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Firstly, I’m a genuine investor. A question for all of you. How happy are you with PH’s performance as a leader? How happy are you with BLOE’s performance?
Well obv it’s a firm could do better , especially on communication… but he’s still a better alternative to that Scottish contingency shower
We are so happy with everything about this company ... that it's unreal .... how old are u 5 /6 .....
I do think the BOD have now got to answer their critics, the time has come now for a positive newsflow. Patience is running thin with many LTH’s.
I would go further than could do better... with someone else. PH has lied repeatedly throughout his tenure, just compare words that came out of his mouth 4 years ago in interviews, watch proactive investor and work your way forward to those today, the Vox markets one's are less PH centric as he mostly just fobs off to Ghuram or someone else to give updates.
The thing I find mind boggling is that everything at IPO has pretty much fallen apart. They just changed the goalposts each time the plan failed to deliver what was set out. 550 a well they said but it's actually really a great success when a well only hits 250. Remember they were actually extracting water for a period that they let the market think was oil. Anyways promised 10 wells all funded from the initial raise and would move forward with FCF fuelling further development (self funding only was one of the USPs), as they would immediately become cash positive and the completions they were called back then or sidetracks as they are known now would take only 2 to 3 weeks each to drill. How many wells have we drilled in 4 years? Certainly isn't 10.
Well It's taken 4 years for West Rustavi to become cash positive, an additional £5.28M fund raise thrown in for good measure, because that first £5M couldn't complete the sidetracks outlined at IPO. So what does £10M get you? £1.6M in cash, your shares devalued every month as they pay salaries in equity to save cash (even though they are FCF positive according to the RNS's), 600 Boepd and a farm in acquisition with only £1.6M to develop currently. Honestly now and be honest if someone gave you £10M right now and however much the equity for salaries has cost us, I bet you could do better than assets you haven't yet got the funds to develop, and just £1.6M of cash.
We gave him the benefit of the doubt during the pandemic but if anything progress is worse than ever. The rig has been available since February and it's July next week... still no spud. This is not a completely new well either, it's a sidetrack to an existing well.
If it wasn't for the assets that I believe do hold value, I would have left long ago. You could have the best ship in the fleet but if it's captained by an individual that seems to make more bad decisions than good (only to change the narrative afterwards), it's only a matter of time before you sink or are sunk. PH has rolled the dice too many times at the shareholders expense, the WRB-1 sidetrack by Blocks own account, is a second stab at a drill that is 3 years late. There is nothing to do to convince me that he's not out of his depth, unlucky I thought for a time but clearly there are bad decisions and mismanagement everywhere you look here.
Scrodingerscat - I think it may be worse than you think:
You have overlooked the additional £12M raised in May, 2019
(£5M + £12M + £5.28M = £22.28M in total)
"How many wells have we drilled in 4 years?" 4 of moderate success, 1 abandoned.
Well hallelujah - it seems many of the the blind can now see (apart from bodyrash of course)!!
I gave him a pass on that raise as the narrative was that was to be used for the acquisition which I think will still end up value accretive the IPO and other raises on the other hand have mainly just been exercises in failure with only a modicum of any notable success.
Scrodingerscat - Think you are wrong mate, this was what the £12M raise was for:
· Drill up to four horizontal sidetracks to scale up production and fund future capital programmes.
· Expand production facilities to increase capacity to 4,000 - 5,000 bbl/d.
· Acquire 3D seismic to provide critical understanding of subsurface.
· Appraise two existing gas discoveries.
· Drill one new well targeting gross contingent 2C gas resource of 608 BCF.
The acquisition did not actually cost Block anything, other than shares.
The board have amassed a substantial amount of shares over the past few years which might just be enough to prevent them being ousted, should the next Rns be less than we hope for. PH is also a NED in OEX who are doing no better (at the moment) than Bloe and also takes shares in leui of wages. I also note from the company website that the EBT is sitting at 43.6m shares. What happens to those shares when they don't need to issue shares in leui of wages any more?
Daily Mail :
Macron is overheard warning Biden that UAE and Saudi Arabia cannot pump more oil as EU scrambles to replace millions of barrels from Russia that it vowed to ban by 2023
You do know that years ago RNS was extremely poor , now in abundance that said the words are clear and must be trusted unless a corrupt director.
In this vase the directors are buying shares in form of 40% of wages and buying direct in the case of PH at 2.5p at over £100k.
Now think why
We know Block energy are now cash positive now
We did have a raid on Block Energy to change management but was overturned.
We do now supply issue on materials for drill
We do know the same people that chat negative , is there still a agender not to there likening who knows , one did question about a year ago that said was a new investor but overtime now says invested at a higher rate which is impossible , did apologies at that time but by gut new otherwise.
For me we are in a period of positive area , not one that was true 2 years ago.
Its a game of Chess and we are near to taking the queen out
Yes PH has spent £110k on shares recently and now holds 12.5 million of them for very little cost. Work out his average if you dare.
In the meantime your share of the pot ,which presumably you paid some hard earned for, has dimished through the subsequent dilution of the favourable options available to those pulling the strings.
Nice work if you can get it.
bedex £110k at 2.5 p means a loss for PH hardly the comment of "Nice work if you can get it"
also paying for part earning for shares is not discounted so hardly "Nice work if you can get it"
Pay attention to facts not spinning as you do
Of course we mustn't forget his grossly inflated salary (clearly not linked to performance) that he's been draining from the company for years whilst any value for shareholders has been destroyed under his disastrous tenure.
Morning rxdav........!
That one handshake could be worth his "grossly inflated salary"......... ! :)
All the best (ya never know......! :()
Morning Chesh. I'd like to think so - but sadly, the historical precedence here doesn't augur well in that regard.
Just the 4p - that's all I want!!
As you say - 'ya never know'!
I hear you rxdav........!
.......and wish you well in gettin to ya BE.......! :)
All the best (gotta be news tomorrow, better be at 7 and not after hrs.......! :()
Do results have to be issued by tomorrow ...
Fink so ROCKLAWN..........!
6 months after YE, and end June would be that.........! :)
All the best (timing wise, early doors, intra day or after hrs is another fing.........! :()
Chesh - not trying to upset you, but:
"All the best (timing wise, early doors, intra day or after hrs is another fing.........! :()"
I have a long memory - On the 30th April 2020 they issued Audited results at 18.29 (different accounting timetable then).
Just stating facts, nothing more, nothing less.
Will it make any difference to the results when they are issued? Whether it be morning, noon or night ? Cracking on with the sidetrack is more important. Come on PH.
BOB..agree ... a line from that country song by GB .... if tomorrow never comes ........
No probs Hepseal.........!
I refer to my post a few weeks back regarding the time of the release (on the day) and it's impact on the SP with ref to the monthly salary for shares RNS.........!
That scenario could happen, and much as I'm up for cost saving...... I'd rather the SP be higher to 1: dilute less and 2: lengthen the cost saving process..........! :)
But I'm on this side of the process, not on the receiving end..........!
All the best (I'm quite thick........... skinned BTW..........! :()
I'm quite thick........... skinned BTW
Ha, Ha - Not sure the first bit is true in your case but ditto!!