Member Info for Geowiz

Cash in bank was $1.2 mm at the end of March
Not enough to pay salaries and hire a rig n crew etc
I agree they need finance. But who’s likely to think this will give a return?

Raise is inevitably coming here
Unless, as Farnham says it hits the 20s.

If there’s no cash they can’t crack on with any sidetrack
This simply doesn’t generate enough oil flow/ cash flow to sustain itself..

How are these two going to develop a gas field from scratch with $6mm given they have no operating capabilities or seemingly no ambition to operate.
It’ll be 100s of millions to appraise and fully develop.
AIM is a joke at times. They need to farm it out again to a proper company

Gas revenue is tiny.
Oil revenue is small and declining
How can this fund further drilling it must be running on fumes

A no news update always leads to an attempted placing
How long has this got left on the clock?

Despite the hubris this clearly needs another raise assuming it wants to trade into next year. $2mm at beginning of the year and spend is consistently in the $1.8 mm per year range. That’s the main problem. Holding at the next dilution point which has to be in the cards will be painful.

Surprised this is still trading
Aside from the obvious Russia issue it’s lost money for the last 3 years according to yahoo finance.

Will these guys ever drill another well? Or is the kitty empty?
Need an update on production levels and cash in bank.

Egypt looks like it’s on its last legs which explains the recent shift to push Jamaica. But there’s no cash is the bank. Not good.

BP have sold them down the river offloading declining assets
Zero cash in bank and still paying off BP loan. Jamaica to save the day? Doubt it.

Any massive success with funding would need a massive dilution. These funders want their pound of flesh.

Dear Mr Charlie
Graf and Venus were wildcats…
Nobody said the extension would definitely not be given simply that it was needed.
Cash is probably is I agree around 1.5 mm or a bit less so they need a raise to take them into next year? Are you saying they can trade until Sep 2023 on present balance. Not sure I understand your point.

Needs a capital raise to go another year. Dilution ahead.

It would be highly irresponsible to spend the last $1.2 mm on drilling a sidetrack which is by no means guaranteed to make money.

How would either Zenith or this outfit raise $20 mm to buy into and asset with no signed off reserves? And then raise more for well tests? It’s at £2mm mkt cap..

Jamaica produces a total of 130 bbls/d. Hardly super major territory.

If the recent report is anything to go by.
…As at 31 March 2022, Block had $1.2 million cash at bank (31 December 2021: $1.2 million)…
So, it’s just about staying afloat.

Given ADM, Zenith and the Nigerian outfit have zero cash between them where’s the compensation coming from and for what ? To be compensated one has to demonstrate a financial loss. Given the CPR on Barracuda it’s a liability missed not a loss incurred. A Never ending farce this.

Clearly there are no bidders.
Given the cash burn of nearly $2mm per year this needs another raise v soon in order to trade into next year.
I can’t see another raise happening.