In terms of consumption this is a 2015 report:
From 2012 to 2015, gas consumption in Georgia increased by nearly 500 million cubic meters (nearly 25%). The authorities met growing demand by importing more gas from regional suppliers, especially Azerbaijan. Starting in September 2015, the Georgian government devoted particular attention to addressing the need for additional natural gas imports. In addition to renewed negotiations with the State Oil Company of the Azerbaijan Republic (SOCAR), its main gas supplier, Georgia looked to alternative sources for import. Those sources included Russia and Iran.
Further to the scope of Block servicing some of the Gas consumption.
Of Georgia's Gas consumpion 69% is with social supply including TPP supliers with the two Rustave Gas plants among the bigest users. Bago is possibly a third party gas service company buying and selling gas via the GOG network.
That supply is serviced by Imported gas, this 2018 GOG site presentation should add more information to Blocks monitisation pack:
GOGC (Georgian Oil and Gas Corporation) Group Investor Day 2018
Pursuant to the Protocol on the Accession of Georgia to the Energy Community Treaty, as signed on 14 October 2016, Georgia is obliged to transpose and implement the Energy Community gas acquis by 31 December 2020. The country’s gas sector is currently governed by the Law on Electricity and Natural Gas, which was adopted in 1999 and, despite later amendments, remains non-compliant with the Third Energy Package. The new Law on Energy and Water Supplies (“new Law”), as drafted with the Secretariat’s assistance, remains under discussion in the Parliament of Georgia.
Despite partial deregulation of gas supply prices in Georgia, household customers and thermal power plants (TPPs) are considered as a so-called social sector eligible for gas supplies under exclusive regulated conditions. The social sector is in particular entitled to receive cheaper gas imported through SCP and NSGP, whereas all other customers are exposed to non-regulated market prices. In 2018, the social segment (households and TPPs) consumed 61% of total national gas demand. This practice must be justified as a public service obligation in compliance with Directive 2009/73/EC and monitored as regards its competitive effect, as it covers the major share of the retail market.
Volume of gas transportation to Turkey via TANAP disclosed
The Trans Anatolian Natural Gas Pipeline (TANAP), which is a part of the Southern Gas Corridor project that will take Caspian energy resources to European market, has transported nearly 1.798 billion cubic meters of gas in January-September 2019, SOCAR told local media.
In 2018, 916.4 million cubic meters of gas were transported through TANAP. Over 2.7 billion cubic meters of Azerbaijani gas was delivered through this pipeline from June 30, 2018 to September 30, 2019.
You make a fair point Cautious11 on balance, but in balance the weight of the sentiment campaign since May has and will continue to be negative until significant monetisation commences and continues.
I want my share to do well, after all that why I invested in it and that why I'm positive about its prospects and why I’m buying at low resistance points.
The few Pumpers and the massed Bashers post their opposing views, which over time balances out each other.
I also think you missed that my opinion has changed up and down over the last few months, particularly over the withholding of pertinent information regarding WR16aZ water ingress down stem from the Upper Eocene due to the failed cement job. WR38Z has I believe solved that issue with an engineering correct, cementation and water packers in the slotted liner to minimise or indeed stop water ingress from sub-basement faulting.
Bill your sentiment view point HAS moved over the dark side, excuse my label, but you are providing conversation points to allow the three bashers to make hay. Until First Gas sale I would expect the Share Peetake mob to continue their negativity.
The second point the board provide a space for Ubber bashers - Mike, SimonT, Nomora, as well as the Ubber Pumpers and I will let you name those. As well as, fact based posters who sit in the middle.
We have two historic Broker reports on AIM entry and the recent broker report here:
That broker forecast was for 35p over a multiyear period
My price point objective is back above the placing price in the short term, nothing more nothing less.
Using mid point pricing on this site, not every sell is a sell, and nor is every buy a buy.
Which is invest low, sell your stake high, and retain your free carry as someone said, then using the Houses money!
Main market trading is one thing, trading Mico Oilers is hard work.
Each to his own method of adding value.
The short answer is I've not research it. I do know that Sea has looked at this, he might have something to hand.
However, the Bago Distribution network is serviced from the HP NG national network, that network is serving Rustavi domestic and the five large industrial sites including a 200M Gas power station and a Fertiliser Plant which uses Methane as its main feed stock.
You could argue that Block and FRR/BP could replace a significant portion of that consumed supply allowing the Georgians to sell more of the International Gas it takes to Armenia for example, who are being screwed by Gazprom.
In BK12 and FRR/BPs case they were talking about an 18Km pipeline to service that NG power plant.
Looks like Bill has moved over the Shorter/MM dark side again:
Quote: ***The risk is in actually delivering any revenue or extracting commercial volumes of oil and gas that is enough to strengthen the balance the sheet, fund future growth and make a return for us shareholders.
***The other main risk here is the integrity of the directors and their ability to deliver, as they e already duped the market and investors ones. This may be become a common theme.
Most Oilers are in the same boat, first with Wild caters they have to find the stuff in sufficient quantities to make in worth extracting it. Usually 100s, or indeed 1000s of miles from a monetising market, then they have to fund monetise the find, and that is where the real expenditure which makes or breaks the deal. In Blocks case they are not wild catting, they are developing a series of stranded resources which for the Soviets was too difficult, too expensive and no market place for the Gas and some oil in the Kura Basin.
Rather than 100 or even 1000 miles away to a monetisation market, Block assets and recoverable hydro carbons are in Norio’s case 15Km away from either a Gas or Oil transport system, in West Rustavi 4 miles from two major Gas and Oil transport pipelines and a significant Low pressure Gas distribution network serving one of the key Georgian Industrial areas.
Monetisation is critical to Blocks future profitability, and to this end Block has put in place agreements with GOJ to centrally store Oil and its water cut for processing, this oil would be sold through the Price metering point after separation via the recent GOJ Oil Auction tender.
Gas Monetisation is also in place via BAGO with Bago providing the funding and technical expertise to connect Blocks Storage/Separation site to a Bago metering/sales point then to their feeder pipeline. First Gas sales are proposed by Bago and Block eight weeks after contract signing.
Project risk should always be identified, but with any Project risk its remediation plan and costs should be talked about at the same time in a balanced manner.
Quercusrobor: Given that the number of days from WR16aZ TD RNS to first update was 12 days for inital flow and then a further 16 days for confirmation rates. I think we have more than a week perhaps two from to day before inital results are RNS. You could then be looking for a further month after that for detailed flow rates. Particulary if its more Gas than oil.
My interest is the Gas Pressure of the well - 585 PSI would prove in my view the continous section of WR formed by WR38 and WR16.
Reporting drill results is in Blocks gift - how long is a piece of string, that said they could report any time next week to screw up the shorter mob which infests this share.
Ezhik the RNS stated:
Direct measurements of WR-38Z's productivity will be available when the Company's planned well test is complete: Block will provide further guidance on the Well's test results over the coming weeks.
....When the Company's planned well test is complete!.... So testing is under way (Nomad approval)
With WR16az TD reported 20th March, update 1st April, flow results 17th April.
Given the sentiment and how critical this test is, its unlikely to follow the same time scales of 29 days from TD to flow results.
Unless its a perfect humdinger!
If WR30 produces Gas and Oil its pipe line distance is around 5Km from WR38.
WR30 location poses a problem for monitisation it has a rail branch line with 3km from the well and a metaled side road which is about 12 Kms from the main highway to the North East. In the short term Gas flare and close the lower UC gas production and then produce much less Gas with Oil production from the ME play, while the pipeline though the field is completed.
If I keep this up Block will be hunting for the design leaker, much as UJO and RBD are hunting theirs to BMD. LOL.
Testing can be in several phases:
1. Inital flow test 2-10 days but not curtailed by a siongle 16,000 Ltr portable tank as 16az,
Notice the existing large silver oil storage tank in the background.
2. Gas and oil flow test into suitable liquids - test storage 10 - 30 days Oil and water separation to enable water cut percentages over different chokes sizes
3. EWT with full separation capability - hidden gas flare, Oil and water separation to enable water cut percentages over different chokes sizes.
Given the water sentiment, and progress on the Bago contract who must have known the initial WR38 gas flow from other sources, I would suggest option 2 with 10 to 15 days before first results are published, the longer it takes, I feel the better it is.
It it was a duster that news would have been out within days of opening the choke fully, and b@gger all coming out.
Hopefully we have Gas and some oil the well will go into EWT with a flare licence, while Block gains permission to install a 3Km HP Medium diameter pipeline from WR38 zone to WR16 zone. If WR produces gas its pipe line is around 5Km from WR38.
I think its GOGs ZJ40 which is on lease to Block which has drilled WR16aZ, has just finished WR38z and is moving to WR30 to rig up.
DYOR Holding here, strong buy with Block. Looking forward to changing to buy with FRR.
Perhaps he, like me feels that crossing swords with Troll bashers is a waste of good effort when you can do it on a share which is trading, rather than a share which is private and trying to survive the attentions of a crook and his asset stripping company.
I notice some more news has appeared which other are using for their own negative enjoyment.
The real question is how much of the PSA the GG government recovers from liquidating of the Georgian company, if it is 4% or less then MP calcs are preaty close to the mark.
DYOR: Either filthy rich, or flithy poor, but with CGT losses to offset.
I was just thinking that spud date as you posted, and I pressed go on my last post.
Given the the rig is or has moved to WR30 and should have started assembly, I think we might see some twitter activity after WR38 inital test results have hit the market and the share price does its thing.
Build up of WR38 was really quick, but then waited for an age. With me posting about a critical item, that critical item I think now was the flow meter to set the position of the water packers I mentioned in earlier posts.
Spud at the end of November (earlist) Mid Dec more likely given that the rig started to move after 31st October from a media comment.