Member Info for Mirasol

"I am no oil expert but can’t the MODU being sent to drill the Sealion holes before the FPSO arrives also put a few holes in Isobel to appraise it. "

yes - in fact tho the best time would be after they drill 2 or 3 holes in SL - that way they can have some time to look at the results and check to see if their model is correct. It almost certainly would benefit from some changes in location etc. and when you are drilling a new well every 40 days or so it's hard for the technical team to absorb all the information.

But wouldn't RKH have to pay their share of any Isobel well?

I'm pretty sure that FIG would be happy to see a larger outfit replace RKH

I don't think RKH has long left - they're an easy target once SL gets the go-ahead . They'll have to take on debt or dilute to get that far - a medium sized outfit will take them out giving the new investors/backers a quick gain. No-one wants to be in a company that takes donkey's years to get somewhere.

Marlon was careful to cover his rear tho'

" and assuming the fans are in communication "

There are dozens of cases where people assume the best possible case - think Hurricane for one - which is tripped up by the actual geology when you start drilling more wells. I can't understand why everyone is dreaming about Isobel - it'll be years before it's appraised never mind developed. Navitas aren't an exploration company - they're a development outfit (thank god!)

"The NTSA approve proposed work programs and look at the cost estimates for those work programs, but not the overall financial health of the Operator involved."

When you apply to be a licencee you have to show that you are good for the work programmes etc. Given the zero importance given by the NSTA to Onshore for the last 30 years I expect they don't update the numbers as often as they should.

I expect this to change when one of the current crop of unfortunates on AIM goes bust and leaves a few sites unabandoned. At which point the screaming from the NFU, the planners and the local councils will be heard and Miliband will try and act long after the horse has bolted.

"You are so far off the mark. RH departure nothing to do with that."

Well OTM , since you're clearly the new BOD mouthpiece, why DID RM leave?

We're on the edge of our seats in anticipation

I 'd bet he actually put quite a few hours in, calling the investors, tapping old mates, even lunching with some foreign businessmen - and to be told "Sorry, old friend - it's not on this time" must be soul destroying. And of course Trump scaring every market and investor can't have helped - in fact it was probably the final straw.

"It will probably (as a condition of the sale) get them out of their decommissioning liabilities for Horndean and Avington, "

Over the years there has been the odd rumour that Charlie & co looked at other fields - possibly taking a cut in return for providing services cheaper. Possibly Saltfleetby when the Russians were selling out, probably some of the Star acreage. Nothing happened -maybe he knows too much about old decrepit fields to throw away some of his cash, maybe finance issues with abandonment, possibly finance guarantees for firm work programmes.

The ways of the NSTA are weird and wonderful

Can we return this topic to the real world of RKH and Sea Lion please?

" it's clear, you and all the rest of the people you name, are quite knowledgeable. However, and quite frank as it is they are all serial de-rampers with an axe to grind and a clear agenda"

yes we want to tell the truth and save people from wasting their investment

tell us ONE item that people like BP got wrong and ONE item that OTM and rampers got right in the last 5 years.

It may pay for itself but oddly the contactor will want $$$ up front. I wonder why??

Happans regularly. Often finger trouble in the office.

And RKH is a real minnow, with trouble in the markets, human attention is focused on managing more important shares first thing

Servatec is of course owned by Charlie Palmers family. Charlie has been the main uk onshore service provider for a generation

Probably gets them out of their share of the 2 fields they sold but not their share of HH & Broadford Bridge

Ahhhh "subject to funding"

Don't hold your breath

I think the statement that they don't want to hand out new acreage to anyone who can't drill it without a farm-out or financing is a major shift that reverses over 25 years of policy when no-one was interested in the FI. Suggests to me that they see the strong possibility that there will be other, significant players coming in in the next 5 years. And it doesn't bode well for stretching some of the old licences again and again.

I'd expect that formal FID will wait on a couple of things being cleared up - tax and abandonment. Things like Carbon offset aren't likely to be game changers for Navitas

"The Mineral Resources Committee advised Executive Council that further licensing to start up oil companies, who may require farm-in solutions for funding, should be put on hold and that licensing should resume again when the area attracted larger companies with the funds to survey and drill wells"

Sounds like they've been contacted by some medium to large companies - no more space for minnows like Desire, Rockhopper, Argos, Borders etc who need to farm-out to progress.

Thanks Mogger - clearly getting the decks cleared of dross and putting in place clearer rules & regs ready for First Oil.

"What are the odds that the company will need refinancing"

but who would put money in? It's not as if there's an asset that can be stripped by a new investor - you'd have to budget £ 3-4£ mm just to meet cxcurrent liabilities - and then what are you left with - a quoted shell with no money and no assets.

You'd be better off starting a new company, with a new BOD and get Ocelot a new name

Presumably their opinion was somewhat stronger this year? Eg "there isn't a hope in hell that this company can survive....."