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I have been sat watching this bulletin board and read constant bashing of Block and PH. We all are extremely frustrated with recent news; silence on sidetracks and frankly a poor show with multiple RNS yesterday.
Everyone here has put their hard earned money into Block, you have invested (I hope) based on research and not just on the word of a CEO. I would argue virtually every share listed on AIM has a CEO that over promises and under delivers.
If we take a step back from our hatred of PH and think about block as an investment case.
We have a producing well, we have 5 other potential well sites, we are sat in a proven geologically oil and gas rich area.
Georgia is very important geopolitically and this has only become more apparent given recent events with Russia.
FRR are spending millions on litigation trying to secure assets. Why on earth would they do this if there was nothing to fight over?
To me this now hinges on non dilutive financing. Who and when this will be provided, we don't know.
The Georgian government are somehow involved and clearly are keen for energy independence. With the closure of nordstream 1, this I something of great concern now.
We can carry on saying the same old thing from the same old posters, where has this got us, what are you going to change? Nothing is the answer, however if you want the share price to go up then we need people to buy in. Anyone researching block and coming here would not be investing. This is counter productive. I think everyone is frustrated but repeating it over and over each day is not getting us anywhere.
@ ABinvestor. Then PH needs to provide us with something to get excited about and promote, surely.
Agree we should all b pushing this share …upwards
Abinvestor where I can agree on the sentiment I'm very of the model that I will be positive when the news outflow warrants positivity.
The issues are not of our making so who is responsible for that? Aside from some external factors during Covid that you can give a free pass on, the buck ends with the leadership. Let's not kid ourselves if it wasn't for $100+ oil average over the last 7 months then we would all have been dead and buried here and that's saying a lot when the price is sat at 1.3p.
What can we do? Easy, vote to show our disapproval. I never understand this selfish need to promote companies with poor performance on these BB's, its ramping in any other name. People can accuse me of de-ramping but that is just lazy. The truth is not a mis-representation at the end of the day. Clearly I want BLOE to succeed but it's not happening under this regime, will happily be corrected if things do change. Genuinely I value the assets that is why I haven't sold, but I'm sorry since June 2018 the company has failed to get at it meaningfully with $22M and I still reserve judgement on the non-dilutive finance until I see the covenants, hedging, revolving facility and the ticket %. I mean loads of you were adamant recently they were going to secure some cushty government loan, the recently released documents suggest otherwise and looks subject to any merit based bid to the commercial debt markets. At a time of rising interest rates and BLOE junk status if they get a ticket better than 15% I'd be amazed.
For all his faults P.H. is now massively aligned with shareholders here thanks to the salary sacrifice scheme. He also seems to have learned from his early mistakes and has gradually been preparing the market for a significant increase in exploration activity. Now that today’s news is out of the way I expect to see something about the funding for that in pretty short order. That should be the catalyst for some upward SP movement here, providing it is indeed non dilutive.
I think the fact that the BOD and PH etc are willing to take a large part of their salaries for the past 18 months says it all ... thay arein it for the long haul....and all will be rewarded in the coming months ... i'm sticking in there for a while..
Piscator1: ' He also seems to have learned from his early mistakes ......' - like needing three attempts to get one RNS out correctly yesterday? He's bloody useless - simple as - and the evidence is there in spades to support that basic conclusion. If you enjoy being a member of the 'head-in-the-sand club' that's your prerogative. However, as the saying goes, you can't polish a turd.
rxdav you are blaming the wrong person there as it is the Nomad’s responsibility to ensure that RNS’s are formatted properly for presentation to the Exchange. I guess he will have had a piece of Haywood’s mind following yesterday’s debacle.
"you can't polish a turd"
well that may be so rxdav, but you can definitely TRADE IT when said turd is continually promoted as being polished
IF anyone is in any doubt about constantly promoting polished turds whilst trading them just ask The Old Trout :-)
Piscator1: You may be technically correct - however, in the world I inhabit the 'Head of Shed' is ultimately responsible for all actions within said shed - whether they be directly attributable to him or not. He chose and employed the Nomad, he would have been able to check the RNS prior to its release - etc. That's why the captain of a Royal Navy ship can be subject to a Courts Martial - even if he was asleep in bed when the relevant incident occurred. The same principle of 'The Buck Stops Here' applies to the CEO of a company - no excuses - it happened on his watch - again!
barnyards: I think this particular turd needs an awful lot more polishing yet if it's to trade above the gutter level where it has been trading for years now. GL
I think what Barnyards is saying:
Buy when it is in the gutter.
Sell when reaches the top of the kerb
Repeat
Repeat
Hepseal: Yes - problem is it stays firmly in the gutter - seems its natural habitat!?
Sick & tired of all the negativity on here, not sure many of the naysayers are actually shareholders , some even declare that they want to be out at a certain break even level but continue to de ramp and criticise. More positivity wouldn’t go amiss if we truly want to see an improvement in the SP. GL to all the genuine shareholders, the rest of you please do one !!!!
Well said Tony! AGM results later
TF .. I agree totally with your comments ....
@ Tony. Are genuine shareholders (for which I am one) that see the potential of this asset, not allowed to be disappointed in PH’s performance in his role in realising this potential and creating a return on investment for shareholders? I remain positive about the potential here but have zero faith in PH. We can all be positive on here and ramp this until the cows come home, but the truth is, any new investor will look through the official communication (RNS feed) and see the truth - constant failure of leadership to realise this asset’s potential and create value. It’s not us who need to change our tune. We aren’t in charge of ****! It’s PH and chums that need to step up and change. The wait continues.
Please buy in to this share. Just look at the upward trend!!!!
No surprise all the cultists lap that one up. You are only a true shareholder if you have unyielding belief in the leader everyone else is a heretic.
Much like the post from yesterday, you guys actually see the share issue as a good thing completely upside down logic. Grasping at aligned. Only when you ignore the fact that the BOD's setup this company that can't afford to pay there salaries. As a company director myself if I had to do that I would either need to take a pay cut, draw down on cash, borrow (BLOE has no credit facility), sell a stake to an investor or fold the business. Only in the minds of a contortionist can this scheme be painted a positive.
If the Directors bought some shares on top of their options it would certainly give the market some confidence, just saying.
Tony take the rose tints off for one second. You are a potential investor and you see last quarter's trading that generated £200K in FCF, and a salary sacrifice scheme that exceeds that sum if stripped out across the quarter. A clear indication that production will be lower in the current quarter and no date for the next drill. Why would you stump up and buy in?
The track record here is appalling, the only way traction will be gained is delivery or change. You've bet the house on delivery now a lot of us feel that change is needed to spark a different approach. We are all aligned as shareholders wanting our losses here reversed, if the board cared about you or anyone else one jot they would take a paycut until they start to deliver what has been outlined and stop painting failure as a cup final win.
PH has no goodwill left, you may trust him but a lot do not, nor does the market buy it one iota.
All looking positive Tony ,the footshooters are in full flow again. Just sell up and move on ffs.
RPG7 & others ........................
Just to make things clear - I hold 2 million shares here and have been invested since shortly after Block Energy was listed on the LSE. I am not some "Johnny Come Lately" and neither am I a de-ramper hoping to drive down the SP. However - this is a discussion board and I have a right to praise the BOD when I see fit and I also have a right to express my dissatisfaction with the BOD when they screw things up. If you or anybody else has a problem with that please use your filter button.
Fair comment
Gary good luck with your investments