Member Info for Mirasol

LTT is correct - the Joint Operating Agreement normally puts the onus on Press releases etc on the Operator. If you wish to make a release or statement you're supposed to clear it with the Operator and any other partners first.

Dodgy Australian companies try and get round that by claiming they have a "duty" to tell the ASA & their stock holders first - so they rush out pump & dump stuff all the time

Nothing will happen until they get rid of Miliband -

Cheaper than paying for abandonment

I'd certainly agree on the Portland - small accumualtions but they make money if you can find them. but that's not the target here.

But here - two operations by separate operators and both produced very little. It could be co-incidence, it could be operational reasons (after all it's ANGS) but I don't think a betting man would be very happy with those facts. Plus, of course, no-one has ever managed to get a viable Kimm producer in the Weald. There are better places to spend your money.

" Doubt it. Guzyal Mukhametzhanova is the CFO. Wizard still casting bad spells"

Actually it should be witch - note to "a" on the end of the surname

And its the same - Balcombe is just another HH Kimmeridge play - no chance unless you can fracc it

And ANGS have to find the cost of an EWT and then convince their partners to participate. Not going to happen

"Conoco drill may well have chosen an area at Balcombe, or drill target that very easily could miss a modest pocket/trap of mobile hydrocarbons, there are plenty of faults throughout the area that create such isolation too."

Balcombe 1 & 2 were drilled from the same site almost vertically

Balcombe 1 tested the Corallian and produced on 8 bbl of oil on test with nitrogen lift. rates were estimated at " less than 30 bopd". They also tested the Kimmeridgian Micrite "rates too low to determine" but they were able to swab some oil (les than 50 bbl) after an acid wash . Well P&A'd

Balcombe 2 was drilled very close to the 1 well as a pilot hole and encountered gas shows but wasn't tested I believe

Balcombe 2z was sidetracked almost horizontally to the southwest in the Kimmeridge. Approx. 2000 ft horizontal section

So Balcombe 1 & 2 tested exactly the same area of the structure. 2z deviated from the main structure to the SW. The results seem very similar to UKOG's HH kimmeridge wells - you can get some production from the fractures and then it all stops.

09-Apr-25 0.1217

10-Apr-25 0.1127

11-Apr-25 0.1099

12-Apr-25 0.1176

13-Apr-25 0.1328

14-Apr-25 0.1329

15-Apr-25 0.1336

16-Apr-25 0.1301

17-Apr-25 0.1335

18-Apr-25 0.1334

19-Apr-25 0.1296

"Balcombe has amazing potential "

It doesn't - it's a dog. It was first drilled by Conoco years ago. Then Cuadrilla drilled it 11 years ago. In 2019 Angus screwed up a test. It produced 100 bbls of oil in 4 hours . The company stated "it only flowed oil for 3-4 hours over 3 days". Sounds like its a very tight reservoir.

I've heard it needs fraccing to work .........................

I can't see how Balcombe will ever happen

Operator Angus Energy Angus Interest 25%

Partners Cuadrilla Balcombe Ltd. 56.25%, Lucas Bolney Ltd. 18.75%

Do you think cuadrilla & Lucas are going to waste more money on this ? An EWT will cost north of £ 1 mm.

Yes - and that has top cover BB, HH, Horndean & Avington.............. and current industry estimates are circa £ 1 mm per well.

So north of £ 2mm - plus whatever they owe in Turkey

Of course it has no market cap - it's no longer quoted.

But according to your weird logic the market should value UKOG even higher as they have even more liabilities at HH which you didn't add when you added BB.

"At the time of its suspension, UKOG's market cap was £1.68m. If, for the sake of simplicity, we limit our focus to the BB liability and the market cap, we can see that the market currently values UKEn at about £2.7m. "

Why didn't you add in the HH liability? I notice you can't bring yourself to even say the words "there is a legal liability at HH".

Doesn't matter Ocelot - they still HAVE to pay to abandon HH some time. That's not an entry in the asset column - it's a nailed on, legal liability .

Which you are desperately trying to avoid recognising.

It will probably cost even more than BB as there is a load of surface kit to remove as well.

Back to mid Feb levels - nothing to get too excited about but traveling in the right direction

"Re HH: the situation is not at all clear which is why I have not taken note of any potential liability"

You don't seem to understand Ocelot - the liability to restore BB AND HH are not potential. They are actual and legally binding. They were entered into as part of the grant of the Production Licence, the Drilling Permit (s)and the planning permissions. They are not negotiable. They are legally enforceable - and the Directors & Auditors know that.

The only wriggle room is on timing but they (nor you) can wish them away.

As you know I'm not a big fan of the mis-management of ANGS over the years but I think the compressor may do better than you think. BP (who I don't always agree with) has referred to the complexities of introducing it and getting it right. I agree - there are several things you're trying to adjust at once and it takes time and some skill to optimise it for the specific conditions at Saltfleetby. It's not something you can google. You have to fiddle about for weeks or even longer to get the best result - gas, condensate, water, rates, pressures................ lots of balls in the air at once.

For once I'm giving them benefit of the doubt - time will tell

BP is correct on his posts

But before someone misquotes him lets be clear what he actually said:-

" I 100% fully expect to see potentially double or even triple the gains so far, and the reason for that is over the coming days/weeks, "

Not NOT triple current production - triple the GAINS - which are circa 15% so far so maybe another 45% over the recent average of circa 0.12 mmscum a day - lets be generous and say 0.2 mmsfgd or where we were in March/April 2024

"My VOTE IS WITH DB He done all he can under very difficult circumstances."

:))))))))))))))))))))))))))))))))))))))))

I wouldn't want to be a Director.

If they go bust without paying for abandonment the outcry will be enormous - and UK Govt's have along history of chasing (relative) small fry and letting bigger fish (say BP) off the hook. The one lucky thing about being a shareholder is that they can't come after us - but they might well wish to make an example of a few Directors - if only to scare the companies offshore who still are sitting on large abandonment liabilities.

TrollHunter2 Posted in: UKOG Posts: 2,295 Price: 0.175

No Opinion

Massive oil field in Turkey23 Nov 2020 11:53

Happening early next year......couple of months away now.

Loxley and Horse Hill to bridge the gap between now and then.

IoW to happen next year also..... permissions in discussion but will be financed by Resan success.

This is no one field oil company. Several plays and several wells planned in each field.

Mid-Cap oil and gas company status within reach.... could all change very quickly, especially with Resan result early next year and production by the summer. £££££££££££££ :-)

Enjoy the transformational ride from here chaps.