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Spread starting to tighten , yesterday was 23% now 15%
Spread needs to narrow for the share price to go up
Good to see you back AJW .
You`ve been abused in your absence !
Personally I don`t care where your information comes from , but I assume you do have some connection to BLOE management and it might be prudent to clarify if you can .
Bloe are no doubt feeling the heat just like all Oil Companies , these pressures will undoubtedly subside in time . After the summer months , winter will be on the horizon and in this part of the world it can be brutal ~ I know .
The requirement for self sufficiency in Gas supply will be even greater .
Disappointing set backs in the short term perhaps , but I feel these summer months will provide buying opportunities for those with a longer term horizon .
GLA
I thought he was intimating they’d inherited a rig from the acquisition my bad.
What drill rig?
Hi
1) The infrastructure for the Gas been connected , waiting for for Gas Processing unit on route and estimated turn over of $120,000 per month . Too small to be viable in long run as pressure will drop but interestingly the unit can handle 6 times the current volume , which would indicate that additional side tracks will happen.
2) They still have the drill rig and materials left over from new purchase , and looking a balance enough for one more drill but where to drill ?
Hustler I think you 100% have clarity on your points. I always sit on the fence and everyone here has valid points and facts.
If they raise between 2-5p then you are correct there will need to be circa 500m shares released. However, there is still no evidence that BLOE cannot drive forward with new funding to reach plus 10p share. I thin the biggest doubt is who will be in charge to lead that forward. I cannot see anyone investing at this stage with PH and the current BOD.
Everyone will agree the facts of BLOE opportunity is still precedent and anyone who has invested at any stage could either make a nice margin or reclaim alot of paper losses back.
It just all depends on the BOD and PH. The light at the end of the tunnel can be found, but I'm just frustrated with the release of new strategy.
Thordon that looks like a pretty comprehensive list.
Key questions -
1) are they really going to process and market gas at 1mmscf/d? Too small I think, so why bother with cost of processing and sales.
2) How much extra cash do they need to get the oil production up to a level which covers OPEX and cost of oil sales etc? This comes down to cost of drilling new wells rather than re entry which doesn’t seem to work.Say 1000 bopd ( average over a year or so) is the break even, can we get there with 4 or 5 new wells ? If so it might still have legs. Probably need another £10-15 mm raise I estimate. What do you think from what you’ve read?
Added to the list , any other information will missed please hightlight
Block Energy Plc
At 6 April 2020,
1) cash balance of US$3.4 million and net crude oil inventory valued at US$470,000.
2) Early production facility, including a gas processing unit, currently in transit to Georgia.
3) West Rustavi field's production at wells WR-16aZ and WR-38Z to conserve valuable gas resources until the gas sales pipeline is complete later this year.
4) Prior to shut-in, West Rustavi field production remained stable at a choked-back rate of 325 boepd (155 bopd and 1MMCF/d gas).
5) Abandonment of WR-51Z
6) Gas sales is US$5.24/MCF At current flow
7) Breaking even at a Brent price of US$24/bbl on oil sales alone.
8) Depending on the oil price, the Company will continue to produce
and, if necessary, store oil from its Norio and Satskhenisi licences, as the quantity of gas produced from these fields is small.
9) Block Energy's net crude oil inventory is 18,000 bbls,
10) Update on West Rustavi 3D seismic
11) Blocks XIB and IX
12) Pat E-1 approximately 600 BCF
13) Block XIB initial production by 245 bopd.
14) Includes oilfield materials inventory of US$1.5 million in value,
estimated by Block.
15) storage for 36,000 barrels of oil, a workshop, a laboratory, and a
compound with an office and warehouse.
16) 90,000 B Oil storage, sales point and water disposal facility at the
GOGC site and its 18,000 B awaiting sales.
17) A state-owned underground gas storage project is located within the
boundaries of Block XIB and is in close proximity to the 600 BCF
stucture recently appraised by Schlumberger
Adding all the points of where we are with Block energy , feel free to comment if incorrect
Block Energy Plc
At 6 April 2020,
1) cash balance of US$3.4 million and net crude oil inventory valued at US$470,000.
2) Early production facility, including a gas processing unit, currently in transit to Georgia.
3) West Rustavi field's production at wells WR-16aZ and WR-38Z to conserve valuable gas resources until the gas sales pipeline is complete later this year.
4) Prior to shut-in, West Rustavi field production remained stable at a choked-back rate of 325 boepd (155 bopd and 1MMCF/d gas).
5) Abandonment of WR-51Z
6) Gas sales is US$5.24/MCF At current flow
7) Breaking even at a Brent price of US$24/bbl on oil sales alone.
8) Depending on the oil price, the Company will continue to produce
and, if necessary, store oil from its Norio and Satskhenisi licences, as the quantity of gas produced from these fields is small.
9) Block Energy's net crude oil inventory is 18,000 bbls,
10) Update on West Rustavi 3D seismic
11) Blocks XIB and IX
12) Pat E-1 approximately 600 BCF
13) Block XIB initial production by 245 bopd.
14) Includes oilfield materials inventory of US$1.5 million in value,
estimated by Block.
15) storage for 36,000 barrels of oil, a workshop, a laboratory, and a
compound with an office and warehouse.
16) A state-owned underground gas storage project is located within the
boundaries of Block XIB and is in close proximity to the 600 BCF
stucture recently appraised by Schlumberger
Best wishes to you and yours Fuse. (and Hustler)
Sleep well, busy day on the markets tomorrow methinks!
I'm enjoying the Hustler/Fuse love in at the moment, pleasant change from the bickering.
You are both correct to some extent that people don't want to hear negatives, atleast in my case that definitely means not 15 times a day.
I just can't work out what the point is in regurgitating the same stuff. We know the SP and we know things haven't gone well. Any new investors doing their due research can work all that out. Which leads me to conclude that the Mikes of this world are not trying to save anyone from the insidious rappers, they are simply gloating.
PS.
I think IAMRICH is yet another fake account but not sure
True point.
I feel PH has to go! There isn't any other way around it. If he pulls something out of the bag and starts delivering against facts then i could relieve some of the anger against him.
But at this point, BLOE has potential to bounce back based on facts right now. But the BOD need a shake up!
Yes agree entirely and that should be broken down and explained to shareholders, something I have emailed them about for transparency etc etc.
It's great that many others have now joined the expose Mike31 team. Under his guise as Hustler he got a few of my posts removed because I kept reporting him for who he really is. I have to admit I fell hook line and sinker for the OAP scam. I mean in the current covid climate how low can you go to post all that rubbish. Shameful behaviour.
Bloe will reap the rewards for LTH but Im still of the opinion CEO should go now. Maybe I gain confidence in him again but that will never whain with my belief in the company and the morherload they're sitting on. Just question of timing now.
Totally with you GROOVER!
I think the bank balance was the biggest shock around it.
Hi Thordon I know.
It's sad that they dont know that we know lol.
Read RNS again yesterday and it's not that bad is it. Dir taking payout a d taking some of their salary in shares. Hardly something they would do if the company was doomed or a scam as idiot oilmanjim keeps writing
tks V111JAS ...some just never give up !!!
lol that my rant over now
Most of my shares are up now invested in company's that are not effected by the Virus , investing is a risk and why I've hedge down to 2.7 to 2.9 pence on block.
I've always stated from the beginning in blogs that never dealt with oil stocks but understand figures very well.
Always use the word estimated and future as no one knows the figures without full year accounts.
Gave 3 tips several months ago and to be fair they dropped but rebound or stayed even.
Block Energy have to be given credit where its due , couple drills not gone to plan but did find oil & gas .
Also managed to enhance there portfolio without spending a penny, and the upside give it massive scope for the future.
Theirs company's that have been awarded licences but have not to drilled worth more then this company.
Even your name says it all , the pensioner was the lowest that ive seen on chat blogs and goes to show the lengths that some will take to lower the moral of this company.
LoL !
You`re right Sea ~~~ He`s `Duck` (perhaps I misspelled that!)
I just had to have another quick look at his posts ~~~
ROTFL !
If I had 33k invested here I certainly would not be talking my investment down like this .
Only a complete idiot would behave like that . Then of course `Ducks` aren`t the smartest of Gods creatures .
He tells me he`s been posting on AAZ ;
Oh yes ! I see he`s posted an illuminating , in depth , one line nothing ~ Twice !
What an absolute tool ~ and a very rude one at that .
~~~ 33k in BLOE ~~~ He`s got about as much credibility as `The Orange Anti-Christ `.
hustler, you are talking like a basher, posting like a basher, ranting like a basher and bragging like a basher - definitely a basher.
if you have some small change invested here at 10p per share and are underwater, stop effing whining about it like some little whiny *****.
being responsible for 99% of the posts since close of play friday isn't going to change the fact that you are underwater.
if you cannot handle your investment collapsing to an all time low for one reason or another, then perhaps you should choose a different career path - as stock market operations may not be for you.
Anyone reading Husler`s posts , first needs to read his history :
Posts ~(Last 30 Days) 122 ~ Posts (All Time) 125 ~ Last Post 12th Apr 2020 ~ Member Since 23rd Dec 2019
Only posted on BLOE .
Only posted negatives .
Only has one obvious objective .
My guess is that he doen`t own a single share , never will , and his GAS will cease as soon as BLOE`s begins .
Simple solution to his irritating posts ~~~ Filter .
Groover why do the bash the share , is it so share price is low so they invest then ramp the positives
Sea7 think you should change your title to Sensai. Another poster AND HOLDER talking sense.
Can't believe how many trolls have moved onto this BB. A few have moved across from bashing ukog or pmo I think it was. Bloody tired watching them push away new investors