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Simon, if rework generates 200 barrels of oil a day @ $60 per barrel at a cost of £2m, how long is your return on investment?
Its all very well learning from 16 regarding the drilling of 38 and hitting oil etc but getting the bore concreted successfully is going to be the issue with a lot of water present, can they avoid the water when drilling? There have been too many failed wells by companies in Georgia which have blamed Russian concrete for the failing. They should forget the cheap option of re-entering old wells and drill fresh ones, cheap and failed doesn't pay in the long term!!
Struth you spend time putting the data which GOG used to sell the PSA to other Oilers on the board and a pair Bashers trash the share with bovine excreta ignoring , that post, and the description of the latest drill, and the ops update on WR16aZ.
Quote: Captain has pointed out Well38 has very similar structure so expect that to go down the pan too. No it isn’t.
Fact: WR16az had a cementation issue which causes Block to run the liner without cementing the transition from Vertical to Horizontal allowing water to flow down stem and be syphoned into the slotted liner. The horizontal section is up dip with according to Block with 75% in the productive pay zone the gas in that zone is what is pushing both oil and water to the surface and I believe @ still @585PSI.
Fact: WR38 doesn’t crash though a major vertical fault section which WR16aZ did, it is drilling though Basement faults into the top section Middle Eocene pay zone down dip. Block have been very careful to core the layers they are going to transition though, the key is a perfect cementation run to the liner shoe point, and then we will see just what is there.
The rest is Share Pee take B@locks, bashing to make a CFD target and a low buy in price
It's all in the rns' captain.
There is one that goes into the design etc of 38 and how they are trying to mitigate the issues with 16.
The past is not going to dictate what happens in the future is it.? The points which are being raised non-stop by the "bashing brigade" are known by everyone with more than passing awareness of the background to Block energy. The terrain in Georgia is complex and problem-solving will not be a simple fix. Lets just see what is reported by the company over the next few weeks. As I said I find the constant company bashing boring in the extreme...........there may well be a surprise in store for the bashing brigade.
My thoughts are Bloe are out of gimmicks to sell
-16az is unlikely to improve, and as Captain has pointed out Well38 has very similar structure so expect that to go down the pan too
-Gas is still very far away operation wise. The drilling campaign had always been for the oil. Even if the Bod accelerated the program to focus on the gas, it will take time to arrange the necessary equipment, do analysis work, getting permits sorted. Then again, even if all that is sorted, it doesn't mean its a guaranteed
I honestly think Block Energy should prove up some commercial oil first rather hopping around potential commodities and telling the market how good they are and then not delivering expectation. I personally will be waiting for updates from 16az and go from there
I think the problem for me was that when well 16 was still thought of as the 1000 bopd gusher everyone noted that well 38 was a 'look alike' prospect and therefore should be expected to do the same or better.
Now well 16 is a water laden disaster zone I don't see why there isn't the risk that well 38 is the same? I know they've 'learnt' from well 16 but it might not be as easy as that. Also when the well 38 results are in they're bound to be more cautious (honest?) in how it's reported and if it ain't great I don't expect the share price to react well.
Fair value for the sp is 3p imho
3p was the start of the campaign
Obviously well 16a has now gone up the creek (whether the company will be able to remedy that is another story) but the sp should remain in the 3-4p region until solid evidence that the situation is improved
We all know who the muck-rakers are on here. They have infested the BB for many, many weeks trashing the company the BOD, the CEO and the SP non-stop and really it is becoming extremely boring. You have summed it up very well - the upside from here for Block and similar companies is very appealing - end of story. Balanced views I can handle - I can afford to hold on as my average is already fairly low. However, people who invested heavily at 12p-17p must feel heartily sick of the share bashers - and you know exactly who I mean.
So buy now at 4.8p and have the last laugh?
It's better to buy a share at 4p several weeks before two high chance of success wells and then shoot north than buy at 37p and hold all the way down.
Any particular reason you chose those dates and prices? Peaks on the graph by any chance?
2.9p to 17p
17p to 14p
14p to 4p and still going lower
What has Matd got to do with Bloe Gary1960?
Or are you implying Bloe would follow the same pattern that it has already started?
A little history lesson for the muck-rakers:
MATD sp April 2011 - £ 2.01
MATD sp Feb 2017 - £ 0.37
MATD sp Today - 4.8p
As usual DYOR...................
Scoobyrex. Just because a stock is down on it's luck doesn't mean that ther're not worth considering as an investment. Matad currently has a lot of significant potential upside within the next 3 weeks. It's not without risk but I'd imagine less than Bloe and certainly much less than SXX.
Bill you have a funny way of making the share price worse, takes all sorts I suppose.
Most of the shorters and trolls, who are sold out want 3P to re buy back in.
I still say Block will keep Stum untill very close to the AGM, and then drop an RNS.
West Rustavi has Oil, Gas and water in the bottom of the Middle Eocene from the Rustavi Motorway to West of the salt lake 18 Kms away, with WR30 and WR38 all along the Anticline.
The issue is to get it out and leave the water behind and that requires a working cement job.
You are just afraid to hear my thoughts Rob
Find it better to filter scoobyrex as they are only here to give one sided views .
To be of use to me I need balanced views and stating that bloe messed up is something we all know .
What we are all interstested is what happens next .
Presumably way less than the sorry investors at MATD, with a long list of failures and more to come.
But please do deramp BLOE some more. I just cashed out some of my stake of BCN and have a wedge to invest here, increasing my 20k buy order.
Oh dear, thats quite a bit rob
I had a 10k profit and now a loss but as it's paper +/- it does not bother me until I sell.
Aim is a market that people buy or sell on sentiment and news. It took very little to get to 17.
Gas deals and real oil out of the ground will have the same effect as the bad news but in reverse .
My average is 10.4 and though that leaves me well down I believe that it would not take much to sent it back up
But just my view but backed up by reasearch.
We're gamblers- this is a share, nothing like being locked into mortgage with negative equity-, we can all get out whenever we chose at a loss- Being locked in is nothing but a prison cell of the mind.
In same way, some people feel pain when sitting on a paper loss- if you don't need out, it's not an actual loss.
W16az is choked back so I have no doubt in can be opened to circa 700bpd.
Just need the well logged and isolate the water zone(s).
Most mature well produce some water so not expecting 100% water shut of but if we can get to 20% ish that's acceptable on 700bpd.
They must be half way through W38 now so looking forward to news on reaching TD with some preliminary results on zones hit. Gla
Being locked in is not nice and I can fully understand the unhappy views .
What is not nice is the rubbing of hands with glee by people not invested .
It shows a total lack of respect .
This share will come good as only a small amount of the funded program has happened . Yes bloe pulled the wool over our eyes but the program is moving ahead
I'd say the directors were pretty shrewd in getting an 11p 12 million placing.
Obviously you'll say multiple places were duped. Perhaps they know a little more than someone who trolls the BB's daily...
Just T traders selling at a loss atm. Major shareholders haven't changed.
One thing has gone wrong and one thing only Billy Boy and that is we have got water ingress in a well that was originally flowing very well at 700 bopd. It is now flowing at 300 barrels of fluid per day 75% or so of which is water- thus we are only earning 10% of what we were six months ago.
That is the only thing that has gone wrong with the oil production- if the board of directors had kept quiet about the water ingress and shutting in of the well and had managed to resolve the issue- we'd all be saying what a smart move, no need to have scared the horses.- itl didn't pan out that way so let's move on. 4 more wells to drill, gas to monetize and a seismic study that may lead to bounty beyond out wildest dreams and Exxon, Schlum etc- fawning all over us-
Think positive thoughts and the universe will reward you.