The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Piscator, if the negotiations regarding a farm in agreement are as advanced as you seem to think I would be delighted, as would everybody else here, but you are speculating based on a media item where PH speaks in Georgian (joke) and they show a 2 year old video of a side track that no longer exists.
Even if there was an RNS announcement next week regarding a Farm in. which I doubt, it would probably be a least a years before there was any revenue generated.
So in the meantime I will continue to "WHINGE"about the lack of progress on Project 1 and hope they generate enough money in the coming year to pay there 120 strong workforce and to pay back the $2m loan.
So what you are saying Piscator is that they raised $2m in February /May this year in order to advance the Project ! drilling campaign as it was essential to "keep the drill bit turning" but they have now put Project 1 on the back burner!!
I don't believe they have changed the strategy, they just have not carried it out.
The Q3 update which you refer to below also states:
"Focus now shifts to the spud of our fourth well under this programme, KRT-45Z whilst we continue to advance our high impact strategy across Project III."
Only problem is they have not yet started on KRT-45Z -
WRBO1 came on production in March, 2023 so Block have only drilled one additional well in the last 8 months.
Piscator 1 - I would agree that the silence regarding Project 111 is to be expected as they are in the process of preparing a CPR to put before potential farm out partners in due course and this will obviously take time.
What is worrying is the silence regarding Project 1 considering what PH said in his TMS interview on the 8th June, 2023.
“ Accelerating activity with a drill bit is our primary focus. We've got a production target that we want to hit by year end and we got lots of plans that we'd like to achieve and moving into 2024. And to do that we need production, we need revenue. And we've got to keep things moving.”
Could not be clearer, "we need production, we need revenue" and yet since that interview nearly six months ago Block have only drilled one extra well with modest results with no news yet of starting a further well.
Plan D......beads on boots and balls.
"you will see that there has been a hive of activity at the well sites including stimulation of wells through the injection of nitrogen."
Thanks for posting Piscator1 but that video is from the WR-B1 well site filmed in October, 2021. - It is on the web site. Since that time that particular side track was abandoned and the new WR-B1 side track came into production this year.
It must also be quite time consuming having to stick all those beads on boots and balls. (footballs that is)
Update to the below percentages - it was last updated on 31st July, 2023, David Maclean is not even showing.
MOS need to update their Significant Shareholders list:
Mark Barry 7.41% (23rd Nov)
David Maclean 5.10% (29th Sept)
John Barker 5.03% (10th Aug)
Total of above 3 No holdings = 17.54%
NickNorth - Quite the contrary, I very much welcome your updates re satellite images, it is the only bit of actual information coming through at the moment, you acknowledge that some of your observations are open to interpretation which is fine by me.
This is what PH said on the first TMS interview 8th June, 2023.
“ Accelerating activity with a drill bit is our primary focus. We've got a production target that we want to hit by year end and we got lots of plans that we'd like to achieve and moving into 2024. And to do that we need production, we need revenue. And we've got to keep things moving.”
Could not be clearer, "we need production, we need revenue" and yet since that interview nearly six months ago Block have only drilled one extra well with modest results with no news yet of starting a further well.
I fail to understand why some posters here are saying that preparation of the Project 111 CPR is somehow the reason for not progressing the Project 1 drilling campaign.
The revenue from the Project 1 drilling campaign is needed to keep the company going, to pay back the loan and to finance items such as the Project 111 CPR.
IMO we need to be drilling around 4 Project 1 wells per year as a minimum to improve revenue and offset decline. In fact if you listen to the recent PH TMS interviews, etc, etc he stated we had to "keep the drill bit turning" and even stated that Block were looking at buying their own rig next year so that they could double up on their drilling capacity.
At the moment we are lucky if we get 2 wells per year, and lets not forget that the last well was not very good and we don't even know how much oil it is producing, We were told 150 boepd over five days of production but we don't know how much of that was oil.
As for MMR, I have known him on this board for a long time and I reiterate I am in total agreement with what he says below and I don't see that his share dealing activities are of any relevance to this discussion.
Not good - a far cry from the early days when they actually had a Communications Officer called Justin Reynolds:
""As Communications Officer for oil and gas start-up Block Energy. I wrote market updates, presentations, reports and minutes for directors, and managed investor relations and social media."
I get the distinct impression the UK operation now operates on a shoestring budget.
"All the best (don't you fink.......?"
Not really Chesh. on Project 111 they are preparing a CPR, that will take time so not expecting imminent news there, but in one of the TMS talks PH was on about "keeping the drill bit turning" and saying that "Project 1 would be where most of the imminent news flow would come from" - or words to that effect. Lets not forget that's what they raised the $2M for and that has to be paid back next year so they need revenue to be increasing not decreasing.
"It's all about looking forwards to potential, rather than backwards to past disasters..........!"
Agreed
But what about the current disaster, i.e. we have not yet started drilling KRT-45Z - a few months ago posters were talking about 1000 boepd by Christmas - not going to be anywhere near.