The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I’m also not too familiar with how long it takes to set up an EPF facility.
Would be great if anyone should shed some light
I actually find it quite hilarious that people take a mysterious document posted by a mysterious individual and take it as gospel. Of all the media sources and websites they could have leaked it to, they leak on lse? Yeah right, sounds legit.
I’m personally waiting till 27 July for the actual results. Back in a month and a bit folks, goodnight!
The words ‘if not cured’ is probably where the argument lies.
Georgian government is probably arguing that the the material breach amounts to frustration.
FRR are probably arguing that the material breach was cured and therefore there is no breach.
Whether or not the material breach was cured is a question that should be posed back to the arbitration panel. I believe there was a period of 30 days to write to the panel for clarification of the ruling.
Whether or not frr survives will depends on if the panel rule that the breach has been cured or not, if FRR has now returned the 99% of the territory.
Hope so. EPF must be teaching Georgia soon if it hasn’t already
In the short term, I’m expecting news of the arrival of the gas processing facility in Georgia and also news of the Schlumberger deal signed on the dotted line.
Lots of potential to rerate back to 4p , 5p, 10p who knows. All of this amidst a recovery in oil price and we are looking good.
Gla
11% is pretty good imo. Hope it holds this week
No ones stopping you from starting a court case.
Don’t expect me to chip in though :)
Hi!
Just wondering, why do you think the processing facilities are already at site?
Great news if it is the case, just wondering how u know. Last I heard on an interview it was still at sea.
Thanks, and have a lovely weekend bloe peeps. Onwards and upwards come Monday :)
Isn’t it sad that you have to throw out abuse for a contrary view.
Bet those spiked at 2200p are loving this share.
With the oil price so low at the moment, looks like this is a no go for a while. Best to avoid, cash is definitely king right now in the Oiler’s market
For me, q2 is when this gets really really exciting.
We can expect:
- the Schlumberger deal to be finalised and we take custody of the new blocks
- the gas processing facilities (currently being shipped from Canada) built
- first gas sales, BAGO are expecting the first sales around June, barely three months away.
That’s when the true value of block will become clear. Hold long and strong folks. I’m not selling a penny right now.
Block Energy (AIM:BLOE) has acquired two new adjacent blocks in Georgia, from Schlumberger, in what has been labelled as a “transformational acquisition.”
The Georgian-focused exploration firm said that recent appraisal drilling by Schlumberger has unearthed additional potential, identifying 600bn cubic feet of in-place gas. The assets increase 2C contingent resources by 29 million boe as well as 245 million boe of prospective resources. The acquisition therefore represents a significant step in scale for Block Energy, increasing its acreage by over 30 times.
This morning’s statement detailed that the acquisition from Schlumberger will go ahead with no upfront cash consideration. Instead, Schlumberger will be given options over Block Energy stock including 120m shares, or 23.3% of the Group, making up a base deal value of around $6m.
Under the deal, Block will acquire the new acreage in Georgia including producing Block XIB, known as Georgia's ‘most productive block’ as well as an exploration Block IX. Historically, Block XIB has produced over 180 million barrels of oil with a peak flow of 67,000 barrels of oil per day in the mid-1980s and is expected to add 64m barrels (boe) of 2P oil reserves to the company.
Shares in Block Energy were trading 18.18% higher at 2.6p during Thursday trading.
“The Acquisition is transformational for Block Energy, providing the Company scale and increased production, reserves and resources,” said Paul Haywood, CEO of Block Energy.
Once integrated with Block's existing operations, Block believes the assets will grant ‘significant operational synergies’ that will enhance its operational ability and efficiency.
Haywood added, “A critical component of this transaction is that it will be completed with no cash consideration, using options on our own share capital. The Acquisition demonstrates management's ability to identify, compete for and secure the right deals for its shareholders in an environment posing unprecedented challenges for the industry.”
Following the acquisition, Block will have a total licence area of 2,622 km2, giving it ‘a material position’ in?Georgia's oil and gas fairway.
Block Energy completes ‘transformational’ acquisition of Georgian assets
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Managed to average down from 9p to 5p. :)
Snapped up another 50k myself.
I think it’s because a lot of these shares are in sticky hands. I won’t be selling a penny till at least q3 this year when we start selling gas and begin to reap the benefits of the gas revenues.
Its still been a very good day in light of all the virus doom and gloom.
As someone linked earlier on Twitter, any shares that are blue in these times are worth keeping an eye on.
Can't wait to hear what the 'good news' or 'market rumours' are! Bring on an RNS tomorrow or Monday!
So basically you replied with zero evidence, as expected.
Hilarious
Cautious, again u miss the point.
You say: Bago aren’t at fault because I would say all along they knew the time scales.
Timescales move!!!!! Is this new to you? Have BAGO never embarked on a project where the timescales have moved? I listed a range of factor in my previous post as to why they may move and you reply with a childhood insult. I hope you’re being ironically foolish.
Where is your evidence that BAGO knew timescales all along and PH misled investors instead? Please only reply when you can answer the above.
Cautious, do you work in the City at all? Just wondering because I’m finding your comments quite naive.
If you’re completely taken aback by the gas pipeline works going from Q1 to Q2, then you’re in the wrong game. The delivery of materials, time it takes to get permits and licences from government, problems with geography and terrain, local problems such as affecting existing infrastructure, additional 3D info can all affect the timelines we work to.
If it is deemed necessary, of course BAGO and bloe will move the goalposts. This is just how the business world works. Now stop complaining and try to enjoy life before the RNS makes us all rich in a few months. Toodle pip