Member Info for cperkin

#their loss.

There loss is the difference between the money they would have earned if paid in cash V the money they actually get for the shares AJ, but yes you are right it's the rest of us shareholders who really pay for it all in dilution.

Indeed AJ. You have to feel sorry for the employees, desperate enough for cash to have to convert their shares at a loss, like many holders here have also had to do. I only hope that BLOE can eventually put out a positive RNS (with real flows) and end the rot, but alas I am not confident at this stage that we will see anything like the 500 boepd that we were all expecting and the market will no doubt punish us again if the well underperforms.
Any raise at these levels or more to the point at a discount as is the norm will surely be the end of this bod?

Coming thick and fast....

Block Energy Plc, the exploration and production company focused on Georgia, announces that, today, an employee exercised nil-cost options to acquire 288,483 ordinary shares of 0.25 pence each.

The nil cost options had been granted as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020 and a subsequent agreement, whereby employees and directors agreed to receive up to 50 per cent of salaries and directors' fees in nil-cost options in lieu of cash.

288,483 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise by the employee. Following this exercise, the remaining number of shares held by the EBT will be 47,825,956, representing 7.34 per cent of the current total issued share capital.

I certainly hope they do, first operational action on the licence area for almost 4 years, they should organise a huge party!

Block Energy Plc, the exploration and production company focused on Georgia, announces that, on 8 October 2021, a former director exercised nil-cost options to acquire 299,412 ordinary shares of 0.25 pence each and, on 10 October 2021, William McAvock, Chief Financial Officer and Director, exercised nil cost options to acquire 699,801 ordinary shares of 0.25 pence each.

The nil cost options had been granted as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020 and a subsequent agreement, whereby employees and directors agreed to receive up to 50 per cent of salaries and directors' fees in nil-cost options in lieu of cash.

699,801 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise by William McAvock. Following this exercise, the remaining number of shares held by the EBT will be 48,114,439, representing 7.38 per cent of the current total issued share capital.

Application will be made for the admission to trading on AIM ("Admission") for the 299,412 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 14 October 2021.

Pretty certain it will be reported once started vike, if SCIR still own it that is.

shorturl.at/iFW46

Use tiny short URL maker next time Frank :) https://www.shorturl.at/

Hi AJ, well that's why I was asking the reason why they wanted to hold off, was the location debateable, the choice or rig and total depth? I just don't know for sure.

Anyway like you say not completely dead in the water (excuse the pun) but we now have another long wait to find out if it's commercial or not, certainly it is not a good result thus far and I am less confident.

I think SCIR is likely to be a big mover in the coming weeks if Gneiss can mange to negotiate a deal on Ruvuma and Killiwani, I have moved some money from here to there.

GL

Why did the concert part want to hold of on this drill, anyone know the actual reason? It may well turn out that they were 100% correct based on events thus far. I only hope they manage to recover the situation with what appears to be an Acid wash but based on what I have seen before with such procedures I don't hold out much hope to be honest and if this is the case then surely it is time that Pi's kicked PH out.

Small glimmer of hope but I don't feel confident.

The now replaced president and Energy minister have a lot to answer for, 5 years + of stagnation. To be fair to the old BOD, NR and Dan and the new there was absolutely nothing they could do whilst the old Tanzanian guard was in place. Even a book published and edited by a professor at the University of Dara spelled it out at the end of 2019 in their conclusion "There is STILL a window of opportunity" to develop the huge gas assets for the benefit of the Tanzanian people.

It looks to me like that window is now open and the Government are moving at speed to develop and sell this gas not just locally but Globally either through onshore to pipe to Kenya and Uganda and LNG whilst they still can.

Now looks like a good time for a buyer of SCIR's assets, not sure it is the optimum time to sell?

Nice summary Matt, thanks to you both.

I am still amazed that killiwani has been bundled together with Ruvuma for sale, only that surely there has to be a Tax resolution for the $8.3 million owed to the JV before this can move forward?

I will be surprised if SCIR get much of a premium to last market price Crusty, in saying that there has been a hike in internal resources, a 2 year and not 1 year extension licence issued and of course the agreed work programme and it appears that KN is also in the mix. If there is a buyer in the background now is probably a good time to strike before the main show begins.

I think the CEO needs to resign.....

Morning steve. Yes there is a total of $8.3 million owed to the JV for Killi and of course the reserves valuation associated to be added to the Ruvuma asset valuation.
I have no idea where this will land but we must be talking the $10's millions and surely more than $20 million on any successful sale of both assets.

Well looks like shareholders got what they voted for, more of the same from PH & Co. It's not clear to me how much of the $5million cash is already spoken for in terms of costs to be paid. I expect a placing before year end as they are clearly blowing a lot more on this well than the $3million budget they touted.

Not sure the concert party will do anything, they tried already.

And I can't see them selling Killiwani without the tax dispute being resolved? Could bode well for the recovery of some of the $8 million here?

Has all the hallmarks of Deja vu, not a good updated and certainly not what was expected with the well after all those tweets about great oil prices.

Your not invested Dan so don't expect anything.

@ investors Interesting that they are looking for a complete exit from both Hydrocarbon licences in Tanzania, it certainly fits with the new strategy, Hydrocarbon free.
Valuation for us Pi's becomes a little more difficult though, we know around $600,000 is owed to SCIR for gas already sold and I don't see Killiwani being attractive to any buyer unless this is resolved first?

Interesting time.

No they could not say that without a firm offer and then they would need to RNS. They made it clear that the assets are bundled, so interpret recent invents and your position as you see fit Cash.