Member Info for Avi8r

Pt2 Cont'd

So I think the message we have at this point is so far so good. We are incredibly excited by the project and encouraged by where we have got to but we are also very methodical about it to make sure there is no room left for error. So while we are very much getting there and remain to the planned time frame this is uh not something that can be rushed. Once we have the conclusion of the results from the lab in Baku, then we will know conclusively and be in the position to update the people. If we have success, which we very much hope, we will be well positioned to plan with our partners Rust Yazot, Indorama along with our external international consultants towards FID and then onto commercialization.

Full transcript:

My name is Gorg Chagawad. I am an operations engineer at Block Energy and I want to spend next few moments explaining what has been happening on company's CCS project since we announced successful CO2 injection in August. We said at the time that we expected 4 to 6 months for the results to come

through and to understand if we get successful mineralization in the reservoir. We remain on track with that time frame.

The last 3 months have been incredibly active behind the scenes. It's nothing we've been able to announce to the markets as uncertainty remained. But the team has been working tirelessly to move the project forward alongside external consultants such as OPC and our partners to the project Rustavazot. We are all incredibly excited about what this could mean for block, its partners and Georgia. But we also must be measured about it and progress things by not leaving anything to chance. The opportunity here is vast. The scale of the potential project for a company such as Block is enormous. It's also a project that offers a natural competitive advantage with low ongoing operational costs based on permanent secure storage through the mineralization process that along with the scale of the project differentiates it from most other CCS projects.

Just to remind some of you, we injected 13.6 6 tons of liquid CO2 into the reservoir along with 300 cubic m of water and 500 L of sodium fluoroscent at pressures of 120 to 130 bar. No CO2 was detected at the surface. The injection of the sodium fluoroscent tracer is there so we can track progress and confirm no CO2 leaks. It was also there to confirm communication between injection and monitoring sites. It was the first injection mineralization project of its type in the broader Eastern Europe region making block a first mover in the space. The focus of the work streams over the last few months has been on monitoring and verification. In practical terms that has been about collecting subsurface samples and analyzing the data they provide to determine if the injected CO2 has been mineralized into solid calcium carbonate. To put that in perspective, if we have solid calcium carbonate, the CO2 is permanently captured and sealed.

Most CCS projects require expensive ongoing monitoring to ensure no leaks. That's not the case here. The operations team have been collecting the samples daily. These samples have been analyzed in house. Samples have also been sent off to an external lab for analysis in Baku, which will be comprehensive. And once we have that back, we'll know exactly where we stand with the project. It's fair to say at this point, we are quietly encouraged, but nothing is certain till it's proven. At the point we have proof of mineralization on a permanent basis, we can move forward with the project and put a plan in place to final investment decision, which is the point where we can really start to get excited about this project.

Cont'd

Rlightor is correct.

This notification is mainly administrative, not a value-related event; scaremongering by mikehunt61 and others is wasted energy

Steady stream of news expected in the coming months which will move the shareprice. All the below are reported via RNS by the company:

CCS: Pilot injection completed; monitoring underway Next Likely Update Window: Q1–Q2 2026 (data/results/commercial news)

Project III: Non-binding farm-in offer received (Dec 2025) Next Likely Update Window: Early to mid-2026 (binding agreements/partner)

Project IV:Partner negotiations ongoing Next Likely Update Window: Through 2026 (farm-out / seismic / wells)

"This company went from exploding previous metals, then to gold, then to oil, and now gas.

Formerly known as Goldcrest resources and other names.

All those names changes and not one thing they did bought in revenue.

What will they explore next I wonder..."

stinkmaiden - Had a night on the paint thinners? So incoherent, you are embarrassing yourself now. 🤡🤡🤡

i find it really funny that the bb clown the room temp iq ****** that is stinkmaiden 🤡🤡🤡 has decided to comment on a thread titled 'bad smell'. the irony is completely lost on it.

it clearly does no research and ends up embarrassing itself . be better to stick to alrt or matd and lose its money there.. 🤡🤡🤡

Oh look - stinkmaiden 🤡🤡🤡 is back trying to be clever and failing as usual.

Go back to alert (unlike you are) matd and flap your gums over there. You have no idea who FSL is or what he's about either.

an interesting observation bobby. thought i'd delve a little deeper with some down route time on my hands.

the sakarya gas field is being used as a regional benchmark to frame project iii. sakarya is huge, a state-backed offshore gas development in the black sea, targeting around 40 million cubic metres of gas per day (1,400 mmcf/d). by contrast, block talks about project iii starting around 20 mmcf/d and potentially scaling up to 200 mmcf/d if (big if) appraisal and development go well. so project iii is much smaller in absolute terms, but it sits in the same wider black sea/south caucasus gas story: supplying turkey and europe with non-russian gas via existing and planned pipelines. this has been mentioned before too.

for block, the sakarya comparison is mainly about narrative and de-risking the bigger picture.

sakarya proves that governments and majors are willing to pour serious money into regional gas, build infrastructure and support new sources of supply. block presents project iii as a lower-cost, onshore, “mid-scale” gas project that could plug into that same demand and export infrastructure.

the key point is not to treat project iii as “another sakarya”, but rather as a smaller project that becomes highly valuable if block can

(a) prove the gas and flow rates through appraisal, and

(b) secure a serious farm-in partner and funding.

the sakarya link helps sell the story, but the real test will be block’s ability to execute and turn the 20–200 mmcf/d numbers from ph bull**** into committed, financed development.

The only thing heywood issues is more confetti share options for himself.

Still no reply to my questions regarding the forthcoming meeting. Tells you all you need to know...

I have asked a number of questions directly to Block prior to this GM and they have yet to respond. The questions were not difficult but were meaningful and designed to demonstrate commitment to investors. Unsurprisingly, there has been no response, which demonstrates what heywood et al think of us.

This action has decided my decision. If the company cannot be bothered to respond to investors when it invites questions then clearly they are only interested in serving their own ends.

Did anyone else bother to contact them and ignored too?

Start of Phase 2 CCS studies on XIB, with a pilot CO₂ injection targeted for Q1 2025 (after workover & recompletion of a Patardzueli well). Aim: prove mineralisation within 12 months and move towards commercialisation options.

As of 28 Nov, there is no RNS on independent verification, commercial offtake contracts, or CCS revenue – Phase 2 evaluation and monitoring still ongoing.

Q1 2025 guidance vs Q3 2025 delivery (~5 months late). Commercialisation language remains aspirational; no firm CCS revenue or offtake deals yet.

Stage 2 CCS studies “expected to take ~14 weeks”, after which Block would be “in a position… to undertake injection”, subject to cost-sharing. Describes the CCS project as “Europe-leading” and progressing well.

CCS/Phase 2 work clearly continued well beyond 14 weeks. Press in April 2025 still talked about Ph2 work ahead of the pilot, and the injection itself did not happen until Aug 2025, around 12 months after RNS

Launch of Project III farm-out with LAB Energy. PH: “marks the beginning of the anticipated farm-out process… signalling our commitment to deliver a high-value strategy with near-term impact.”

As of the Fundraise & Operations Update (6 Nov 2025), Project III is still described as “farm-out negotiations advancing with multiple third parties” but no binding term sheet, HOAs or completed deal have been announced.

Repeatedly states the goal is to deliver multi-TCF gas assets “supported by partner funding and cash from existing producing assets”. XIQ RNS emphasises farm-in partner funding 3D seismic and up to three high-impact wells, with approval “expected during Q4 2025 – Q1 2026”.

Reality: near-term activity (CCS work, KRT-39ST slim-hole pilot, Project III negotiations, corporate overhead) has been funded by: (a) 16% secured loan extended to Feb 2026 with 91m new warrants; (b) a £1.5 m equity raise at 0.7p issuing 214m new shares plus investor warrants. XIQ farm-out is agreed but still conditional on government approval, so the partner-funded model is not yet delivering cash.

Chair/Board repeatedly stress that Block is “generating positive cashflows” and “remains financially strong”, with 2023/24 EBITDA growth and a “clear entry point” for investors.

Despite positive operating cashflow, the company has had to: (a) roll a 16% secured loan (with security over assets and new warrants); (b) conduct a deeply dilutive equity raise in Nov 2025 at 0.7p.

2 words: A f'n mess.

Do they absolutely need fresh capital to stay alive this month? Probably not. Operations are (just about) cash-flow positive.

Do they need extra capital to (a) de-risk the balance sheet and (b) push all these projects (KRT, CCS, Project III & IV farm-outs, new ventures) at the speed they’re promising? Yes – that’s really what this raise and new headroom are about.

The board has apparently chosen to prioritise growth and negotiating strength, even at the cost of dilution, rather than run a skinny balance sheet and hope everything breaks their way.

Ultimately - do you trust them to do the right thing? Based on heywoods performance to date, NO. He needs to start earning some credibility.

Members who have general queries about the Meeting should email her at ladrian@oranacorp.com (no other methods of communication will be accepted).

Ask difficult questions. No response will tell you all you need to know.

Right now, I’d class this highly questionable, with upside 'only' if they finally deliver real, visible value. All talk and no evidence, I am completely sceptical until proven otherwise. This dilution is not good.

Company needs to clarify:

What proportion of this 29.99% is already effectively committed to the existing 1p warrants, nil-cost options and simplification shares, and how much is discretionary?

Under what circumstances would they use the remaining headroom; limiting further placings until after specific value events (CCS milestones, Project III/IV farm-outs, or satisfactory KRT-39ST performance)?

Committing to offering existing shareholders an opportunity to participate if they utilise a significant portion of this authority?

These questions will serve to allay investors fears. Currently its not looking good.

Full details here: https://www.blockenergy.co.uk/wp-content/uploads/2025/11/BLOE-Notice-General-Meeting.pdf

Do you trust this board to allocate capital well?

Would I be willing to put more money in if they place again at or below current levels?

Crucially: Is Block mainly about the assets (CCS, gas, Project IV) or about this management unlocking that value?

If you are uneasy about further dilution vote against the disapplication (Resolution 2) to register dissatisfaction. The company needs to issue clear public commitments on:

When they would and would not use the remaining headroom;

Whether they’ll respect soft pre-emption (e.g. open offers for PIs).

It may just be that this is to allow a fast move on CCS and gas projects. If the assets are as big as they say, prove the value later. Any dilution will be at higher prices.

How do they justify a need for flexibility, what about reassurance how this 29.99% authority will and won’t be used. Trust in heywood is evaporating fast. Still waiting on KRT-39 flow rates.

Company needs to communicate pronto or risk PI's voting against these actions. Given heywoods track record and market perception (serial dilution, “quantum leap” never delivered, etc.), giving him more freedom to issue shares is not automatically reassuring.

https://www.blockenergy.co.uk/wp-content/uploads/2025/11/BLOE-Notice-General-Meeting.pdf

Company explicitly said it will take 4–6 months from the 26 Aug CO₂ injection to know if mineralisation has worked. Do not expect any news until late December moving to February 26.

One caveat: As Tarbs69 posted: "If there is not substantial news in the next 8 weeks then he needs to go!"

Fact: Terms with a “leading international E&P company” agreed and confirmed 4 Sept. Completion awaits government approval, expected Q4 25–Q1 26.

Fact: Broker Tennyson has publicly reiterated a 4.7p target post-farm-out

The more people who engage with the troll the more it feels important and a need to reply.

IGNORE IT 🧌

I dont know why you bother engaging with it. Ignoring the noise and nonsensical comments will make it realise there is no point and will find another focus for its negative energies.

We have enough going on with Block to discuss which have some really positive potential. The only problem is heywood and a suggested plan is forming around that. Currently he is the greatest threat to Block, not some pathetic loser who has no idea.

I think you'll find thats addressed in my message Bedex.

On the surface it appears to be dilution, yet these were already options and the company has effectively tidied up some of the administrative mess. That could be argued in preparation for some future event, but as we know, comms are crap. This has been one of my main complaints for some time, combined with the evidence of heywoods ineffectiveness. He is no corporate company executive by any stretch, lacks the experience and ability.

Key to this 'dilution' was the markets reaction. Nothing really happened.

But I re-iterate, heywood has been on my radar for a while and this is his last chance. Come June 26 if he has not come good then I am determined he will face shareholder action. No doubt he reads this, so he will know he's now on notice.