Member Info for Hepseal

Bottle Rocket - I know exactly who BB is.

Ha, Ha, does make me laugh - bernie bassett asks the following question "And did you get a response from management BottleRocket?" - but of course he already knew that BottleRocket had received a response from the company because he is very closely connected - Is that not correct BB?

"The Loan Facility is for a term of 18 months, commencing 2 February 2023, at which point the principal is repayable in full."

1st August is Thursday next week.

Oil sales for YE 2021 averaged 237 bopd

Oil sales for YE 2022 averaged 246 bopd

Oil sales for YE 2023 averaged 290 bopd

Based upon 2023 Q4 production figures and after deducting State of Georgia's share of the oil the 2024 sales are likely to be back at 2021 / 2022 levels.

Sub 0.95p actually - Where's Chesh??

I think it is highly unlikely they will be able to pay the loan off but we will have to wait and see.

Boffer - I understand your frustration but you have to let the Project 3 farm out process run and reach a conclusion first - If Block get a partner for Project 3 then PH,s credibility and share price will go up, if not - well lets not go there for the moment.

The CCS project seems to be progressing well with a good partner on board and this is certainly the best news that Block have issued in the last 12 months but this has to be balanced against the apparent downturn on Project 1.

My immediate concern is the $2m loan and how they are going to deal with it when it runs out at he end of the month. There should be an RNS within the next couple of weeks to cover this and I would imagine this will give some sort of indication as to Block's financial position over the next 12 months.

Actual monetization from Project 3 may not happen for some considerable time but if Block secure a farm out partner in the near future that would confirm faith in the project by way of investment from a third party and that would surely trigger a mini quantum leap. Just my opinion, please DYOR.

Slightly off subject but Google Earth seems a bit strange sometimes, closer to home in the UK our village is more or less up to date on Google Map and Street View but about 5 years out of date on Google Earth!

BD6Vant - You say "There is a very real probability of exponential growth in Gas sales in the current year accounts."

Not a chance, the only gas sales this year will be from Project 1 and it is quite clear from the Annual Report that the boepd flow figures declined in Q4 of 2023 - I believe the gas sales figures in 2024 will probably be similar to the 2022 figures, i.e. around $750,000

The exponential gas sales will come from Project 3 if it gets off the ground and Blocks own program suggests that first gas sales will be in 2027 after the EPF is constructed.

All valid points Mal but from a financial aspect could Rustavi Azot not be a financial partner as they have a vested interest to solve the problem and then subsequent additional customers pay the going rate.

As we all know Project 1 has been put on the back burner and the emphasis this year as been on advancing Project 3 and the CCS project. They are both long term projects that will take time but it appears to me from recent communications that CCS will possibly progress quicker than Project 3 and it is good to be in bed with Rustavi Azot for starters with others showing an interest.

It is fairly obvious to me that for some reason Project 1 experienced a significant downturn last year and I can envisage a situation where the CCS project takes Project 1's place in due course and becomes the bread and butter regular income source while the higher risk Project's 2,3 and 4 are developed in conjunction with others.

We will perhaps know a little bit more regarding Block's cash flow situation this month as they will presumably have to make an announcement regarding the $2m loan which is coming to an end of its term.

Oil sales for YE 2021 averaged 237 bopd

Oil sales for YE 2022 averaged 246 bopd

Oil sales for YE 2023 averaged 290 bopd

Based upon 2023 Q4 production figures and after deducting State of Georgia's share of the oil the 2024 sales are likely to be back at 2021 / 2022 levels.

I note that UKDannyBoy was also "hearing rumours of an accelerated book build being offered" as far back as the 29 May.

Second hand car dealer - you said it!

I don't have a problem with Gordon trading - I do it myself.

What I do have a problem with is the non factual rampy posts 5 mins before he sells.

Don't think drone footage would be much good if they are still using the submersible pump!!!

Anyway, looking good, lets see what tomorrow morning brings.

Can sell now at 0.0123

Gemstar - That was the clogged well (technical term), we are now dealing with the sidetrack.

Agreed, but if you paid PH pro rata for a part time role perhaps you could afford a TD.