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Ahh my fault cperkin for trying to skim it first thing.
Is it me or have these so-called concerned shareholders now taken out their statement about abstaining from the vote.
Not even 24 hours and they have lied again….. I will never trust these clowns.
Wonder if they’ll offer to pay the £100k of shareholders money they cost BLOE on their frivolous resolutions?
Exactly my thoughts hepseal. More smoke and mirrors from these clowns. They are telling us that they will abstain but there is no guarantee they will. It’s a trick to deter voters who haven’t voted yet to not do so.
Keep voting against the clowns. If they truly wanted to pay for the audit, they would have withdrawn their resolution when they could have. They have absolutely no intention of paying for it.
It’s already been stated by block that the audit would cost over £2m.
The £1m figure is the upfront cost to start the audit. This is all explained in the block managements comments in the RNS when the concert party decided to put forward their ridiculous resolutions. Absolute bunch of clowns
Maladoni and MP, absolutely agree with you both about Baker Hughes. If it’s not an issue for them, it’s not an issue for me. Bakers have the technical expertise , even more so than some scruffy shareholders trying to bully their way into block.
Do ppl really think an audit conducted by these alleged concerned shareholders will actually be “independent”? Sounds more like a ploy to get their buddies in to manipulate the report to get what they want. I.e. disrupt the management and take over the company.
I work in a city law firm and the reports I see from independent auditors are sometimes laughable in the way they manipulate the information.
I also think it’s a ploy to get shareholders to think that voting FOR the resolution will commit them to paying for the audit. IT DOES NOT. It’s just a distraction tactic. A statement from them doesn’t not contractually commit them to anything and we still need to band together to vote AGAINST the resolution otherwise it is Block that need to stump up 2m from our well funds. Don’t let their nonsense distract you.
Easy to someone like Bedex to support the ridiculous audit cos he isn’t invested in Block! Why would anyone listen to someone that has no skin in the game. Absolute joker.
If he was invested, he obviously wouldn’t vote for a £2m audit that won’t achieve anything except divert funds and energy away from drilling wells.
Don’t think it was pi’s reporting . I report one of the posts from fgpsg or whatever they called themselves and got an lse warning that I would be banned if I did it again. They probably gave up after realising they weren’t getting anywhere. Good riddance.
Yup. I posted earlier that I voted against this ridiculous shareholder group, and then got a warning from lse to obey the rules or get a ban. Hilarious the lengths these jokers are going to.
Geowiz’s posts are coming more often. Guess it’s time to me to buy a few more shares then. Geo getting his panties in a twist is usually a good sign. :)
Where did they say they aren’t using exclusive new technologies to drill the wells? Just because they are getting in Baker Hughes’ expertise (which IMO is a prudent decision) doesn’t mean they aren’t using the best technologies to do the job.
Bedex - stop adding 2 plus 2 to get 5.
Does seem a bit quick doesn’t it if we’re already at 400m down. Maybe the 8 week predictions might be a bit generous and we can expect to hear news earlier?
I was also thinking that having the baker Hughes team on board might mean extra personnel to assist with the drilling and thus we might have an expedited drilling period. Could be wishful thinking but 400m plus already is bloody darn quick!
I agree with Hep, gas sales price may have been revised/renegotiated but it’s a small percentage of our invoicing. Oil makes up the majority of our revenue so I’m definitely more interested in our new well rather than the gas price.
Don’t forget, the Georgian government ultimately has the negotiating power in the gas price and we don’t want to bite the hand that feeds us. Better to just accept the lower gas price imo.
They have to suspend the well to do remediation works .
Hope so Spud.
Things I’m looking forward to over the next few weeks.
(1) results of stabilised oil and gas rates over the whole producing Block portfolio;
(2) news of remediation at 16 and perhaps some of the increased flow rates from the well intervention programme at the smaller fields. Let’s hope 16 is now producing at least 200bopd which would take us into profit since we are already producing enough to cover 95% of them overheads; and
(3) news of spud for the new WR-BA wel targeting 550bopd or 600 boepd. The corporate presentation shows we should be producing by July so I expect works will have started/will be starting very shortly.
Exciting times for us. Lots to look forward to which should see a rise in the sp imo. But as always dyor folks!
Ah I see, that’s my misunderstanding.
Sorry AJW, I’ll have to side with Hepseal on this. I think the 573 figure is from all fields save for wr16. Otherwise they would have given the production figures for those smaller wells too. Just my opinion, could be wrong though. In any case, the company is making progress, no need to bicker!!!!
Ah, hep, I think ur both saying the same thing just in different ways.
My reading is the 573boepd is average production from all of the fields save for wr16. The 573boepd also accounts for 95% of operating costs. So once 16 is back online our average production will be closer to 750 or more, and we will also be running a profit. Not many small caps oil/gas exploration firms can boast this.
But as always dyor
So with 16az under remediation, we are still producing enough to cover 95% of costs? So if 16 is remediate successfully we will be making a small profit?
Is that everyone else’s understanding?
I’m also expecting something in April. The leaked brokers note mentioned a three well programme to commence in May. So I imagine the plans will be announced to the wider market sometime in April.
Here’s hoping anyway!