Hepseal that cost regarding remediation of WR16az real depends on the scope of the rework envisaged. It could be cheaper to side track another of the well bores which are close to WR16az. Equally withdrawing the slotted liner and replacing 200 M with solid and a new shoe connection point may be a lot less than you are expecting.
In any event the RNS said produce from WR16az once the gas connections are in place with the EGF and Bago's connection in H2.
I have been a little busy with other things to look at media at present.
Preferring RNSs to reinforce value over the next 6 weeks.
We all know what the plan is WR Gas and More Gas with the latter coming from the new production well in BK10 as well as proving up the BK10 BCF from 90 right up to 602BCF.
The key figure is gas connectivity via BAGO, we can then produce gas at the stated RNS values and store oil in both the GOGJ 90,000 storage and as well as in BK10 large storage systems we now have while we wait for the Oil price to recover.
Money remains in the Bank and well as Oil already stored. H2 is 6 weeks away.
BP are still interested in that JV deal.
Waiting on the outcome on FFR being forced to accept the same PSA details as Block is today.
An 18km delivery pipeline is very big bucks but peanuts to a Major.
However, there are two major Gas Oil prospects shared between Bk10 and Bk12. Perhaps GG will split up the block after the Gas JV kicks off in much the same way BK10 was split up.
Just a thought!
James is sitting quiet keeping his power dry, but here is an update:
Still waiting for the Share Options for BK IX and X to be entered into the share register.
Waiting for Brent to exceed $40
Expecting the Gas plant to arrive in country
Expecting more salary options from the directors, rubbing the betting shorter's noses in it.
Expecting a new operation plan to be published once the capex freeze is lifted.
First gas sales in H2.
Not cheeky but prudent.
It also shuts up the whingers claiming the directors don't care, their money isn't at risk, and they haven't bought any shares.
40% of their monthly salary for every month of lockdown or until the oil price recovers above $40, first Gas is a tidy sum for each of them.
The directors have confidence in the company and its future.
Two months to the start of H2 and gas revenue.
Scamp you as one of the Gang of pumpers and dumpers caught out by BLock's untimely for you placing, you and the other group have carried out your bashing of this share for over 12 months for Block daring to cutting you out of the Pump and Dump you had planned.
The GROUP of you are nothing more than Market Manipulators, conspiring to extract funds from LTH for your own benefit.
My posts are reminders of Nomad approved RNS. Bluntly, I called West Rustavi as a Gas Field with oil, I posted that GAS Monetisation is the most expensive and takes the longest to achieve a stream of revenue. Which is proven by the ongoing expenditure to purchase the EGF and the contracts with BAGO.
Block now have the prime PSA Block in Georgia - with most of the Fairway and another Gas well within a 92 BCF gas resource a few miles from GOGC Gas storage facility being constructed.
DYOR taking action on the bashing operators postings from Share Peetake will damage your wealth.
Just remember there is no difference between Pumpers and Bashers, they are all of the same feather & indeed use the same bible to extract value from LTH.
The evolution of a basher is usually Pumper left holding the baby, and then has to work for a Basher ganger to build their stake backup, very much wiser.
As for UJO & Rathlin , I don't se any activity on the EWT until the Lockdown is eased after the early MAY double holiday.
https://www.lse.co.uk/rns/BLOE/block-energy-plc-drilling-workover-equipment-for-work-programme--vx3fu4243u7aoqj.html Extract: Agreement Details and Terms
· The Agreements are with JSC NOC and GOG.
· Block will pay JSC NOC and GOG a total of US$750,000 for 12 months' exclusive access to a ZJ40 drilling rig, an A50 workover rig, and an extensive inventory of drilling and workover-related equipment.
· The 12 month term of the Agreements will be triggered on 30 September 2019 or when the Company mobilises the ZJ40 rig to West Rustavi's well 38 - whichever is earlier. The A50 rig is available for Block's immediate use without triggering the start of the 12 month term.
· In addition, Block has committed to pay GOG up to US$100,000 (at bought-in cost) to hire a high resolution flow meter to aid in the identification of natural fractures during drilling operations. The commitment is conditional on identifying a supplier offering a suitable device at a reasonable price before 1 January 2020.
· GOG has an option to call back the ZJ40 rig from six months after the Commencement Date, by giving at least three months' notice to the Company, in order to drill one well in one of its own licence areas. The drilling of this well is currently scheduled for September 2020 and estimated to take approximately 60 days.
I don’t believe GOG has given Block notice as yet, to drill in September notice would need to be given by the end of June. Such an activity should be RNSed as it’s a variation on an existing contract.
Equally, for GOG to drill a side track with oil @ such low levels would they take the risk on such a wildcat Side track.
The second part is GOG have sold valuable PSA Blocks to Block and they also have capital needs as well. The other point those share have been sold and bought by others far more confident of Block future than out resident bashers are.
The entire Oil and Gas industry is in the same boat, on its knees due to an EXPORTed Chinese virus they tried to hide for 3 months.
That depends on his IP address and Mac address of the device he is using to send posts to the board. However the style of writing was very similar.
What you have to remember these are professional, trained market manipulators, with friendly share tip sites, drop boxes, to receive the usual AIM cesspit of advance information.
All seven of them will be back in one guise or another, when there is value to extract from the share price.
Which then goes directly in Oil storage, as is Norio and Satk pumped extraction for the last 2 years.
The interesting item is when oil produced in XIb since the RNS is assigned as Block production, which is also going into Block XIb own storage facility, which Block will inherit on issuing the Options. 23% of the share capital base is going to be a significant TRI when it is issued.
Hopefully you will read the RNSs since Block entered AIM.
I agree a number of news event to happen in the rest of off this quarter, none of them using capital expenditure. Fortunately the Wells are outside the Rustavi limits.
First Gas sales now during H2.
Management error he says regarding the 3D.
If you had read the documentation the 3D was a condition of the PSA for West Rustavi.
Block already had the 2D and "well" log information for 13 soviet wells. Neither did they have sufficient money to two side track expecting oil from the Middle Eocene, and instead got UNexpected Gas in significant commercial volumes . Gas which pleased the Georgian Government who then proved very difficult over flaring any more gas after the result were announced.
Hence the $12m placing which is paying for the Gas plant, 3d, and possibly the production Gas side track in XIb in one of the multi layers in the lower Eocene.
This is a basher positioning himself as a friend to the board, more like further support for the ones we have already. The ones peeded off by the unexpected placing, there is nothing worse than a Pumper/Basher scorned by an unexpected placing.
Thordon, the RNS was very clear that both WR38z and the now producing WR16aZ are shut in until the EGF is commissioned and connected by individual collector pipes, Given the EGF is to be built close to the WR16 wells are, this well be used to test the entire installation using the Gas pressure @ 585PSI from the well.
WR38 is on the opposite side of the Village some 3Km by road which will be the route for the connector pipe line (s) from wells to the West and North of WR16aZ.
Norio and Statk continues to produce oil which is being stored in the Satk/Norio tank storage described in the CPR. Until Western lock downs cease Oil prices will remain depressed to current levels which is why Gas @ a fixed prices is so important to Block going into H2 2020.
Oil in store is far better than non at all.
This excludes any production from Bk X1b until the Share Options are logged and posted with AIM.
Geowiz you still haven't understood the Georgian politics, gas cannot be flared and wasted.
West Rustavi Gas has to be used, and transported the 10Km to Rustavi and the industrial area,
otherwise NO oil can be produced. 1mmscf/d from 5.5 wells at a fixed price adds up to a lot of Revenue. Which is why the WR16 EGP Gas plant has six separate entry points once commisioned.
You never were very good at reading RNS.
V111JAS to answer your question:
I am an individual share holder who bought in @ 2.55P, I still hold some of those share, and others.
Unlike Mike31 who sold out I top sliced my investment stake, buying other shares which I still hold and reinvested other monies as it became available as to do others.
I have no connection to Block as a company, to their individuals directors, or to their Brokers or Nomad, or indeed to any AIM market maker.
At the moment Block is in care and maintenance, other than progressing the Gas monetisation investment. There is little point is discussing bringing additional wells on line with in WR or indeed with the two Blocks IX and XIb until the Share Options to the current owner, are issued and capital investment restarts.