Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Grower69 - You say "Hepseal you naughty boy … I notice you purposely skipped the latest update"
What a joke coming from someone who posts untruths on this board.
1) I was not being "naughty" in any shape or form.
2) The reason for "skipping" the Q3 update was because. as Mephisto says, Block did not publish a cash balance in the Q3 update.
3) When it comes to untruths you stated on the morning of 26th Sept Block were producing 900 bopd, I remember it well because I sold a significant quantity of shares that morning in the first minute of trading (1.407p) because I knew Block were NOT producing 900 bopd.
4) The reality, as your own figures below show:
Average oil production in Q3 was 487 bopd
Average oil sales in Q3 was 277 bopd
In case you don't understand the reason oil sales figures are less than oil production figures is because Block only get to sell their share of the oil after Georgia have taken their share.
As you can see, a lot less than your mis-leading and incorrect figure of 900 bopd.
5) As for Q4 figures, well of course we do not know do we!!
6) With regard to the position regarding Project 3 I suggest you read very carefully the three excellent posts this year by Mephisto, you might learn something.
Half Year Report to 30 June, 2023:
Despite having received $2M financing in H1 cash balance at 30 June 23 was only $882,000
Since that time, in addition to normal operational costs, they will have had to pay for:
Drilling of WR34 Z well which produced only modest results
Carbon Capture Report
Interdependent Engineering Report
During the coming months they will have to pay for:
Project 3 marketing campaign & Consultants costs
Repayment of $2M loan (unless extended
From RNS, Monday 12 Feb:
"Further to the Company's announcement of 29 January 2024, the sand jetting operations with a coiled tubing unit has now been completed and the Company expects to recommence production in the coming days following reinstallation of the rod pump.
The impact of the sand jetting will only be known once production has been restored and a stabilised and sustained flowrate from the rod pump has been achieved, at which time the company will provide an update."
So, bearing in mind that originally they quoted 10 - 14 days for the complete operation and above they are talking about "recommencing production in the coming days" I am thinking we could get the next RNS with stabilized/sustained flow rates as early as next Monday / Tuesday (19th/20th Feb).
Anyone agree or disagree?
Rlightor
"Not sure what you mean regarding news silence, maybe you don't see what I see in the RNS's,"
Block have stopped issuing Quarterly Operation Updates - maybe you don't see the warning signs in the RNS dated 26-Sept-2023.
"Again I repeat myself, a directional change at the right time to grab the opportunity."
I repeat myself, progressing Project 3 is NOT a change of direction, I know it is about the gas, it has been planned for the last two or three years, what is a change of direction is the halting of the Project 1 drilling campaign to finance these early stages.
Yiannakism45 - You make very valid points:
"Overpaid for part-time work at BLOE"
In 2023 PH managed to find time to secure a licence with Equatorial Guinea for his private company Antler Global plus a subsequent farm out with Europa Oil and Gas + a NED role elsewhere - so I agree with your above comment, "overpaid for part time work".
"A few more quarters of waiting for the Quantum leap."
PH is obviously doing the right thing by pursuing a partner for the Project 3 Gas (& carbon capture) but as PH said the marketing campaign is 3-6 months long so it will probably be at least another six months before we have any further news on this so I can not see a "Quantum Leap" any time soon.
"I only hope he rereads his promises regarding KRT-45Z"
It is a mystery to me as to why after all the investment over the last 5 years and all that was said by PH in 2023 why Project 1 has ground to a halt, I am suspicious of the reasons given for news blackout as I suspect there is something we are not being told. We will probably have to wait for the 2023 year end results to gleam a little more, and then of course there is the little matter of paying back the $2m loan at the end of July, where is the money coming from in the short term if they are not drilling for oil?
Now that the IER has been completed the farm out marketing campaign can begin to find a potential partner. PH indicated in the recent interview that this process could take 3-6 months.
Any potential partners will be aware of the Chinese consortium also drilling in Georgia and would presumably be monitoring the situation.
Itsawrap - "Does anyone know how much oil SCHB-1 is producing? there's no data on the RP website nor have I found anything in BCE's rns'?"
From RNS 14th Dec, 2023:
"Company production, including the contribution from the Company's interest in the Lauben field, is approximately 70 bopd."
Therefore presumably:
40 bopd from SCHB-2(2)
30 bopd total from SCH1a and Lauben field combined.
Hi Techno
Yes, I did make a suggestion to see what reaction I got because there has been a certain amount of attempted deception by certain shareholders in the past, i.e pretending to be an "American with knowledge of the market" and pretending to be a "New Investor" on ADFVN, yet very quickly having sucked people in becoming an expert on all things MOS.
However, I now accept you are a genuine investor / trader and wish you well, at least you haven opened up the debate over the last week.
Block Energy (LON: BLOE) has published an independent report covering the gas resource within Licence B in the Republic of Georgia. This shows headline recoverable 2C gas resources of 1,072bcf, which is slightly larger than the company’s own estimate and this can help the gas producer to farm-out the acreage.
Oilfield Production Consultants was commissioned to prepare an independent engineering report covering the development of the gas resource at the Patardzueli-Samgori fields. It calculates an unrisked NPV of $501m in the mid-case (the range is $227m-$745m). At 1.05p, up 7.69%, Block Energy is capitalised at £7.1m.
The farm out process should begin shortly, and the opportunity could be attractive to some large oil and gas companies. Block Energy believes that the gas prospect extends into its neighbouring licences.
Tennyson Securities reckons that a Chinese company could be the front runner for the farm out, because of the agreements between the Georgian and Chinese governments.
Chesh - This is the CPR that we were expecting but it is now being referred to as an IER
Bobbby - The "early production facilities" that are mentioned will not be constructed until mid 2027 at the earliest, definitely a very long term project.
Piscator1 - I think PH is more likely to have been in Equatorial Guinea
Techno - Extract from Audited results to 30 June, 2023:
"IgniteAMT Limited is a company where Mark Epstein is a Board Member and has a beneficial interest and Sri Ramakrishna Uthayanan is the Finance Director without beneficial interest and Tom Gutteridge is a Person of Significant Control. During the year Company made payments of £172,200 excluding VAT to IgniteAMT Limited. At June 30 2023, the company owed IgniteAMT Limited £25,280."
Note: ME is a Director of both IgniteAMT Ltd and IgniteAMT Services Ltd, two separate companies.
Amtech - "looks like ME’s hoping TS pulls MOS/himself out the mire."
I think he already has to some extent. i.e. "As part of the Subscription, WA.Technology Group Limited, an online betting and gambling platform with significant LATAM experience, has invested £400,000."
So MOS gets some money and WAT get the contract, everybody is a winner, apart from the shareholders that is!!