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From the tone of your post it sound as though 16az is a goner because the well is unfixable (also noting no further clarification from the company doesn't help) but then again if it was a dead cert they wouldnt waste money getting outside expert in to look at it. All we know is they intend to clean it up
Reading that the initial flow rates were accurate imo which I found surprising and a little annoying after some of the things I've posted about P.H.
Don't know about the "careless handling" I'm not really qualified to comment but did note in one of the interviews they spoke of having a specialist firm coming in to look into it so take it its not something small oilers are set up to deal with on their own??
More interested in what it means for remedial work on 16az and new wells going forward than playing the blame game though Mike as if they do learn from this as stated by the co then 38 may be worth being in for at least (imo)
So a potential of 700boed for 16az was destroyed by careless handling? Is that what I'm reading?
Shame about the issues but Makes 38 that bit more interesting imo and also means that PH's words weren't so far out as they've appeared (to me).
It would have taken a very high flow rate to cause these issues apparently and his predicting 700bopd from 16az ties in well with that thesis, certainly more plausible than they reported water as drilling fluids and oil via RNS.
Hope they're more successful with the cement work at 38 (and with remedial on 16az) that way we may get right back to those high flow rates that got everyone so excited early in the year.
2.30 into this interview the chairman states they're worried about bringing the well online too quickly and causing water ingress and damaging the reservoir. Thats water coning talk so reckon the initial flow rates weren't bull myself think they've just get issues with the high rate of flow..https://www.proactiveinvestors.co.uk/companies/news/900528/block-energy-chair-highlights--nice-niche-opportunity--for-the-company-900528.html
Yes that maybe right LB28 but its also possible they opened the well too quick and got water coning as per this interview..
https://www.proactiveinvestors.co.uk/companies/news/900273/block-energy-ceo-details-west-rustavi-production-as-they-focus-on-executing--plan-in-georgia-900273.html (1 min 30sec in)
Won't pretend I've got a total handle on what it is but it is possible the first RNS on flow levels was accurate imo hence their issues with it.
https://petrowiki.org/Water_and_gas_coning
Be nice if its work on 16az preventing them buying still.
When the first announced flow there it was sans water..
"It was opened on 26 March 2019 and, after a short period of swabbing, began flowing naturally, producing a combination of oil and returned drilling fluid at average rates of 1,500 bbl/d through a ¼ inch choke. During the initial six hour clean-up phase stable wellhead flowing pressures of 500 to 550 psig were observed."
The water ingress started after and its that that has them restricting flow of oil so much.
If they buy shares then suddenly find the fix then they'll really look bad.
" We've bought 1m shares each oh and by the way flows sorted and 16az's back to 700bopd. " lol
For sure AJ, that’s why I said dependent on the success of the current campaign. Current strategy is sage, low hanging fruit first, field maximisation second, soviet block third.
yes I reckon we will get an nice update next week - cant wait as I think it will be a very good one - bring on next week imo
if they buy before a raise they get accused of insider knowledge.
if they do not buy they get accused of being lifestyle AIM BoD with no skin in the game.
cant win either way.
My view is they should buy/sell whenever they want to but not directly around news. If they do buy it needs to be meaningful.
for example Chris Fraser CEO of SXX bought £10K shares after the share price was trashed. he has a £1M renumeration package, that is just insulting.
I don't disagree BB, but I was thinking more of a transparent purchase that would be seen as a vote of confidence in the company.
They will just buy via friends and family like we all would.
Interesting range of views - Lets split the difference - How about if the BOD are "allowed" to buy shares after the W38 RNS at say 8p and then this will push the price back up to 11p - in the short term.
Please don't forget that our CEO and BOD are just as greedy as the rest of the world would be in their position and just because they have been advised not to buy it doesn't mean they don't buy anyway.
They were probably advised against this as if 38 performs well they would be accused of foul play ie they know at the time of buying that the sp was going to increase when they release news. Personally I wont take too much from them being advised against buying
Maybe a share purchase by the bod after the price drop that some are blaming on the bod would be seen as an engineered drop for their own gain? I would imagine this is why their advisors advised against it?
Interesting post from cpap man @ 12.33 on the other chat board:
I had a long conversation with BLOE [PD] the other day following on from an e-mail sent to BLOE I had suggested in my email that...."at this beaten down share price it would be a sign of confidence if there was a significant share purchase by the BOD and other connected parties". His response was that they had been considering this last week and had been about to pull the trigger only to be warned off by their Nomad and PR people....as "not being advisable at this time"....draw your own conclusions on that one!?!?! On all other fronts whilst obviously no market sensitive information was given he was very open leaving one with an extremely positive feeling reference how undervalued that BLOE are currently!!!!
I am 90% sure I know the identity of this poster - someone with a financial background who is connected with another mineral exploration company.
There's the 3D Groover. Must be plenty in the old 2D to suggest there's more potential all over the existing field. Results in Jan I think.
I did a little research awhiles back into the neighbours. I'd say there's potential for further land grab if all goes well with current campaign. Not to sure if an area becomes available if it has to go out to tender or not though.
When will we finally hear some good news about this company.
SP is beyond depressing for a company like this. Does anyone know if they have other fields lined up after the current programs. Getting to the point where we appear to waiting on the potential of just this field yet here we are still.
Anyone with information?