Member Info for Mirasol

PS - I'd expect an announcement before month -end. Hook up and commissioning are always a pretty fraught time and rarely goes according to the original timetable

"Yes I believe the flow rate was already poor under the previous operator and since navitas undertook more geological studies and new studies and have adjusted the plans to account for this"

Navitas have little say in Shenandoah development - the Operator is Beacon Offshore Energy, who have a lot of experience in the GoM. Navitas have never operated a deep water oil field .

The original owners of Shenandoah had problems appraising it and the oil price was low so they all pulled out in around 2018

https://www.nsenergybusiness.com/projects/shenandoah-field-development/?cf-view

Generally the NSTA have the UK onshore at the very bottom of their list - see the time it takes to get monthly production updates cp offshore.

And Licencing has always been even further down the list

Read the RNS - it's not "success" it's any smear of oil that they calculate the 65% for

"If that report of 65% success was from a reputable independent company then it would be great."

Pboo - its not 65% chance of success - it's "65% chance of finding moveable hydrocarbons" - remember past RNS's from ANGS et al? Always read the weasel words

It's a classic AIM smoke and mirrors routine. A slight sheen on the water will enable UJO to claim they weren't misleadiing anyone. What we want is the chance of COMMERCIAL success - but that oddly is not given......

"Sark -Chance of Success of finding movable hydrocarbons in this robust, multiple target structure is 65%"

That's actually quite good for oil exploration N sea is around 38%

" Chance of Success of finding movable hydrocarbons in this robust, multiple target structure is 65%"

What we need is not the chance of finding a couple of barrels of oil but the chance of it actually paying back. Recent investments seem shrouded in mystery on that front

"What a great deal!!!!!! Not I take it UJO pay 80% of all of the cost for this new well, for a 60% stake in the well."

To be fair any farm-in normally carries a degree of a promote - they have the acreage, you don't so there is an entry price. A basic start in the N Sea would be a pay 100% get 50% interest - a two for one. Depending how tough times are that varies enormously. But here UJO are paying $1.1 mm net - and a quarter of that is "back costs" so in fact the promote on the actual drilling is much higher than 80:60

Note $ 236,000 in "back costs" - straight into someone's pocket

Yes - it'll probably be "you pay £2bn and we'll give you some tax credits"

Another drop today

And with UKOG & ANGS suspeneded ............... maybe time to exit to Onshore UK on AIM

"As Centrica makes clear, substantial funds are waiting on the sidelines for the government to determine the regulatory support model."

They also said they were willing to kick in £ 2 Bn of their own money

Now who do you think the Govt will deal with Ocelot?

PPP are still unlisted after almost a year

beacon said they won't be back until Late September at the earliest.

My guess is they won't be back until they can get some further funding

"Hmmmm re borders, on recent FIG news of no new licences for start-ups borders etc it surprises me they've even held up as they have."

Agreed - the writing is on the wall for the minnows - Borders & JHI. Their licences will come up for renewal and they'll be under serious pressure from FIG to commit to drilling to get an extension - and no weasel words either. FIG clearly feel that they well see more interest from bigger companies post SL FID

"It will open up. Still they are optimising and this can take months"

sadly they've had well over 2 months on this and we haven't seen ANY real signs of increased production. The company itself said that.

And "further enhancements" will require funding and we know they're almost out of cash

"My own view is that they've seen something on the data acquired at the time which means that they aren't overly keen on Elaine / Isobel for some reason.

As this is a fan type play, it could well be that Elaine / Isobel are quite far from the material source for the fan."

Interesting point - I'd have thought hey have a pretty good idea on source points for the clastics by now. I agree tho that NOTHING will get in the way of SL development.

Tho if JHI came along and offered to take a slot after 3-4 development wells they might well listen

"But only investors will have the wealth to enjoy travelling the world in first class :-)"

delusional, totally delusional

25-Jun-25 0.1176

26-Jun-25 0.1150

27-Jun-25 0.1008

28-Jun-25 0.0813

29-Jun-25 0.1009

30-Jun-25 0.0987

01-Jul-25 0.1163

02-Jul-25 0.1254

03-Jul-25 0.1206

04-Jul-25 0.1180

05-Jul-25 0.1111

30 day running average 0.1126 mcmpd

Not absolutely sure but the rate of decline may have slowed a little - still going down but not as steeply

"Why do you think FIG would want a bigger player taking out RKH?"

Governments like big players - on one level that gives them the assurance they'll be around for some time, and can pay their way on things like abandonment in 40 years time. Secondly, small companies are always in some sort of crisis. Thirdly, there aren't many Board jobs in a small company when a hard working senior civil servant or Minister retires. Fourthly big companies tend to generate a lot more local jobs, local services etc. A tiny outfit in S England won't. Fifthly bigger companies tend to gold-plate things - which again means more cash in the system for the electors and the politicians.

Just when you think you've seen it all from Fool via Ocelot to TH2 another lunatic pops out of the wood work................

They walk amongst us.