Member Info for djm1

Yep they believe that all these CEOs are whiter than white. That gullibility allows CEOs wiggle room. You have to be dispassionate about it. Cynical almost cos hope doesnt come in to it. Been there and done that and lost the t shirt and 5 figures.

At this point PHs charm offensive is looking like an attempt to distract from something not going according to plan, hence no RNS as yet, we are past his own guidance as to the ops update, yes people are selling looking to make money elsewhere, that's AIM and that's why you need RNSs and not interviews. The further it drops the less likely it will recover to the levels we were all hoping for by now. ive said it before and will say it again, the company stated in interview that the result at 16az was expected internally. 325bbls a day was just to manage expectations externally. So everything since should have been anticipated and yet no reportable progress other than the ownership of west rustavi ahead of the stated time line. But who'se to say this want GOG flexing muscle to bring it forward for their own ends. Trust is being eroded and the fact is it's that trust which we need to deliver us all the share price we want, you play with sentiment at your peril because value doesn't come out by itself.

I agree Fast Money. PH stated this was fully funded long before the result at 16az so w38 should have been ready to go by now, we have the rig so waiting for the pipes at this stage of proceedings feels a bit slack. I can understand not signing up to a storage deal until 16az proved what was expected internally, fair enough, but if as they say they expected 16az to do the numbers all along then the follow up plan should have been there in an outline form all along. I don't like seeing the share price drift, my average is is not down at the low 5s etc, i bloody wish it were. I think it will come good but i don't want to see another interview because it makes no difference to anything. Only an RNS and preferably in the time frame indicated, you cant trust IIs to hold out till the end they could sell in to rises for some time holding back value to PIs. The goalposts have moved on a time frame basis and not everyone here can wait till the big party at the end, something that many here don't appreciate or smugly don't care about. Despite all the congratulations and optimism, you cant take those to the bank. Fingers crossed for Monday. GLA

By PHs own guidance news is late. Very frustrating. I hope this bucks the trend on aim ... no news is usually bad news.

BB the point is why not RNS it? The market seems to pay no heed to the interviews and he stated himself he would RNS it so what are we waiting for? Is it an acquisition? We will soon be at a point where cash flow will cover drilling expenses. If 38 is the same or better than 16az as PH is implying then we could in theory nearly afford to drill two wells at the same time without really using the fund raise money. The point is after 16az the company seemed to be saying sorry this has caught us all out,but in a good way so bear with us whilst we completely change our forward plan, when in fact they knew all along. The fundraise,the storage etc was all foreseeable. So it raises questions including acquisitions strategy. I don't believe PH when he says that the phone ringing from other Oilers on the 16az result prompted him in to expanding the acreage and hence the need for the fund raise from that moment on. The GOG gas plant announcement was a recent development but i don't imagine for one second that such a piece of infrastructure and the tender process wasn't a long time in the planning, similarly our processing plant can't be bought at Argos. So it all points to a bigger plan being in place before the initial results of 16Az were effectively confirmed. To me that's very interesting and exciting, it should send a message to the doubters and the broader market but as yet it has not. As i've said before the clues are there when you look but for whatever reason the market doesn't seem to see the bigger picture.

No actually more the time taken to layout the forward ops plan. Its clearly there because Ph keeps doing interviews and intimating that he knows what it is. AJW thinks its because of the Gas being a far greater proportion of 16az than perhaps we realise... was that not forseen by the company? We raised 12million.. why 12? Why not 8 or 14?? The point is whats playing out can't be new news to Block, they know why they needed 12million along with their projected Cash Flow, they have known for some time. Would these details have been shared with the IIs for the fund raise? Its not a question of happiness, more a case of looking at the situation and asking whether or not the progress being made could have been faster or not? Lots of people in Georgia seem to be mobilising on the as yet unreported flow results from one well!! It all throws up lots of interesting questions. I'm not in the oil and gas business so i can't help but wonder about these things.

I'm going to get slaughtered for this but why is this taking so long? Ph had a said several times in interview that the company expected the 16az result internally. The 325 barrels a day the organic growth fully funded NO fundraise story was just that, a story. Ergo they must have foreseen the whole story being played out now. So why is it taking so long to spell out the plan that they have foreseen for what must be more than mere months?

Don't forget the 608BCF of gas in the same document you're quoting from, value 1.2 Billion, in a country that currently imports all its gas...... you wouldn't want to be factually incorrect when quoting from the low ball CPR. 1.2 Billion..... yep that's a dry hole ....
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The clues are all there, the delay on Bago and the gas offtake because of a better offer, the Gas processing plant being built by GOG, the deal to allow GOG use of the drill rig next year, the ownership deal ahead of schedule announced today with GOG. A bigger picture is being built behind the scenes that looks to me very much like Block being Georgia's no 1 Oil and Gas company as PH has stated. It appears that Georgia is helping to make that possible. Block suspected flowrates in excess of 1000bbls a day and were proved correct. Whilst an RNS on the issue would be nice for the immediate share price and us PIs, in the grand scheme of things Block are building something much bigger as we speak. One flowing well is just the tip of the iceberg here and its clear to me that the Georgian Government is giving Block every assistance as its politically and economically in their interests to do so. Big things coming here.

I think you are right David, its going to take someone or something out of the standard AIM private investors to really shift this. A large part of AIM are the quick buck chasers and fair play to them but this needs more than that. Im not sure even the flow rates on 16az will really improve matters other than a traders spike.

AJW, PH said they have had a better offer than Bago's hence no announcement on that subject.

I believe this is also well ahead of schedule, that suggests that Block and GOG are working together on the bigger picture in West Rustavi and that GOG have no concerns over Blocks ability to get the job done there.

well that is another important milestone along the road, it makes sense that this needed to be done before an update on the full development plan. I'm guessing the negotiations regarding the gas sales and infrastructure are the final piece in the jigsaw before a full announcement. Its a little frustrating but if as each well gets drilled the gas connection is ready to go then flaring issues wont prevent us from quickly reaching full production. Ducks being lined up nicely and in real terms getting all this done and in place is moving along quite quickly. Well done BLOCk Energy!

i hope its a lot more than 25p!!!

Parkez youre not paying attention. The local refinery was maxed out..oil has to go outside country for the full output of 16az. Hence storage requirement which in itself was too small. Hence the lease deal short term and production facility medium term. They can sell all the gas they can produce in country as all gas in Georgia is imported at the moment. The gas infrastructure needs upgrading to cope with our output as well which is why GOG are building a plant near west rustavi. Oh said were in discussions with two parties re the gas off take. Someone has made a better offer than Bago.

BB i think the numbers although not officially RNSd are as per PH has expressed in the presentation, give or take. We are still undervalued even so. Where are the next tranche of punters going to come from is what i'm thinking about. For those who know about Block i cant see why you wouldn't buy in now rather than post RNS. PH has given as many hints as he can... We hit over 17 but it seems that was driven by day traders, we need long term holders for the share price not to drift as it is now..... A big RNS is due any day now, with a lot of detail im hoping. Im also hoping the quick time frame for W38 will focus minds and any price gains will be held in anticipation of the W38 result. If that flows than i think all bets are off. I think being in the 20s will be ancient history by then!

MAT people want a quiet life. They will walk past people pleading for help in the street, dying of hunger , patently injured etc. They couldn't give a flying fig. So you're wasting your breath because people are only interested in themselves. PH has been on damn near every share media outlet going, with last night's presentation revealing even more detail.
We've been producing on 16az intermittently since it flowed held back only by storage ..and selling the oil. Restrictions are now off and it's fine tuning the flow ...anywhere between 800 to 1000 bpd. We've had a better offer on the gas...probably as Ajw said by Gog...probably in anticipation of all wells combined flowing gas including the 608bcf targets. Tubing for well38 in the post..
2500bpd to 3000 bpd within a few months. PH and Schlumbeger openly flirting... Georgian govt treating PH like prodigal son and were still down!!!!!! MADNESS

Thank You for effort, it sounds like it was an enjoyable evening! Was it well attended?

the latest interview states 800-1,000 a day which may be tweaked when experience lets them know more. We may well now be waiting for the production plan RNS which PH stated would be within a couple of weeks. So maybe no flow rate RNS after all...
He reiterated 8,000 to 10,000 bbls a day as a 2-3 year target. Plus 15 to 20 mill cuft of gas per day over the same time frame.
You cant fault him for not banging the drum... when will the SP catch up.......

AJW see spike912 post re the RNS, Thats how i understand it. 7 days from the 1st of July to flow the well at full production in to new storage facility, I'm assuming its transported away via daily schedule of tankers by road, hence the reference to the motorway network in the RNS. So the question after that is what will be the daily flow rate be settled at...The storage at 16az was the only storage they had access to, hence the need for the interim lease deal. Now that's in place full production can resume as per the RNS. My point was that the last two RNSs you feel constitute all the Block have to say regarding 16az, and now that we may not get that for several days or even weeks. I don't disagree that 700bbls a day isn't good but in the context of the media blitz its been made clear that this was turned down with the implication that it can and will flow at a higher rate. The RNS states as much. With that expectation in mind i cannot see how we can't have a further RNS on that flow rate. How long do they flow the well at at the increased rate before making the announcement? Some expect a day or two at most. Is that technically unfeasible? As for majors etc i know that they will want to see more wells drilled and all the other elements shaping up. But here is the thing, everyone has their own agenda and time frames and i'm sure in six months the share price will be substantially higher than now. But in the interim an RNS with a four figure flow rate will help to realise the current value, and if i have a rainy day tomorrow my investment will be of material use.