Good point R.Hunter we should see that increase revenue in about 40 days from now from increased oil sold.
Be interesting to see if Zen have finished installing the production string.
I wonder what the above rework will be adding to the production levels?
I still see the Share Peetake mob pushing sentiment in the 3P direction they want.
Can't buck the market, untill news and a price peeps want to pay appears.
I can see Block keeping stum untill the 28th/29th and dropping an RNS which kicks the shorters in the nuts just before the AMG.
DYOR, Im still holding my share in my sticky little fingers.
Tsbs I beleive MAD posted:
The longs and shorts on IG are based upon share price, therefore the shorts are paid and the longs lose (only on platforms like IG, where it is a bet on the share price).
He didnt mention LTHs.
LTH will either be compensated by dividends from FRR as a private company from doing it ourselves or, by cash and shares on disposal of BK12 to a major, or cash and shares from a Major on part disposal of BK12 into a JV.
DYOR: The fat lady hasn't sang yet.
I do understand, you doing a sterling job of pushing sentiment down and down. Pump one share and bash another so the funds come to yours.
Point 1 about your bet, but for the ****up over cementing Block would not have had the water problems flowing down the well stem with the share stablising around 6P mark.
Point 2 they found far more gas than they expected, wasting Gas is a hot tata with the Georgian Government.
Point 3 No flare licence untill 11th July and therefore no Oil production.
It is only in September the water issue then became significant.
West Rustavi has both Gas and Oil in the Middle Eocene, in much the same way you hope MATD has oil in Heron and MATD other drills.
Block's Board has learnt valuble lessons and yes you cant buck the market, and yes it may go down to 3P in which case peeps will buy loads.
I suggest you dont, otherwise you open yourself to some very serious questions from FCA over manipulation.
Just a thought.
The Post of a Troll who has bashed this share since May.
If it does many will buy more, including many of the bashing crew if they have not already done so, with the exception of Gazprom Mike, he gets paid for what shLst he posts.
3 months now you have been yacking about 3P, buy in and resell at 14p again rinse and repeat.
Mikebassetts: Your other research should look at Mike31 bought at 3P sold at 14P and has bashed since May, he also pumps MATD. Mike has a particular hatred of any oiler in Georgia.
Barnetpeter pumps Gun and bashes every thing else, you will find 4 others all working together, all linked on the Share Peetake shorting site.
Check out the posting histories including mine its all there to see.
Blocks issue was they found gas and oil when they were expecting oil, they also had a problem with cementing which they didnt say anything about, this allowed water to flow down stem from the Upper Eocene, which has got worse as production has continued from WR16aZ.
Typical AIM, a company does a load of work, the share rises, and the shorters cut it off at the knees their objective is a price close to 3P.
DYOR then you pays your money and take your choice.
You still dont get it: UJO WN B production first drill is already funded.
UJO WN EWT is already funded.
UJO oil funds once a year - DB repeatedly has mentioned this during media interviews.
Why fund a second production well, when it will be bought out by a major.
For the EWT a maximum of 4 per day currently, but I expect that to rise to 7 given the storage increase from 190 tons to 250 which has according to twitter been requested.
For the production site as many has the planning permission allows untill a pair of pipe lines for gas and oil unless one of the majors pipeline is mixed gas and oil.
The issue is will the Operator and current JV start the developmentor will a major buy them out. I think it will be the latter.
According to Zen, the rig is due to mobilise by the end of the month to C30, after the pad has cured.
Also the rig currently is being used for interventions, Zen may carry a further set of interventions to simulate production, before stipping down the rig for its move.
But it cant errect until the pad is ready.
Bill you do make a valid point regarding production over the five wells and using 16Az current production as a multiplyer.
Of the 5 wells 16aZ account for 20% of the 5 well program.
At present Block predictions were for the phase I two of the wells was 650 BoO per day, I dont think they have made any other predictions other than those as a project aim point.
Bill at present we have a drill running it has every possibility of producing Oil and Gas in 4 to 5 weeks, which this well has produced previously from the Lower Eocene, it even produced gas which was flared of prior to clean up. This isn’t a wildcat, it’s a rework into a different producing zone which we already know has oil and Gas in it. We already know that the water entering WR16aZ is following down the casing because of the failed cement job from the Upper Eocene.
By producing oil flows of 325 BoO per day from WR38 regardless of WR16aZ he will have completed anther 20% of the drill program of five wells and will continue for the next 3 wells
I make you a prediction, all of the resolutions at the AGM will be passed with massive majorities with the current BOD in place for another 12 months.
To be honest I see Bill in a win- win situation he is spiked at 13P has probably averaged down and is ready to buy more once the lowest point before news is reached, as are many of the bashers.
The three Eocene levels do contain OIL, water and Gas, extracting that Oil and Gas is difficult but not impossible.
WR38 has every possibility of reproducing the initial results of WR16aZ without the water if Block gets their engineering right.
I will Bill luck in recovering his stake and making a few bob, as we all will.
But will A Gas and Oil find in quantities that Bago wish to buy they won’t get another excuse to f@rt around with the share price again.
DYOR I bought some more last week and may do again.