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I wheeled out of btc @ c£65k earlier and thought I could make a small killing wheeling into Bitfarms which was c9% down at the time. Bitfarms now c 10.5% down and btc up again, north of 67k.
Not a good day :-)
BLOE has always been about Project III for me. 1 TCF of contingent gas resources is the prize.
I think some of the market's concerns relate to the fact that the revenues from Projects I & II are designed to support that project. We remain in the dark about how much finance is needed to support Project III so treading water at around 650-700 bopd does not appear to bring us much closer to the big prize.
I see that a "new internal resource report is being defined" for Project III. That sounds a little vague and I feel investors are owed some transparency on timelines. IMHO this should be fast-tracked. Presumably the report will form the basis of the external auditor's commission. All being good we are of course told that " the company will market the opportunity for appraisal and development to suitable partners through a formal farmout process."
My investment was based on the hope-forlorn or otherwise- that the farmout process would occur in the calendar year 2024. I have the feeling that my timeline may be premature but I could well be wrong. I hope I am. Does anyone have any thoughts on this aspect?
RPG-that's rant, alright ! I hold more than 3 million shares so your 'ire' should be directed elsewhere. I dont see it as a 'punt' whatsoever.
Rocklawn- There are steps that can be taken to improve our sp. I don't appreciate complete radio silence from their comms team. Shareholders are entitled to ask legitimate questions that don't fall foul of price sensitive rules. Calls and emails are ignored. I was asking about the implementation of the 'multi-tiered strategy'.
Anyway I do have some faith in the drilling team. Fingers crossed WR-34Z at Project I delivers.
I fully agree with some of the negative sentiment here. Part of PH's role must be to drum up support from new investors, particularly funds so we see what we believe is a fair market cap for this share. He has bumped his gums about the price being undervalued before but has failed to address this in any meaningful way.
I remain a shareholder as I believe the value of the assets will eventually shine through. However it is taking longer than expected and is testing LTH's patience. I suspect the recent SP fall reflects this entirely. A few tweets is not sufficient for me and being ignored when I drop them emails is very frustrating.
Superb interview. Puts to rest some of the negative slants from the more 'nervous' holders, let's say.
The unequivocal answer about funding gives me confidence that I can invest more without the threat of a placement in the short term.
Perhaps a new rig to work in tandem with the leased one.
The detail around the MOU was also helpful. I hope they can get a farm out for the large gas assets and we'd be off to the races.
The market cap is patent nonsense but I recognise that funds wont want to commit fully when there is so much concern about geo-political issues in the region.
I expected the NDF to be greater than $1m, albeit it can go to $2m. It;s not exactly going to accelerate the program in the increments I was hoping. I hope it is not to plug a hole due to the present drill failing. That being said, if it helps speed up drilling (referencing buying long lead time equipment etc) then it serves a worthy purpose.
The lenders certainly have got their terms fairly sweet. The context tho' is that mainstream lenders are pulling out of O&G financing due to the green lobby so it will never be cheap.
16% still sticks in the throat a little, particularly as it is senior debt (ie they have the first priority claim) and the debenture is over the whole assets of Block, fixed and floating. I think 12% would have been fairer.
It's not poor but the NDF is, at best, a bit of a damp squib.
No matter which way you want to view it, the abrupt departure of a Chief Financial Officer is usually met with concern and share price volatility.
The fact that he isn't being replaced due to financial streamlining also raises questions about cash flows etc. None of that may matter if this drill hits big...but the timing is at least questionable when the promise of non-dilutive financing was made some time ago.
I remain positive but as usual, any froth on the sp has been quickly dissolved by the RNS.
McAvock was one of the few on the Board who bothered to respond to my questions.
Well Tony we have the RNS'd promise that we'll be drilling well JSR-01DEEP "by September".
I've criticised communications previously. Again, without trying to throw a hand grenade into the room and run away, I wonder whether people interpret that as being before 1 September or before 30 September?
I wasn't surprised that more than 10% of investors wanted to register their disapproval with PH. I don't know how other people measure talent in a listed company but the lack of trust with his performance is clearly evidenced in the market cap. It doesn't lie to me. However, whilst the Schlum deal may have landed in his lap (I believe it did) it will be the making of this company, imho. So I give him that credit, happenstance or otherwise.
Circumstances prevail and I considered the alternative scenario and an undoubted payoff, golden handshake for a new incumbent and an equally generous salary didn't float my boat at this inflection point in the voyage of the good ship Block Energy.
So those who demand his removal have failed and I believe they need to move on, short term. A critical eye is absolutely essential so the shareholders need to hold his feet to the fire if we get more flannel. I suspect he understands that clearly.
The next three months will be pivotal and I am genuinely excited with the prospects. If you don't believe PH then at least believe the independent CPR on a very narrow analysis of our acreage. Field Gross 2P Reserves: 1.07 MMbbls. NPV10 2P Reserves: $17.95 MM.
O&G prices will remain high. The geology supports our drills and if financing isn't at toxic bridging finance rates, the long awaited re-rating is within our grasp. A market cap of circa £9m is frankly ludicrous. A multi bagger in the making for those invested at these levels.
bigboffer has a point though. It's an RNS that needs to be 'interpreted'. That's not acceptable.
So the project has started but the drilling hasn't (but will do so by September). It must be spud date not completion so he's just trying to get some 'news' out there that could actually wait until September. I hold >1m of these and I am not impressed.
The wait re spud news is getting a little frustrating and inevitably leads to pi speculation.
Some believe the simple answer is that the Ukraine war has caused some supply issues and we are ready to go once the equipment arrives. The more fevered amongst us believe we don't have the money to drill, despite RNS to the contrary. A few believe spud has occurred but the Board are deliberately misleading the market. The 'pint is half full (and comes with a bottle of Moet as a chaser) believe that we are awaiting sign off on a multi drill program funded from a third party-and will drop in a Schlum farm out simultaneously).
Take your positions and brace yourselves accordingly. The AIM is like a casino and the roulette wheel is spinning.
Just to clarify. 24 January RNS
"Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce testing on well JKT-01Z has commenced, with current average production rates of 344 boepd, comprising 241 bopd and 17,500 m(3) (103 boe) of gas per day "
24 February RNS
"Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce production from well JKT-01Z continues at a current rate of 310 boepd, comprising 182 bopd and 21,800 m(3) (128 boe) of gas per day. It is encouraging to note, after over a month of production data, well productivity is consistent with pre-drill forecasts."
Seems good to me.
I actually think it is very significant news that they are not going back to the equity markets any time soon. The fear of an equity raise was realistic until today, as that was the previous history on the back of previous 'positive' RNS.
I suspect, given the still relatively tight margins, that the next side track will be the one with the best chance of success rather than, for instance, the one with the biggest reservoir. That would be prudent in my view.
I see a lot of relevant questions about the Block Energy Support Group and their effect on the sp.
The market suffered a fairly big correction a couple of days ago so there is every chance a holder or two spotted some better opportunities and sold up. Equally the mantra of 'selling on the news' may apply. I suppose some may have wanted 500 boepd so sold for that reason. Some may have concerns about the nature of the oil to water content, the on going well test program and some may simply be stale bulls using the relatively high volume to extricate themselves from the share.
If the conspiracy theory is correct and this Group is seeking to 'hold the price down' then I am unclear where that strategy leads. They don't have enough for a takeover albeit a low price over a consecutive period of time would benefit any party aggressively wanting to buy us out. I suppose they might simply be selling as their time has come and gone or more deviously think that a low sp will prevent the Board from obtaining finance at reasonable rates or -heaven forfend-issuing further equity for new drilling campaigns.
One way or another the news to date means we are seriously undervalued, assuming the well test program goes to plan. Sometimes a little bit of patience is all that is required.
I agree that the lack of informal communication is poor. The video of the field operation showing the gas flare was helpful so why not post a video of chemicals on site?
That aside, whilst trust is very near to breaking with PH, if there is no RNS then we must assume no material changes occurred from the RNS so I am of the view that the chemicals arrived timeously. I suspect, like others, that caution is the byword and the flow rates will need to be nailed down and certified before they are released. I'd expect news by month end. That may coincide with the 'spud' of the new well too.
Indeed, let us recall from the 7 October RNS "A thorough clean-up programme has been designed to dissolve the loss circulation material, requiring chemicals with a 14-day lead time to be sourced from a supplier outside Georgia. The results will be published once the clean-up programme and production testing have been completed."
So if the logistics issues haven't worsened, the chemicals will be in situ already or tomorrow latest, if the timelines are on track.
Next question is how long will it take to clean up then test production. I suspect a bit of patience is required.
The opening message to this thread is perfectly true and some of the messages that follow prove the claim.
It's time people stopped attacking the messenger and concentrated on the messages themselves. It's surely pretty easy for a disheartened investor/former holder to criticise the company's track record without demanding a poster is driven off the board. Equally some lth's may well be able to argue that there is still everything to play for with a well clean up on going, a new well to be drilled and ever higher oil and gas prices.
Keep it civil. I used to enjoy reading this board.