Member Info for Hepseal

From RNS 31 July, 2024:

CCS Update:

- Stage 2 studies, with the aim of developing a costed engineering solution and commercialisation strategy, of a pilot CO2

injection scheme are progressing well.

- The studies are expected to take approximately 14 weeks, after which the Company will be in a position, subject to agreements on cost sharing, to undertake injection of CO2 on its storage project.

31 July + 14 weeks = about now.

Had a read Bobbby and very interesting. Only thinking out loud but I did wonder if Indorama might become the main investor / partner for the overall CCS project. Find it interesting that OPC are still listing the work with Block Energy as ongoing, this could mean the gas, the CCS or both, perhaps they have been providing additional information to support negotiations.

I will probably regret saying this but I have a feeling there will be bit more buying tomorrow going into the weekend.

Just back from my hols and looking in to see what I have missed.

Not much it would appear but interesting little flurry of buys this evening - perhaps you are right Bobbby, imminent RNS re CCS??

"The CCS Project is located within Georgia’s industrial hub and benefits from being in proximity (less than 25 km)

to sources of significant industrial CO2 emissions, including a fertiliser plant, two gas-fired power stations and an

oil refinery in addition to other smaller emitters all offering the potential to capture and transport CO2 via pipeline

or liquefication process to the Company’s CCS pilot location."

It is interesting that OPC also did a CCS study for GOGL a couple of year ago but Rustavi Azot have gone with Block. Possible reasons:

a) Better geological conditions

b) Closer distance

c) PH's negotiation skills

Good points Bobbby - Agree with everything you say.

Excellent research Spudsoil (and Bobbby before) - Thanks

Only a quick glance so far but I see that Mineral Carbonation projects are listed for Iceland (operational) + Iceland / Canada / USA (future)

Block would seem to fall into two categories, i.e. "mineral carbonation" and "depleted oil and gas field" ??

Spudsoil - IMO you are correct to mention "capacity" and "will it all be used". Make no mistake, I am very excited about the project and the fact that we have one of the countries largest industries on board (Rustavi Azot) could not be better, however, as far as I am aware Block have only mentioned servicing industries in the Rustavi area, presumably for logistical reasons, so that MAY dictate the size of the future business. Please correct me if you think otherwise.

All the best.

We don't want PH to stir up a buying frenzy over nothing as that would backfire, we want him to stir up a buying frenzy (your words) once solid news has become available.

J Dentist - You do realise the person who posted the link is connected to the company!!

I think last known existing flow was 30 bopd so probably best to assume max 80 bopd

From website:

Trading on AIM for the under-mentioned securities was temporarily suspended. The

suspension is lifted from 14/10/2024 7:30am, the annual audited accounts and halfyearly report having been published

Obviously I have no knowledge of how PH spends his time but having secured the deal in Equatorial Guinea last year for Antler Global it would appear that the majority of the work for the EG farm out is now being carried out by Europa Oil and Gas and in fact Europa took over from PH as being the persons with significant control of Antler in August, so hopefully he is now spending most of his time on Block Energy.

I am guilty about focusing on CCS only because it would appear that this will be the next project to actually get going in the ground and would appear to have a very good chance of success however Block are far from being a "1 trick pony", if you include CCS Block actually have potentially FIVE projects on the go.

BB

You can message the company as many times as you want but it is not going to speed up the CCS study or farmout process - as Rlightor says you just have to be patient and wait for the news to drop when it is available.

"Perfect position" is about right Bobby - 25 km to be precise!

"The CCS Project is located within Georgia’s industrial hub and benefits from being in proximity (less than 25 km)

to sources of significant industrial CO2 emissions, including a fertiliser plant, two gas-fired power stations and an

oil refinery in addition to other smaller emitters all offering the potential to capture and transport CO2 via pipeline

or liquefication process to the Company’s CCS pilot location."

Rlightor - I agree, the fact that the MOU was signed just 3 months after the initial study was completed suggests to me that Rustavi Azot are also pretty keen to make this happen as well as Block and State of Georgia.

From RNS 16th Jan:

"The study highlights that Block XIB's storage potential could be amongst the largest in Europe, indicating the prospect of a major net-zero industrial hub within central Georgia - of interest to the hydrogen, fertiliser, steel and refined petroleum products industries - close to the XIB license."

The initial OPC study was published in January, 2024

A MOU to jointly develop the project with Rustavi Azot was signed in May, 2024

If you have a look at Googlemap you get an idea of the sizeof the existing Rustavi Azot fertiliser plant.

From Annual Report 23rd May:

"We are excited by how quickly this project continues to develop."

From Half Year Report 30th Sept:

"The development of our carbon capture storage project is well underway"

Very positive words I would say.

As I always suspected it is now pretty obvious that WR34Z under performed almost from Day 1 but they now seem to have rectified the problem with a workover, see below flow figures that illustrate the point:

2023 Q1 400 boepd

2023 Q2 664 boepd

2023 Q3 630 boepd

2023 Q4 481 boepd (first full quarter with WR34z on line)

2024 H1 455 boepd

2024 Q3 527 boepd

Anyway, pleased with the RNS and looking forward to news on Project 3 and CCS

I realize that you said that "tongue in cheek" but if that was the case I am sure it would be a separate RNS to the Half Year Results RNS.

I am not expecting anything that exciting in the actual "Half Year Results" but the "Post Period News" (if any) could be the interesting bit. GLA

Looks like the HY report will be tomorrow or Monday now.

Just been looking at the RNS from SDX this morning, makes Blocks financial position look good!

Bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb Bloody Boring!