Member Info for Hepseal

Very good post DJM - in simple terms I am hoping it will be Good News for W16aZ and Very Good News for W38 , W51 and the 3D Survey Report.

AJW - I assumed that they would still be taking the oil / water to the GOGC Storage site at Sartichala for the time being - is that wrong?

Ditto - also agree with DJM 1

Extract from Q & A e mail from Block Energy last September:

'It is also stated that BAGO will start purchasing gas within 8 weeks of signing contracts – Is this imminent?'

Yes. Bago gave us the estimate for eight weeks and all is on track. All of the critical elements of the contract have been agreed.

The BAGO Agreement was actually signed on or just before 30th October - RNS

Also, from memory, PH told Madmanrob at the AGM that they hoped to monetise the Gas by Christmas time!!

Also, the last RNS said that they hoped to resume production at WR16aZ in January. (Presumably we will be connected up to Bago at this time)

Only a small trade but price rise to 5.4p at end of day

Bloe do seem to like Monday's for RNS 's??

Sea7

Block Energy’s weakness continued given operational difficulties in West Rustavi, Georgia

I am assuming this does not refer to anything over and above what we already know about.

Hi DJM

1) Simple answer is I don't know but the worst case scenario flow rates for 16aZ was assuming the production upgrade was just the Bago connection. However I would anticipate that W38 and W51 flow rates would be significantly more and of course W16aZ may also be better if additional remedial works are being carried out to the well.
2) The only other water cut figures I could find were from the RNS dated 26th July:
"Production resumed on 11 July and since testing began the Well has produced at an average rate of approximately 360 boepd (295 bopd plus 390 Mcf/d) on varying choke sizes, with an average water cut of 25%, considered to be mainly returned drilling fluid." There has been a lot of debate about these figures so I am not sure how helpful this is.

Extract from RNS 25th Sept, 2019 re WR-16aZ production:

"The well continues to flow strongly, producing a combination of oil, water and gas. From 17 to 23 September production averaged 230 bbls/d of fluid at a choked-back rate comprising an average watercut of 78% (51 bopd) and a gas rate of 130 mcf/d (22 boepd)."

I am assuming that as a worst case scenario when production resumes in January the minimum gas rate from W16aZ will be 130 mcf/d, i.e. 3681 cub mtrs per day as above.

Hopefully the combined flow rates from W16aZ, W38 and W51 will average out at considerably more.

Jaytee41

GOGC is the Georgian Oil and Gas Corporation.

The BLOE shareholder is Georgian Oil and Gas Ltd.

GOGC is the Georgian Oil and Gas Corporation.

The BLOE shareholder is Georgian Oil and Gas Ltd.

Big buys getting bigger, 400k, 600k, 750k !!

Also 400k and 250k buys at close of play yesterday at similar price.

Ha, Ha, - Careful Mal, Mrs Hepseal reads theses posts.

Granny Hepseal - If you look after the pennies the pounds will look after themselves.

In my opinion, based upon clues in last RNS, I think news may be spread out over January and February as follows:
January: WR16aZ - Bago connection and back in production + WR51 spud.
February: WR38 - Flow rates & Bago connection + 3D seismic news including future wells in programme.

Don't mind if I am wrong and all the news comes in January.

Calm before the storm!!

Morning Pash - Same wavelength I feel.

Simon T - hear what you are saying regarding selling on good news, but it does appear that GOG started selling about the time of last bout of good news, i.e. the RNS re the Bago Agreement at the end of October when the SP hit between 8-9p.

Hopefully, as others have said, there is a bigger picture being played out here between Block and GOG.

Much clearer now to see why the share price has suffered so much since the AGM/ RNS at the end of October due to selling pressure by Miton and GOG for their respective reasons.

Amati Global investors appear to be maintaining their significant stake of 64,772.000 shares (16.42%).

Thanks Sea 7 for your research and helpful input.

To be honest HB I don't care at all , but I thought you did as you raised the issue.