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I'm a lowly council employee and bunged the whole of my life savings into this at various between 8-17p, some £23k. I'm not sure I'd rather have the cash sitting in my 123 a/c, it's taught me a lesson and there will be further opportunities in life- I was out of share dealing for 20 years with family, mortgage commitments, started with Google, Microsoft etc but soon realized never going to make more than city break treats on a 20% spectacular year so I went for a gamble- We are all seriousl gamblers otherwise we wouldn't be on this board- we'd be on Shell, BP, HSBC or have our cash in unit trusts.
Why then bleat incessantly when things go wrong?- people really take things to heart, as if PH has it in for them personally- I can't help thinking that they are all extremely negative in every other aspect of their lives and no accepting of what is... if only I'd had taken that girl's number 30 years ago, not missed the train for the interview 20 years ago etc.
Hustler
You posted one post in 2019 on 23rd December about Block giving a happy Christmas and moaning about it , the next is you appear on 7th April 2020 giving off again with 83 post in two days.
Giving off to how crap this company is , be constructive and look for the positives of what may be within the limits and budgets of Block energy.
It would appear that your main aim is lowering the price of Block for a ripe takeover.
You have a Negative attitude.
And never assume that anyone is a new investor
Happy Easter
Just to let you know Hustler been on this share a while at 5.5p then 4.6p then 3.7p and now 2.87p pence by being again and again to reduce loss.
Probably not as bad as most but have £10 k invested
was asking if new why would you invest at a low rated company and the past is the past , can not change it
As everyone keeps reminding us
So its fresh start and what are the positives
I got in at 8. Then 10. Then 12. But my biggest chunk was at 17. I'm 90% down.
I knew cash was an issue. This was a 5 drill campaign but revenue was based on each well producing 350 @$65. By the time the 3rd well was drilled the money should of been flowing in. The change of the 3rd drill was purely based on the need to hook up fast to generate cash. Should of seen this coming.
Sea, sometimes it’s the detail on the RNS that’s the issue. “Hit the ground running”. Followed 10 days later by shutdown. Followed by TR1. I like a gamble but I’m left thinking I’m playing against a marked deck. I’m pretty angry with myself right now with time and cash invested here. The only and only ace in the deck for that kind of language spoken in the RNS and interviews is for some unaccounted reserves. I reckon there’s a 10% chance of a nice surprise.
So my view
If you was a new investor looking at this company a fresh , what are the positives.
Forget the past whats on hand with Block energy
i.e
Gas sales
Oil sales
3D results
Cash
Program for future
Well my opinion of this shower changed autumn time as all the hype turned into tripe. And glad I dumped after averaging down a pretty large amount of money to 8.8p . The BAGO deal saved my bacon on the spike up . Feel sorry for the genuine who have been well and truly mugged off here. Mid tier oil and gas producer.. YEAH RIGHT.
anyhow - hope all have a decent easter break - even if it is mostly indoors or the garden - back to work tuesday.
of course you are correct there hustler - that it would then be restricted cash in that it is allocated and I clearly forgot that in my post - no intention to mislead.
the point re the twitter bit... was that it would be like your boss saying happy xmas to you, then firing you two weeks later - knowing full well he was going to do it, when he wished you happy xmas. A bit of a ****s trick.
my view was that they would not sit there, all smug, wishing everyone happy xmas, knowing full well, that less than palatable news was in the pipeline.
no intention to confuse - I do hold this stock and do wish to see them make headway - just without all the half baked PR and less than detailed RNS's
I find it amusing that someone thinks there are only a few people who "bashed" this Company for what it is, ie mike 31, bill tucker, hillbilly, etc and that they keep reinventing themselves under new names.
Months ago I posted that there were some very dangerous people on this bb posting deliberately misleading opinions on here and it wasn't any of the above.
A lot, yes a lot, are fed up with the b******t they have been fed.
fuse thanks...
when block raised £12m this is what PH said...
Haywood also highlighted that the injection of funds gives Block Energy further freedom to explore other new opportunities.
“We are a young, ambitious company keen to apply the low cost, innovative drilling technologies we have deployed in Georgia to new ventures in the region and beyond,” he said.
..........
in my view, it is a small community of oilers in that area - word will have circulated about schlum and perhaps PH made a move.
Hustler - I was assuming only the money spent on the two drills of $4m and that the 3d was in the works and probably not paid for yet. Hence the figure put up.
a month later and some clarity shown by the company gives insight into the possible costs of the two drills, the 3d, the EPF, then it is easy to see that they have already paid out on this lot, hence the much lower figure left.
unfortunately they aren't providing us with a breakdown of expenses each month so, we are doing a fair bit of guess work
nothing intentional and certainly not intended as baseless ramping.
it is worth noting...in january schlum sold their 49% stake in bandurria sur oil field
this was for over $350m
this is what the ceo said..
The oil block is currently in the late pilot development phase with a current production capacity of approximately 10,000 barrels of oil equivalent per day (boe/d).
Schlumberger CEO Olivier Le Peuch said: “The monetisation of our Bandurria Sur interest is an important milestone in Schlumberger’s strategy.
“It has been a privilege working in partnership with YPF on the pilot phase of this world-class unconventional resource.
.................
when you think they are dealing in assets of this size - the 245 bopd in georgia is barely worth their time.
fuse
at the outset...yes a very good move.
They have increased acreage by a significant amount and obtained production of 245 bopd, without putting down one penny in cash.
They got oilfield materials inventory of US$1.5 million in value, estimated by Block and it Includes a central production facility with storage for 36,000 barrels of oil, a workshop, a laboratory, and a compound with an office and warehouse.
the downside is that, this is going to be quite dilutionary when the time comes - 23% dilution for zero cost options.
option value given at $6 million.
The risk is that block do well with it, issue the shares and then schlum spin round and take the asset back, by buying up the company using their petty cash tin!
If block mess it up or cannot do it, schlum walk away, without incurring a penny of further losses.
All the risk is now with Block and schlum can sit back and reap the rewards, should there be any
from october 2019
https://www.upstreamonline.com/shale/opinion-oil-services-goliath-crashes-to-earth/2-1-692884
Schlumberger's shares rose sharply as chief executive Olivier Le Peuch used the third-quarter results to promise to sell under-performing assets and ensure that shareholders get a better deal.
There was also every expectation he would take advantage of his newcomer position to “kitchen sink” every loss he could find with the knowledge the blame would all land on his predecessor, Paal Kibsgaard.
re £12m placing...The cash injection will pay for the drilling of up to four new horizontal sidetrack wells to scale up production, the expansion of production facilities to provide capacity for 4,000 to 5,000 barrels of oil per day, and the acquisition of 3D seismic data.
https://www.proactiveinvestors.co.uk/companies/news/220383/block-energy-raises-12mln-to-fund-accelerated-project-development-in-georgia-220383.html
I claim no authority, and I will indeed "jog on" from conversing with you. Feel free to fill the board with your negativity.
Might I suggest working on your spelling and grammar for your CV. ;-)
Happy Easter Mike...
I've done my time Hustler, retired and not looking for gainful employment at the moment. Thankfully not all of my investments have had the set back that BLOE have. I am some 50% down here but thinking I will ride it out as I can see light at the end of the tunnel. Infrastructure will be sorted, Gas will sell in time and cash will arrive in the coffers.
If it doesn't work out then that's the risk in investing.
All of those calling BLOE a scam reek of sour grapes. No-one promised we would get rich.
I can't abide people who spend all day every day talking down a share. If (and that's always a big IF) they are invested and think it's a disaster then sell up and move on. Don't just bleat about it. We are all down but nothing that I can see is to be gained from greetin' about it.
There is still a question in my mind over who you are/were. You had very little history here on the BB but suddenly your involvement has grown exponentially.
The only person/entity that I know who posted so much negativity was Mike31. Perhaps it is just a coincidence...
If you are hurting financially due to the current situation then you have my sympathy and wish for you to recover your losses asap. You seem to be abreast of the job market so I think you will be ok.
Best
Torham
Hustler it's my opinion but for sure not an absolute and in the end there's a decision you have to make. Either sell and move on or hold and possibly buy more if you can afford to take the extra risk.Personally Im staying put as I believe there's still a chance of some upside from here even though this is a major setback.
I said whilst the covid 19 is here (not after it ) there could be some positive news drip fed as no one knows how long this crisis will go on for. Im not asking anyone to agree its an opinion just like I see lots of opinions posted by others but in the end its your own belief as to where you see this going that really matters whether right or wrong. Good Luck in your decision
Hustler it's my opinion but for sure not an absolute and in the end there's a decision you have to make. Either sell and move on or hold and possibly buy more if you can afford to take the extra risk.Personally Im staying put as I believe there's still a chance of some upside from here even though this is a major setback.
I said whilst the covid 19 is here (not after it ) there could be some positive news drip fed as no one knows how long this crisis will go on for. Im not asking anyone to agree its an opinion just like I see lots of opinions posted by others but in the end its your own belief as to where you see this going that really matters whether right or wrong. Good Luck in your decision
Yep Hustler, you're still going. To what end?
yep scooby that is how i see it.
block have a gas agreement in place which can be used - this simplifies things for schlum.
If this asset is developed in the way schlum want it (they will be advising that you can be assured of in some context),
then they have options to acquire 23% of the company - that would effectively give them control of block energy as the largest shareholder and would begin to call a few shots - schlum are more likley to take over block if they see this asset doing well.
..............
Oil and gas exploration firm Block Energy has reached a sale and purchase agreement for a Schlumberger subsidiary.
The oilfield services giant owns Schlumberger Rustaveli Company Limited (SRCL), which in turn holds three production sharing contracts (PSCs). Of these, Block Energy will buy Block XIB and Block IX licenses in Georgia. These areas are currently in the production and exploration phases respectively.
At the same time, the company will relinquish the third contract, in Block X.
Schlumberger will receive the right to acquire 120 million 0.25p shares; 23.3% of Block Energy’s enlarged ordinary share capital.
With an area of 1,925km², exploration Block IX has 38 legacy wells, with two wells drilled in 2013.
Located in the Kura Basin, the 615km² Block XIB has produced more than 180 million barrels of oil.
that kind of supports my bat **** crazy thesis.
They were after oil, and to appraise gas. They find decent gas but no way to monetise it in viable quantity/value as they had no offtake agreement inplace prior to the market ****ting the bed.
Block are their bitter sweet pill, they need to get out of a number of projects, rather than walking away with nothing from Georgia they take a slice of BLOE and handover the asset for them to monetise under their existing Bago agreement.
what schlum said a year ago...
https://oilprice.com/Energy/Crude-Oil/Schlumberger-Wont-Take-New-Full-Oilfield-Management-Projects.html
Schlumberger Production Management (SPM) is the full-field production management business model of the oilfield services provider, in which it has actively invested for several years.
Schlumberger, however, will not be taking new such projects until it executes and monetizes part of its existing portfolio of full-field production management, Kibsgaard said at a presentation at the Scotia Howard Weil 2019 Energy Conference in New Orleans on Monday.
the georgia assets were part of the production management portfolio - they clearly deemed it to be low down the pecking order in its plans and have decided to farm it out to block rather than walk away completely -this indicates they do see value in it and if block can develop it. schlum are there to support and benefit.
They didn't give this away for free and if they saw no value, they would simply have handed it back to georgia and cleared off.
https://www.linkedin.com/in/dtsaplin
Schlumberger
11 years 6 months
Production Asset Manager, Head of Schlumberger Rustaveli
Apr 2017 – Present3 years 1 month
Tbilisi, Georgia
Head of oil and gas asset that owns 3 production sharing contracts in Georgia.
The asset is part of Schlumberger Production Management, main priorities to increase oil production from current operation and complete gas appraisal.
schlumberger had been there long enough to sort a gas deal im sure if they had wanted