPR it seems a close down in q3 2025 will be on the cards anyway

"t could the production arm be liable for the refineries debts? Or is it a separate entity that is protected?"

My understanding is that they are separate companies - it probably never sold the output from Lancaster to their own refinery anyway but on to someone else.

Since everyone has been clearly planning the removal of the FPSO for a couple of years and rebuilding it for Sea Lion I'm sure it will continue on plan. Prax and Bluewater agreed an extension to the contract relatively recently and I'd guess everyone was happy. Lancaster is down to around 5800 bopd now and 66% water cut so it's probably getting close to the economic limit anyway .

The Original 2013 CPR had an economic limit of between 2021 and the 2040's but that was based on higher reserves and an Oil price over US$ 100 a bbl today. They estimated the OPEX would be around $ 77 mm a year ($212,000 a day) - at todays $68 a bbl Brent less say $3 for quality its generating circa US$ 388k a day so its getting marginal I think as Lease Costs must be significant

I do understand and of course Reach will almost certainly take an optimistic view of the data - but they've never had a reputation as fiddling the technical results.

The give away is the point I 'm making - no-one is willing to tell us what the COMMERCAIL COS is - and you can bet they have calculated it

"Rubbish. How do you explain PEDL 234 missing after only 3 days then? It may well have been less."

past performance by the NSTA - but yes it's gone for sure. now BBr has to be abandoned............... properly

According to the press defo the refinery, possible the transport arm

Definitely NOT the production arm (yet)

Anyway the FPSO is rented and belongs to Bluewater - the NSTA would insist it's properly disconnected etc etc but otherwise it's not going to be part of any liquidation

"We have no idea when UKOG notified NSTA they were relinquishing the PEDL. It wouldn't be the day before, probably weeks before so the NSTA would be ready to scrub it whenever the relinquishment date happened."

The NSTA like at least a month's notice