The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
City - "MOS is not the only client of Ignite, they have been going since 2017 and have a lot of clients, their biggest one being Unite Union"
Really, according to the accounts IgniteAMT have 1 employee - presumably that is why they don't need all there office space!!
Lothbury, There are two separate companies with similar names:
IGNITEAMT Ltd (incorporated 18th July, 2017) referred to in recent MOS final results.
IGNITEAMT SERVICES Ltd (incorporated 28th July, 2023) this is the company TG resigned from.
Confused - perhaps that is the idea!
There was Shed and for some very strange reason my post has been taken down.
If you google Ken Seymour, Cera Phi, You Tube you should find it.
I don't know what to make of Block at the moment. There is a lot of euphoria on the chat board's about the potential Project 3 farm out, together with project 2 and 4, and it is obvious from recent events that PH knows his way around the world stage, but these are long term projects and I can't help thinking there is a problem on Project 1. Why else stop a project that was supposedly in full swing only six months ago and a project where they have invested so much time and effort over the last four years in order to provide revenue to set up of the other projects.
I am afraid I do not buy into the so called reasoning for not providing a Q4 Quarterly Update. We will probably not know now what is actually going on until they publish the final results for the year around May or June. Anyway, I am not going to say any more on the subject, I will be watching from the sidelines, may be doing a bit of trading, but I am not going to post here again until we get the final results.
Hi Thordon, is his what you are looking for:
"Europa Oil & Gas has struck a deal to buy a 42.9% stake in Antler Global, which has a licence offshore Equatorial Guinea.
Antler won a production-sharing contract (PSC) on EG-08 in May this year, where it holds an 80% stake. State-owned Gepetrol holds the remaining 20%.
Europa is paying $3 million to acquire the stake in Antler. The buyer said the funds would be used for first year costs, including the acquisition of existing 3D seismic, which it will reprocess.
Drill plans
The first two year term of the licence does not require the companies to drill. However, Europa said it believes there are already drill-ready prospects, with three independent targets.
Antler plans to farm down its stake in the block, bringing in a partner capable of funding drilling.
EG-08 is east of Bioko Island, to the north of Chevron’s Alen and Aseng fields, in Blocks O and I. According to a Europa presentation, Prospect A is 9 km from a wet gas processing platform on the Alen field. All three prospects are close to the Chevron fields.
A well has been drilled on EG-08 in the past but was found to be dry. Europa said this well had found some condensate and had proved existence of reservoir.
Europa put total Pmean mid case prospective resource at 1.386 trillion cubic feet of gas equivalent. It expects the overall chance that one of the three prospects is commercial to be 91%. All three prospects can be drilled from a single well with two sidetracks.
The cost of drilling such a well with a jack-up would be around $50 million.
Europa CEO Will Holland said the deal was potentially transformational for the company. It “adds another high-impact exploration prospect to our portfolio and ties with our strategic approach to replenishing the portfolio with potentially high impact but relatively low risk prospects”.
Europa will pay the $3mn to Antler in four tranches, with the last due in October 2024. Holland will sit on Antler’s board to represent Europa.
Block Energy’s Paul Haywood and Christopher Irons set up Antler, according to Europa. Companies House reports Simon Barry as a director, who was also on Block’s ESG committee, rather than Irons."
I think there may be another mistake as well regarding the size of WeeDave's shareholding, If you are inclined to reply Dave do you agree that the figure 176,000,000 is incorrect and should in fact be 223,000,000 - Hope you don't mind me asking and best of luck.
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.
BD6Vant says "Looking forward to the increased and regular Newsflow."
Well, there will now be no Q4 Quarterly Update, so we now have no idea of production figures or revenue, but I can make an educated guess. The clues are there wrapped up in the WR34 results. You will now have to wait for the Final Results in May / June to know what the cash balance is.
The strategy has not changed regarding Project 3 and 4 but these are long term projects.
What has changed is the strategy regarding Project 1 and if the money runs out before Project 3 and 4 get off the ground where is the new money going to come from?
So, further to my earlier post, I have to ask the question, how committed is PH to Block Energy, I would have thought the Antler Global project would have taken up quite a bit of his time - eg below from May, 2023:
"Antler Global has signed a deal to acquire Block EG-08 with Equatorial Guinea’s GEPetrol.
Antler director Paul Heywood was in Malabo this week for the signing ceremony, which was also attended by Vice President Vice President Teodoro Nguema Obiang Mangue.
Minister of Mines and Hydrocarbons Antonio Oburu Ondo, formerly head of GEPetrol, signed the contract."
Plus, from memory, I believe PH is NED of another company as well - only so many hours in the day!!
Europa Oil & Gas has struck a deal to buy a 42.9% stake in Antler Global, which has a licence offshore Equatorial Guinea.
Antler won a production-sharing contract (PSC) on EG-08 in May this year, where it holds an 80% stake. State-owned Gepetrol holds the remaining 20%.
Europa is paying $3 million to acquire the stake in Antler. The buyer said the funds would be used for first year costs, including the acquisition of existing 3D seismic, which it will reprocess.
Drill plans
The first two year term of the licence does not require the companies to drill. However, Europa said it believes there are already drill-ready prospects, with three independent targets.
Antler plans to farm down its stake in the block, bringing in a partner capable of funding drilling.
EG-08 is east of Bioko Island, to the north of Chevron’s Alen and Aseng fields, in Blocks O and I. According to a Europa presentation, Prospect A is 9 km from a wet gas processing platform on the Alen field. All three prospects are close to the Chevron fields.
A well has been drilled on EG-08 in the past but was found to be dry. Europa said this well had found some condensate and had proved existence of reservoir.
Europa put total Pmean mid case prospective resource at 1.386 trillion cubic feet of gas equivalent. It expects the overall chance that one of the three prospects is commercial to be 91%. All three prospects can be drilled from a single well with two sidetracks.
The cost of drilling such a well with a jack-up would be around $50 million.
Europa CEO Will Holland said the deal was potentially transformational for the company. It “adds another high-impact exploration prospect to our portfolio and ties with our strategic approach to replenishing the portfolio with potentially high impact but relatively low risk prospects”.
Europa will pay the $3mn to Antler in four tranches, with the last due in October 2024. Holland will sit on Antler’s board to represent Europa.
Block Energy’s Paul Haywood and Christopher Irons set up Antler, according to Europa. Companies House reports Simon Barry as a director, who was also on Block’s ESG committee, rather than Irons.
Chesh:
"The Company has upgraded its service rig to support the advancement of Project III with low-cost drilling and workover activities. Project III workover and retest candidates are being selected. An update will follow when operations commence."
1) Please could you tell me where the above Text came from??
2) Is that not the work the shows up on the program for 2024 / 2025??
Thank you for your email.
Not all of the crude oil produced by the Group belongs to the Group, because, according to the terms of the Production Sharing Contract for each licence block, the state of Georgia is entitled to a share of the produced oil. However, the crude oil inventory is 100% owned by the Group.
Regards
William
William McAvock
Chief Financial Officer
Block Energy plc
3rd Floor, Lansdowne House, 57 Berkeley Square, London W1J 6ER
Yiannakism45
I also strongly suspect they are diverting most of the income and resources on maintaining or upgrading existing wells but if so it is probably by way of necessity.
I also think they will get around to KRT-45 sometime in the new year but the problem is time is running out to generate enough revenue before they have to repay the $2m loan in just over 7 month time.