Malcys view yesterday1 Nov 2019 09:54
Apologies if already posted...
Block Energy
After yesterday’s announcement of a GSA with Bago, a local supplier and purchaser of gas at $5.24 per MCF, with Bago paying for infrastructure, today Block announce the completion of drilling at WR-38Z well in its West Rustavi field. The well showed multiple fractures and oil shows during drilling but we will have no idea about flow rates or productivity until after testing ‘over the coming weeks’.
Block’s share price has been rallying significantly back up to the 8p level but any move back up to the 17.5p high will need a decent flow rate from this well and a rebuild in trust from the market. Both of these are perfectly possible and the management is taking steps to up the profile and I have already had one meeting with PH and have been offered another so things are improving on that front.