Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Amtech
Not sure if this helps but according to the MOS website the "free" item was "on sale now" before it was "sold out" !!!
Because they both appeared "on sale" on the web site after the matches had actually been played, particularly the Cadiz one for several weeks after, Guzz and myself mentioned it on this chat board last week and they now both appear as "sold out".
Hey Guz, the Cadiz & Necaxa NFT's which included a prize draw for match tickets are now "sold out" - funny that!
I have reposted last nights post as it seems relevant to current discussion.
Oil Production for Year Ending 31st December, 2021 = 108,000 barrels
Oil Production for Year Ending 31st December, 2022 = 120,359 barrels
Oil Production for First Three Quarters of 2023 = 119,600 barrels
I think we can safely say that there will be a new Record Level of Production for the year ending 31st December, 2023
Sarah, if you can not understand from the figures below that the Oil Production in 2023 will set a new RECORD then I think as Mephisto said previously I think it is perhaps you that needs to seek help.
Sarah wants some RESULTS:
Oil Production for Year Ending 31st December, 2021 = 108,000 barrels
Oil Production for Year Ending 31st December, 2022 = 120,359 barrels
Oil Production for First Three Quarters of 2023 = 119,600 barrels
I think we can safely say that there will be a new Record Level of Production for the year ending 31st December, 2023
Corrected text for third paragraph:
In Q3, after deducting the State of Georgia's share, Block's share of produced oil was MORE than the amount sold therefore the remainder went into storage for future sales in Q4.
I would just like to address Mephisto's subtle little dig at me -"Now I won't dwell on you being some way off on your predictions on Q3 revenues"
I have always said that Revenue for any Quarter is dependent on timing of oil sales.
In Q3, after deducting the State of Georgia's share, Block's share of produced more oil was MORE than the amount sold therefore the remainder went into storage for future sales in Q4.
Furthermore, the amount in storage suggests that the last sale was sometime ago when the price of oil was less than at the end of the period.
The amount of oil in storage at the 30th September was 17,340 bbbls.
Assuming no sales since, and after having deducted State of Georgia's share, I estimate that the amount of oil currently in storage awaiting sale is in the order of 21,500 bbbls.
If this is sold today at say $85 per barrel this would bring in excess of $1.8m of revenue.
Looking forward to a spud date for KRT-45 in the near future.
(ps - By the way Sarah, Mephisto did give you some advice as well!)
I am not that smart Mephisto but I have in the past on several occasions highlighted decline rates and cash flow issues but on this occasion I do not agree with some of your comments.
The estimated cost of the KRT-45 well is $1.42m
The oil in storage at 30th Sept was 17.34m bbls so at $85 a barrel that should cover the above well.
Daily running costs should be covered by subsequent existing production and cash balance.
On that basis I do not see why KRT-45 can not commence in Q4 as planned.
I am fully aware of decline rates but I would be extremely surprised if production from the existing wells went below 600 boepd during Q4 - That would make the average for the last three quarters above 600 boepd.
Project's 1 and 2 are the initial cash generation projects but PH has stated that Project 1 is less risk.
Project 3 - as per this mornings announcement a Consultant has been appointed to prepare the CPR for discussions with potential farm-in partners.
Project 4 - a farm out in place with Georgian Oil and Gas Ltd at minimal cost to Block Energy.
Anyway - all the best.
With regard to production figures I think it is reasonably safe to say that the average for the last three quarters of this year (Q2,Q3 & Q4) will be in excess of 600 boepd.
This compares with an average of just shy of 400 boepd for the previous three quarters (Q3,Q4 & Q1)
Surely that must be regarded as progress.
From this mornings RNS the latest position with regard to Project 111 is as follows:
"Post period, the Company completed the evaluation of bids for a Competent Persons Report on its Lower Eocene and Upper Cretaceous gas reservoirs (Project III) and has now awarded the contract to RISC Advisory. The CPR will be shared with potential Project III farm-in partners, in due course."
If anyone is interested have a look at the RISC Advisory web site.
Good solid results more or less as expected.
I make average production over the last six months (Q2 & Q3) 647 boepd
17.34 Mbbls of oil in storage worth about $1,5m
Await news on next Project 1 side track, KRT-45
Contract for Project 3 CPR awarded to RISC Advisory - mention of potential farm in partners.
Guzz
The Cadiz 2023 Carranza Trophy Edition is still showing as being for sale, benefits include entry into a prize draw for tickets to a match that has already taken place!!
So as the match is on Saturday (14th) this "drop" will only be available for 4 days - presumably!
I agree with BOTH Scoobyrex and Madmanrob:
Approx $10m revenue for YE 2023
Approx $12m annual revenue from hereon based upon current production and oil price - of course, hopefully production levels will increase over the year.
Morning Chesh - Agree with your figures and 2024 should be around $12m just on current production alone.
Lets not forget what we are targeting just from Project 1 - From TMS report:
"Project I is aiming for robust cash generation through a full field development plan targeting around 3,000 bopd."
During the second quarter of the year Block delivered record production with an average rate of 664 boepd.
As Sarah helpfully points out the current production rate has now increased to 684 boepd.
Oh, and also the price of oil has gone up since Q2.