On the subject of Acquisitions and Iskander energy who are represented on Blocks Board
The data behind this presentation has been key in guiding Block into the position it is in Georgia today.
Of interest is the fill-in section between Norio and Satskhenisi and the Martkopi JV prospect PSA owned by GOG, pages 5 to 7.
This section extends over the top of both Norio and Satskhenisi, other than a limited 2d shot it has not been 3D surveyed its area if you include some of Norio and Satskhenisi adds up to the missing 40 Sq. Miles of planned 3D survey, then add in the GOG requirement for the J40 Rig in September 2020.
Block’s historical preference is for earn in GOG PSA agreements with development milestones.
Anyway it wont matter for the next four weeks I'm in share price view mode only on the beach slurping on Mythos.
I agree with Ezhik once the drill startd it wil keep going to the target TD, although they may change the bit to core certain sections.
I dont think Milton are a milestone as such, more of an impediement, but the key mile stone is the J40 Rig contract which runs from the 1st September. The rig could move during August, but is comes back to a predicted 30 day drill for WR38aZ and while its drilling, Block have a sixty day window for WR16aZ Production Flaring to cover the both the drill period and its cleanup time, and then shut in WR16aZ while WR38az take over test production.
The Ops plan RNS will reveal all.
Regardless of a buyout status or not, your FRR shares should not be in an ISA at this moment in time. They should be in either a SIP, or in your share account, or in paper, and like the rest of us, with either a captial loss to absorb, or grin and bare it, and pay the tax on what happens.
If we get a majors shares those can be dumped over time into your tax wrappers. If FFR are bought out for a song, they will still be a share in their own right (I think) so not CT loss, unless you Bed and Breakfast them.
OK point out whats wrong with that.
1 are Milton out - Not yet
2 when is RNS - 30 days before the spud of WR38 and not before Milton are out
3 will buyers and shorter return - They never leave, just more of one than the other.
4 where is my Sun tan cream! - still on the Boots counter where you left it.
Enjoy your hols.
Quote have they sorted gas flaring issue yet: They have a sixty day permit, so flow and flare for sixty and then move over the WR38aZ development testing without the issues of somewhere to store it.
Block according to their own comments have been Flare/produce - shut in, repeat over the last 4 months.
With the only reason 9p being suggested as that was the target bash price on Apr 23.
Since then share rose to 17p on the back of a well producing four times its predicted flow rates and proved the Middle Eocene was a Gas producer as well. Which then gave Block its biggest challenge they wanted a pure Oil well which flowed, instead they got a monster GAS and oil field, and the problems of producing Oil in large amounts without flaring the gas.
Bago must be **** a hoop with striking such a deal for 1000 CM3 lots 7 Km from their distribution network and the three largest gas consumers in Georgia – Thermal Electricity Gas plant, Steel and Fertiliser Plant which convert NG into a storable valuable product.
RNS Number: 6236U Block Energy PLC 01 April 2019
RNS Number: 2485U Block Energy PLC 28 March 2019
RNS Number: 0544D Block Energy PLC 05 October 2018
MOU Agreed for Gas Offtake from West Rustavi Licence
Fast, of course not, but IIs talk to the board about their investments, and their plans to dispose in a planned manner, as I said previously, this selling program will continue in stages, probably after one or two other E&P oilers have a session of selling before ours finishes. Milton is quids in, their stake(s) have already moved to AAOG currently showing 4.2p, with more to follow.
PH probably does care; after all he is paid in shares much the same as DB is in UJO. But he also has a project plan, a risk register and his mitigation plan in place. The key is when WR38 can spud, given a suggestion that the actual drill period could be as little as 30 days, remember this isn’t a full drill, it’s a side track from 1975M down, and then turn Horizontal and run for 700M to a HTD of 2500M or so, a run length of around 1500M or less into the same geological structure that WR16aZ sits in.
Based on that plan I believe they will start to Flare WR16aZ gas and produce as much oil as they can (1500 BoD) in that 60 days window, and start 30 days before the spud of the new well. Oil production after that would be from WR38 during its testing window, given that they have tested WR16aZ over the last 4 months. @ 750 BoD equates to 120 days production or $4M for the period.
As far as the Gas offtake connection that depends on Blocks storage/distribution area being built at present, Bago will present to a metering station in this area and not at the well site. Block will then ship Gas and Oil via internal HP pipelines to this area for Gas separation and local oil storage/shipping.
Given the risks, and given the massive potential, the current share price is at an attractive level, which will only improve further as Milton sells out. The real issue for PIs is when will it kick off, blink and you may have missed the boat again. Me, I already have my Block cabin, enjoy!
Fastmoney, what I hold in Block is my affair, as is my real life ID. However, I have a much lower average than your self. with all of it on a free carry. Good luck with trying to pressurise the Block BOD in obeying your directives.
The organised bash from the closed BB on a site very close to the original poster of a slanted report will continue untill Melton is out of Block and buyers are presented with an over sold bargin. So the bashers will get their buyin and the board will return to facts rather than basher fabrications.
Why should the BOD waste perfectly good news while Melton is divesting to pay its shareholdercash calls and may take most of this week to complete the task ready for payment during mid August. After all the same bashing team tried it on @ 9.75p on news it reached 17P.