Having read the 26th March RNS, the 7th April RNS and the Annual Report several times over I did not hear anything in that interview that I did not know already other than the output from the Schlumberger well seems to have gone down from 245 BOPD to 200 BOPD as apparently confirmed in the annual report. No mention of the 3D seismic survey. PH says that the three key events to look forward to are: 1) Gas monetisation (EPF is not yet in the country and the infrastructure has not yet been completed so unlikely to be before Q4) 2) Completion of Schlumberger acquisition (Not sure how long that will take) 3) Publication of Development Plan (PH says Q4) Other than the EPF and installation of the gas infrastructure capital expenditure has been suspended. This interview seems to be just a holding operation in the absence of any imminent RNS's.
V111JAS - Agree with your overall sentiments. I think your second para may be bang on as PD has said that he plans to bolster the stewardship of the Board with the appointment of a well qualified third non executive member - that could be very interesting. With regard to forthcoming news we may get something regarding the 3D survey shortly (Block + Schulmberger) but for reasons previously discussed cant see anything on gas monetisation for at least three months. At this point they can start the WR16aZ workover. GL
Mal - I suspect you are correct that a lot of money has been spent on WR16aZ but the intervention programme planned for February has still not been carried out so this has still got to be paid for out of the money left in the kitty. Once again PH said at the beginning of February that the work was imminent and he would update the market soon (or words to that effect) but the first I knew that it had not been carried was reading the Technical Directors statement yesterday.
MP - I know all that but oil ops were not suspended in February and if they have not spent the money on WR16aZ where on earth has it all gone. Don't forget the placing was supposed to fund four new wells this year and we only got two and one of those had to be abandoned.
Not sure if you all realise but the Annual Report published today on the Block Energy web site includes an up to date "Technical Directors Statement"
Most of it is what we already knew but it came as a surprise to me that Block had not started the WR16aZ work over, that was planned to start in February. This will not now be STARTED until the gas is monetised and as stated before I reckon that will be Q4 at the earliest. Furthermore, it begs the question, what have they spent all the money on?? I am not trying to be negative, just saying it as I see it.
Mal - Looks like you wont need the steel toe cappers for the AGM unless of course you are one of the two shareholders being allowed in.
Still seems to be a lot of confusion between GOG and GOGC
MP - Georgian Oil and Gas Limited (GOG) are not a small holding company, Block Energy purchased West Rustavi from them paid for in cash and shares - Block also hire the drilling rig, from GOG, etc, etc
Thorndon - the agreement Block Energy have for oil storage facilities is with Georgian Oil and Gas Corporation ('GOGC) - nothing to do with GOG or shares.
Good Morning Sea 7 / Ezhik - I did post yesterday that Doc Holiday infers that the recent share price spike on Tuesday may have been something to do with the recent TW interview with PH - As the price went up did he say something positive? - I am surprised nobody else on this board was curious enough to pay the fee and find out what was said - that said I an not going to line his pockets myself.
Yes, the warrants have been exercised now but the warrants must have been issued sometime ago so this would have been known about at the recent fund raise and was not seen as a problem. With regard to keeping the lights on, the money is not going into the senior managements pockets by way of large salaries over the next year, it is as Warnz says going into building the business - all ok with me.