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Excellent News - Well done Streams Team

Well Mr Mal, if I knew what the rumours were I could answer your question, but I can assure you there is no need to lock the top drawer!!

Investverysmart - "GP Jersey replacement coming in?"
CV is already IN as a NED.

Holyroller - thankyou very much for your reply, with re to voting I have not yet made up my mind at this stage as I do not believe we have all the facts before us however the forthcoming Q2 Operations Update could very well be a factor, but not the only one, in my decision.
TheRealTalk - Ha, Ha, very funny!
Maladoni - Cheers Mal

Holy Roller - I note that back in March you were a " significant investor in Scirocco " but you were "not a shareholder in Block Energy" - just for clarity may I ask if both the above statements are still correct.

Holy Roller - You have stated below that GP Jersey wish to appoint their "PET" director Charles Valeschini as chairman.
So, what evidence do you have that CV would not act honourably in the best interests of ALL Block shareholders??

Don't forget that it was Block Energy that appointed Charles Valeschini in the first place - are you saying that they got it wrong??

C Perkin - Thanks for your response.
Your first sentence echoes my post from 05 July:-
"So, Block received letter from GP (Jersey) re PD on Friday (2nd) and CB tenders his resignation on Saturday (3rd)." ??
Please keep posting for balanced discussion.

Anyway, good to see things appear to be going well on site with the new well.

Maladoni - Cheers Mal
Yep, there were some good posts that were lost over the last few days - shame.

I find it rather concerning that a significant amount of my fellow posters on this board are jumping on the bandwagon at this early stage and stating their position to vote against a resolution without knowing many facts.
I am in no way defending F & F for anything that they may or not have done at Scirocco but in my opinion they have made their position clear by way of an RNS with re to Block and after all they are investors as well.
We are currently awaiting a Q2 Operations Update which may very well land next week. While the important news of the year will be the results from the new well at WR-BA I believe the Base Production news for the 15 or so existing wells is also of equal importance at this stage to make a judgement on the current BOD / Chairman.
Having scrutinised all the RNS's over the last two years, if the Operation Update is solid then PD will have my support but if I find that we have been led up the garden path again I will have to think very carefully about the alternative.

Astec - I just did the same as you - 30k shares for 2.50

Extract from RNS, Sept 2019 when CV became Chairman:

"Charles Valceschini, incoming Chairman, said: "I look forward to leading the Company into a new phase, delivering strategic and operational focus and continuing to ensure good corporate governance in the interests of all shareholders".

Note - interests of ALL shareholders.

Woken up now!!

Good, that clarifies that, however it does not alter the fact that certain knowlegable parties that MAY (probably) include AF & JF want PD to go and presumably have good reason to think that Chuck will be a better man for the job.

I am now of the opinion that Elias Jones @ 13.38 today is probbly correct and PD will probably join CB and stand down shortly and if this happens I think this on its own would give the share price a new lease of life.

MudPump - Perhaps a bit of a side issue but with re to your last sentence I did have similar thoughts to yourself as I think in the past I had read somewhere about future colaboration.

Extract from RNS 15 Dec, 2020 re CV appointment:

"Philip Dimmock, Chairman of the Board, commented:"

"I am delighted to welcome Chuck, an experienced company director, to the Board of Block Energy plc. In the shorter term, we look forward to Chuck bringing his vast expertise in the exploitation of onshore naturally fractured reservoirs, particularly in the Former Soviet Union, to bear on the Company's expanded portfolio of assets in Georgia. In the longer term, we expect that his experience in the strategic development of oil and gas companies will add great value to the future of Block Energy."

Malcy:

So, what on earth is going at Block? I must admit that having thought that the actions of rebel shareholders had quietened down recently, looking at the AGM results in today’s RNS it seems that it is certainly not the case. With the vote to re-elect Philip Dimmock only just passing (with a staggering 44% of votes against); what makes the company think that it has reason to stagger on without a credible mandate?

Given the ease at which other directors were re-elected it is clear to me that the rebel shareholders only hold one man accountable for the derisory performance of company in the last 24 months.

As I understand it, there are now reluctant but motivated moves afoot by one of the largest institutional shareholders to call for a General Meeting to enact change. I would expect that to add to the embarrassment currently being heaped on the Chairman and would speculate that they will secure the modest additional 6% votes to firmly press the ejector seat button.

Block is on pretty weak ground right now, with share performance having seriously underperformed since the peak driven by little operational success. The new well has been spudded in Georgia but given that shareholders are expecting significant upside more is needed. Ignoring the wishes of the shareholders via AGM votes seems like a risky way of doing things, some would say that the situation as it looks right now is untenable…

AJW - We had a Q1 update on the 7th April so why not a similar time frame for Q2?

I am expecting one!

Anotherlambo - Agreed, and the most important thing, regardless of gas price, is that we at least have the EPF and gas infrastructure all now in place to fascilitate the next two or three "Oil Wells". (Blocks terminology, not mine).

BF - I agree, both Mal and yourself are totally correct, hence my earlier post, and I would totally agree that "Revised" amounts to the same as "Renogotiated".
Just one small point that I think you may have missed, the following sentence did actually apear on the 2019 Annual Report:
" The Group is in the final stages of negotiating to engage Bago LLC to construct a gas pipeline and to revise the sales agreement for West Rustavi gas."
However, the first that we knew about the actual price change was in the Q1 operations update and this was a point that Malcy picked up in his blog - may have had an ulterior motive, who knows.
Why does all this matter - because the current income from the gas is probably only in the order of about 10% of the total income generated - we should get confirmation of this in the forthcoming Q2 operations update.

Anyway despite the above comments I am VERY, VERY OPTIMISTIC about the forthcoming well and think we have an excellent chance of achieving the target figures that the company has set and providing we do it should transform the company and the share price.

GLA

Yep - I agree with City - I have had a hunch we will get a trading update at the beginning of next week for the period ending 30th June, it is a convenient date as it is the year end and also after a bit of settling in we will have had a complete calender month of trading with the new platform. Other significant news could of course drop at any time. GLA