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BB the point is why not RNS it? The market seems to pay no heed to the interviews and he stated himself he would RNS it so what are we waiting for? Is it an acquisition? We will soon be at a point where cash flow will cover drilling expenses. If 38 is the same or better than 16az as PH is implying then we could in theory nearly afford to drill two wells at the same time without really using the fund raise money. The point is after 16az the company seemed to be saying sorry this has caught us all out,but in a good way so bear with us whilst we completely change our forward plan, when in fact they knew all along. The fundraise,the storage etc was all foreseeable. So it raises questions including acquisitions strategy. I don't believe PH when he says that the phone ringing from other Oilers on the 16az result prompted him in to expanding the acreage and hence the need for the fund raise from that moment on. The GOG gas plant announcement was a recent development but i don't imagine for one second that such a piece of infrastructure and the tender process wasn't a long time in the planning, similarly our processing plant can't be bought at Argos. So it all points to a bigger plan being in place before the initial results of 16Az were effectively confirmed. To me that's very interesting and exciting, it should send a message to the doubters and the broader market but as yet it has not. As i've said before the clues are there when you look but for whatever reason the market doesn't seem to see the bigger picture.
Yes sorry Nicode, MCF is 1000 cubic feet and MMCF is a million. Would help if they put the unit of measure on the chart!
Another couple of companies I am invested in get just over $3 per MCF from the well head (no treatment)
Its not about doing it faster djm1.... its all about doing it safely and within the guild lines and regulations of the Georgian Gov... things have to be done in a certain order and PH is doing a blinding job here.
I'm Confused djm1.... PH has clearly spelt out the next 6-12 months operationally for BLOE.. he has outlined everything as far as I'm concerned..... Of course things may change depending on well results and other outside factors but generally is all there.
Hi CPerkin- Just been checking MCF is 1,000 cubit feet not 1,000,000 cubic feet
Makes sense MBOO is 1,000 barrels of oil MMBOO is 1,000,000 barrels of oil.
Gets confusing because with gas because I see resources quoted in both CF and CM. I have to remember to divide/multiply by 35 and not 3.
No actually more the time taken to layout the forward ops plan. Its clearly there because Ph keeps doing interviews and intimating that he knows what it is. AJW thinks its because of the Gas being a far greater proportion of 16az than perhaps we realise... was that not forseen by the company? We raised 12million.. why 12? Why not 8 or 14?? The point is whats playing out can't be new news to Block, they know why they needed 12million along with their projected Cash Flow, they have known for some time. Would these details have been shared with the IIs for the fund raise? Its not a question of happiness, more a case of looking at the situation and asking whether or not the progress being made could have been faster or not? Lots of people in Georgia seem to be mobilising on the as yet unreported flow results from one well!! It all throws up lots of interesting questions. I'm not in the oil and gas business so i can't help but wonder about these things.
Hi Cperkin- can't see how that can be the case, otherwise why are we getting exited over a over finding 600 billion, that would only be worth 600 X $2,300 = pocket money in the grand scheme of things
Is MCF the price per thousand cubit feet?
Priced per million standard cubic feet (MCF)
AJW- Natural Gas is showing as priced at $2.3 on the Oil Price website at the moment
Is that per 1000 Cubit Metres?
Ah but It may not be Bago taking the gas ;-)
And it may be that Block are in negotiations with another company to take it.
Watch this space :-D
Is it the time for revised 16az figures your not happy with djm1?
I'm going to get slaughtered for this but why is this taking so long? Ph had a said several times in interview that the company expected the 16az result internally. The 325 barrels a day the organic growth fully funded NO fundraise story was just that, a story. Ergo they must have foreseen the whole story being played out now. So why is it taking so long to spell out the plan that they have foreseen for what must be more than mere months?