Member Info for Hepseal

Hoppo - you may also like to check out SEA7 reply to my post on the 28th Feb re Dean Antony Clark.

Oilsparten - I can now see that you also have past knowledge of Nigel Burton and have a positive view similar to Adjohn and myself - GL

A bit more action today, nearly all buys:
500,000 Buy @ 14.52
1,000,000 Buy @ 16.30

No need to be sarcastic, I merely posted as I thought it may be of interest.

Chairman's statement on Linkedin:
Mobile Streams is an AIM listed, UK headquartered mobile content and data intelligence company, with operations in Argentina, India and Mexico. I led the rescue and refinancing of the business in November 2019, with the intention of reviving the existing business, monetising the significant amount of customer data, and building the data business in partnership with Krunch.ai

Latest text from website:

Zenith Energy is an international oil and gas production company pursuing potentially transformational development opportunities in Africa, specifically in the Republic of the Congo and Tunisia. The Company is listed on the Main Market for listed securities of the London Stock Exchange (ZEN), and the Merkur Market of the Oslo Stock Exchange (ZENA-ME).

Hi Rob (madman) - a few others have disappeared as well!!
If I remember correctly you went to the last AGM and kindly reported back to us including reporting PH telling you in person that the gas was likely to be monetised around January time - in hindsight that was never going to happen - live and learn.
Not sure when you sold out but it was the April 7th RNS that did it for me - I posted some of my reasons at the time.
Up to that time I was reasonably confident that Block would produce some steady revenue from oil and gas from 3 or 4 WR38 type wells during 2020, to build upon for the future, but this now seems wide of the mark.
That said, I have bought back a few when the price was less than 1p and am still watching this share with interest.
It would appear that Block no longer have an abundance of cash and it seems to me inevitable that if the company is to progress there will have to be much dilution, partly by shares for the adjacent block and partly to fund future capital projects.
Anyway, all the best and good to hear from you.

a Phoenix obtains new life by arising from the ashes of its predecessor!!

A question:

10.25am 2.5m trade @ 0.765p showing as a Sell
10.58am 3m trade @ 0.79p showing as a Sell

Does anybody else think the 3m trade was actually a Buy??

Yep - only words I know but they have nice ring to them.

Someone bought a few this afternoon

26-May-20 15:36:16 0.8424 400,000 Buy* 0.80 0.85 3,370 O
26-May-20 15:32:10 0.8322 400,000 Buy* 0.80 0.85 3,329 O
26-May-20 15:30:38 0.8322 250,000 Buy* 0.80 0.85 2,081 O

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

V111JAS - If you happen to be looking in - Further to chat a while back re number of employees, just been looking at the annual report - a few more employees than what we thought:

Average number per month in 18 months to 31 Dec, 2019 = 37
Management = 7
Technical = 17
Admin = 13

I don't know the split between London and Georgia but looking at the current monthly cash burn it appears to me the numbers have almost certainly been significantly reduced since then.

Also Block have now moved their office to 48 Warwick Street (serviced and/or virtual office accommodation by Regus)

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.

Thanks Thordon - GL

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.

ps - Paul Haywood used to work for Georgian Oil and Gas Limited (GOG)

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.

Just trying to be helpful.