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Angus Energy in talks to buy 'transformational' gas asset in North England

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Member Since: Fri, 3rd Feb 2017

Number of Share Chat Posts (all time): 1,825
Number of Share Chat Posts (last 30 days): 360

Last Posted: Today 14:15

Post Distribution over the last 30 days

Today 14:14

PH referenced the deep Gas play drill later in the year to be drilled from cash reserves, and only after the tender for 3D survey has been accepted, shot, and analysis made to identify the prospects in the Upper C layer.
West Rustavi field shares the same structures as the previous CanArgo Kumisi-1 well coupled with horizontal drilling and slotted liners could point to a significant gas play.

We still have yet to complete:
The stage II purchase from 75% to 91% for $250K or 6 days production.
The stage III purchase from 91% to 100% WI within 90 days of Stage II for a Placing of $500K in shares based on 4P
The WR 3D is a mandatory requirment of the PSC with two years of sgnature.
Today 12:42

Either a bid for Block XIc which borders both Norio and Satkensis
2018 view on Bk ownership,+Georgia
Kumisi is on the western boundary of the XIf Wset Rustavi Block. Our nearest well WR30 is to the east of the brackish Kumisi Lake.
30 April 2007
The Kumisi-1 well that is being drilled with CanArgo Rig-2 is an appraisal well to the West Rustavi-16 Cretaceous gas condensate discovery made in Soviet times. Seismic data shot by CanArgo indicates a potentially large structure may be present and test data from the discovery well indicates that reservoir productivity should be good. This prospect is situated just to the south of the capital city, Tbilisi, close to the Rustavi industrial complex, the Gardabani thermal power plant and the route of the new South Caucasus gas trunk line from Azerbaijan to Turkey. The well is designed to test the Cretaceous limestones, the top of which is prognoses to be at a depth of approximately 9,845 feet (approximately 3,000 metres), and an underlying volcanic sequence of pillow lavas at a depth of approximately 10,830 feet (approximately 3,300 metres). In the Kumisi well, a 7" casing string has been successfully run and cemented at a depth of 8,881 feet (2,707 metres) in Palaeocene shales, which are expected to provide a potential cap rock to the Cretaceous, carbonates. The well is currently preparing to drill ahead and is expected to reach target depth of 12,140 feet (3,700 metres)
Today 11:11

Gustavson Associates CPR:
5.4.1 Exploration and Development History
In 1987 the Rustavi 1, 3 and 16a wells were drilled into the Upper Cretaceous on a structure
identified on 2D seismic data which was acquired in 1984. The West Rustavi field started
commercial oil production in October of 1988 from the Middle Eocene in the 16a well. Two
additional wells produced from the Middle Eocene, the 38 well which is within the block boundary
and the 39 well which is located just north of the block boundary and designated to be in the
Krtsanisi field. Production on the West Rustavi Block ceased in December 1990.

This field has hardly been touched for oil production. Upper Cretaceous

Only three wells in West Rustavi have penetrated the Upper Cretaceous, the 1, 3 and 16a. The 16a
well had been tested at a rate of 1 MMcf/D gas and the 3 well, which is fault separated from the
16a, had an oil show with a 38oAPI gravity. In addition, multiple gas shows were reported from
the Kumisi 1 well to the west. The horizon can be separated into two distinct units: the upper is
made up of calcareous sediments while the lower is made up of volcanoclastic sediments. Matrix
porosity ranges from less than 4.0% up to 8.4% based on information from the 16a well. Effective
porosities can be as low as 0.8% as seen in the Chechnya Field. Gas has been produced from the
nearby Teleti and Varketili fields from this horizon.
Today 09:16

Nobody else is going to blow their trumpet, that what they pay high flying lawyers for.
The FRR fat lady hasnít sung yet and wont until August.
Any actions against Georgian companies will be under Georgian law.
Itís still a binary call, we will be either filthy rich or filthy poor, and for a English peasant being filthy working, is just normal practise. But, I would prefer to be filthy rich!
Today 08:57

I see Paul decided to lay a few de-ramper ghosts in that interview:
Production is continuing at WR16aZ!!!!!!
Block now entering a RAPID development phase for West Rustavi with multiple wells to be driven to enhance and confirm the geological expectations of the field, and WR30 and WR3 in particular.
WR30 at the Western end of the field to confirm the ridge of the Anticline productive capacity and re prove an existing Gas find in the Middle Eocene this drill will be an analogue of the WR16aZ with a horizontal drill down dip towards the East. The WR16aZ slide in the recent presentation shows a reverse of the drill which will take place. WR03 is a similar play drilling east to west in the 2P zone to the north of WR16aZ.
However, the interview suggest some 3 yr. targets of Oil @ 8000 BoO p Day, and 15Million CM3/day of Gas. Given that the 2017 CPR suggested
West Rustavi @ 75% WI moving to 100%WI in September
Contingent Oil/Condensate Resources, MMBbl
Low Estimate (1C) 18.6
Best Estimate (2C) 37.9
High Estimate (3C) 69.3
Contingent Associated/Free Gas Resources, BCF
Low Estimate (1C) 314
Best Estimate (2C) 608
High Estimate (3C) 1,000
Today 08:32

Bigspike its worth repeating that excelent interview:
Thu 18:13

Good post Garry, this will trade up during the mid morning and then fade off untill more drill related news is issued.

Norio is still to report on 3 -4 wells given that the Team went back to Norio at the begining of the month.
Possible 200 BoO per D from Norio being produced now???
Thu 14:34

In reality it all out on the Web, except for the small infill sections of blocks around Norio and Satk. West Rustavi is ties up with other operators around it.
The time scales are the issue.
A few weeks to solve the Gas connection first, the gas vendor is probable waiting for permits to cross state land.
Local storage takes time to build and install again weeks.
Then one of the Drill can have the drill mobilised to it. WR30 is first.
Then the CPR
Tender for 3D signing.
Loads of jucie news to come.
Thu 14:23

Block Energy Plc announces that it has today allotted 1,723,650 new ordinary shares of 0.25 pence each in the Company ("Ordinary Shares") pursuant to the exercise of options by a former director. Application has been made for the admission to trading on AIM ("Admission") for the new Ordinary Shares. The options exercised had an exercise price of 4 pence, and amount in aggregate to £68,946. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. Admission of the new Ordinary Shares is expected on or around 30 May 2019.

Exercising his options before the release of the Ops plan on the Thursday 30th May.
Thu 12:31

If it does flare, Tuesday will be a monster for UJO more so following an RNS.
Thu 12:26

Spike you arnt far wrong, the trading range is 12.5 to 13.75, with the spread all over the place on the LSE
Given news next week pre EGM it may rise further.
Buy on dips, just wait on the Bears then buy before they would like to.

Thu 12:21

For the Bears on Monday and Tuesday just look at the posting history.

I'm happy, I now have a free carry of 240K shares bought at December prices.
Roll on the the start of Q4 and 4 more side tracks completed and WR38 just started.
Cant wait for the monster Norio sidetrack in Q3/Q4
Thu 10:26

Block do like Tursday morning session RNS any time up to midday on the 30th May
Thu 10:22

Bigbench; The two existing gas discoveries appraisals are WR30 and WR03.
WR30 I think will be first side track it sits in the 1P zone on the GOG presentation at the western edge of the field and drill into the same EM play as WR16aZ. WR3 is about 1.5KN to the north of WR16aZ in the GOG chart as 2P zone.
Page 91 in the GOG presentation.

Both should hit Oil and Gas in the Middle Eocene in this coming quarter.
Thu 08:45

Block West Rustavi field will get a significant CPR uplift after WR30 and WR3 are drilled, producing Oil and Gas from the same Middle Eocene play WR16aZ produced such a rock in the pool of production.
Gas connection by Bago with an eight week build period, cost borne by Bago.
Upgraded Oil storage in the same time frames, then Block can test Choke sizes well above 3mm.

In a couple of months Zen will be in the same position.
I'll repeat what I said yesterday, get a work drill and I will buy some here.
Thu 08:36

Zebediah16 Yes the first part of the placing used the existing head room to qualify for Invetment tax releif company.
I posted a link on the Block board for the HMRC rules for such a placing and issue before it hits the market.
The second two parts require the EGM approval on the 4th June.
I and many others will be voting with the Block board.
Other TRIs will follow.
Nice to see SEA& positive for a change.
When your drill works I'll buy some more here.
Thu 08:22

RBT your missed the recovery pool of cash, for every investiment made my Block for each ME side track at $1.5M that comes out back to Block as well.
Currently we have had two A50 rigs making ready 5 sidetracks cost = $200K and J40 rig working on WR @ $1.5M
three other side tracks in WR @ $1.5M each.
Internal field pipeline back to WR16aZ???
Storage to cope with 5 wells oil production.
All of that investment come back to Block tax free as does the 40% when the recovery pool is emptied.
The side track in Norio is even better $3.5M into an existing $20M recovery pool. PH has all ready said 300 BoD for that drill later this year.
Thu 08:14

The problem with filtering known sentiment manipulators during gaps in the news flow, particularly after a placing is the damage they do to sentiment, and the confidence of new investors to put money on the barrel.
Itís even worse when they have sold out close to the top of the rise, and are now pushing the share further down with adverse comment.
Given the Monday blitz was orchestrated with others, and I use their words not mine, you have to be careful who you filter. Bridge Troll issuing abuse, filter of course, professional bashers have to be picked up on their negative posts or we all lose money.
Wed 19:15

Aren't they the same people that owned the Licence for FRR's block 12: The BK12 PSA came direct from the G Government. ....with the 13 TCF of gas reserves: It has rather more than that over several fields.
Didn't they also have to go to arbitration with FRR: They have yet to make a case over what their issue is, however, we believe the PSC has moved to another FRR company leaving a 5% royalty licence which should cover OMF $30M. Hopeless promptly liquidated it, and the GG revoked his licence.
In doing so, solving the PSC % split in favour for GG which is what the arbitration was about. The FRR PSC % is very similar now to Blocks.
Have FRR lost the block 12 PSC licence? Not to any FRR PIs knowledge, and Hopeless wonít get it either, the GG will revoke it first, as he is not a fit and proper person to hold it, and Georgian law applies.
Did we fundraise for acquisitions recently: Yes in 12 to 24 months but PH discussed this in the Interview this morning, yesterday and in the Thursday RNS? I think itís more like area extensions to our existing fields and Block XIc borders our Norio and Satk fields, that blocks GOG tender was opened on the 10th April. Or, other Georgian production companies which held Norio and Satk fields, which is how we got them, by buying the companies up at reasonable rates.
Can we talk about Block now please???

Interesting times!

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