Macy's Article8 Apr 2020 18:55
Another poster mentioned the positives in this article so wanted to post again as doomer and gloomers wont leave this BB and another INDEPENDENT perspective worth sharing. I for one have enjoyed reducing my AVG. Rock on!!
Block Energy
Cost cutting at Block means a 40% reduction of cash expenditure, currently they have $3.4m and crude stocks worth $470,000 depending what time it is but it’s not for sale now. The company are shutting-in WR-16aZ and WR-382 to conserve gas reserves, again a wise move. Abandoning WR-51Z would have been a difficult call but there is nothing like this sort of market to sort the wheat from the chaff.
Overall Block is doing the right things, it is effectively going to a care and maintenance basis in Georgia but still continuing to ‘work tirelessly’ on the acquisition from Schlumberger which, should it complete will make significant growth for the future for Block. Along with the substantial reduction in its operating and administration base the company seems to have taken the hard decisions on behalf of shareholders.