Ice cold Corfu Beer brewed in Arillias, plus some Mythos and lots of localy grown White, Red, and Rose house wines but not with the same meal. Corfu Airport is much better now for arrivals and departures, miles better than some UK Airports.
See below, on holiday locked out on a tablet for 4 weeks, but not anymore.
Just remember that old maximum of real estate, Location, Location, Location.
Our West Rustavi field is in rock throwing distance of five of the major NG customers in Georgia which is served by the BAGO distribution network, A Gas distribution company we already have a deal with, and with Block in the process of building a Central Rustavi storage area for both Gas and Oil, which should be close to the main railways between Rustavi and Tbilisi.
Many people thought that £12M was for new fields, I would suggest £6M is for the H2 and H1 drill program, and the rest is to monetise the production from those 4 new wells.
Hello Boys & Girls I’m back!
I have seen the sentiment bashing taken place in this news gap period carried out over the last four weeks. However for C11 information no I haven’t cut and run and I still own the same number of Block shares as I had in mid-July after the Placing which is more than one of the directors.
Brilliant Holiday, sea almost cold for Corfu compared to the heat of the air and the warmth of the sea for the previous 7 years.
So what are Block up-to: I suggest the whingers re read the updates regarding the WR16aZ well, it stated 75% of the slotted liner was in the producing area of the Middle Eocene, that suggests to me 25% of the liner is in the vertical fault transition which Block drilled though to turn the drill horizontal between the WR block WR38 is in & WR16az is producing from. The WR16aZ presentation slide describes the well design.
From the description and comments some water is flowing down the fault line from the top edge of the Upper Eocene, 25% of 500M of slotted lined is 125M. The water content from the fault portion is what has taken this time to agree a solution to the water disposal at little extra cost hence the 90,000 B storage, when Block sell 5000 tons of oil which they will, about 1000 tone of water will be disposed of by the GG within the cost of the lease.
When the J40 rig mobilises to WR38 in September and then drills a similar well but well inside the fault zones and goes into Gas and Oil testing’s, WR16aZ could be given remedial works to avoid the vertical fault area. I see no reason why both wells should not exceed the original Phase 1 BoO per day forecast, but with the added value for Gas vlues as stated in the recent RNS.
The shorters and that Gazprom anti Georgia basher have a short windows to make hay, once the drill turns for WR38Z the current price may rise rapidly.
On the subject of Acquisitions and Iskander energy who are represented on Blocks Board
www.iskanderenergy.com/Executive%20Summary%20_%20December%202014.pdf
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.
DYOR
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.
DYOR
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.