Member Info for Hepseal

MgBRG96

As far as I am aware Block Operating Company only have an A-80 service rig that they inherited from Schulmberger but all main drilling for all the new wells to date has been contracted out and carried out by the rig owned by Georgia Oil and Gas Ltd.

You mentioned FRR - Are you sure that it is is Block that they are using and not Georgia Oil and Gas Ltd??

875,000,000

Tulip have not reduced their shareholding, it is merely the percentage that has changed due to the recent placing.

Chesh - """and as for time scales, well Hepseal will keep you updated on dem fosho,"""

You are joking I take it - NOBODY knows the time scales at the moment, probably not even Block energy - negotiations and agreements take as long as they take - but I do now agree with you on that other share.

Not necessarily accounts, but "cash balance" would be interesting.

OK - Fair enough.

For the last three years Block have issued Quarterly Operation Updates regular as clockwork up until Q3 last year and then in December PH said these would cease so no Q4 update.

So if a H2 report is due as you say then it should be quite easy to calculate the production and revenue figures for Q4 by subtracting the Q3 Operation update figures already published.

Greybadger - "AIM rules require update to the end of December must be released before the end of March??"

In 2023 Audited Results were not issued until 11th May

In 2022 Audited Results were not issued until 1st July

BD6Vant - ""Q1 update incoming"" ????

Updates about what exactly??

PH has said there will be no more Quarterly Operation Updates.

PH has said the Farm Out Marketing Campaign will take 3-6 months.

From the recent RNS:

"Following completion of the sand jetting operation, as announced by the Company on 12

February 2024, a rod pump was installed to clean the well. Disappointingly, although there is not

a stabilised rate as yet, it is likely that any sustained flow rate from the well would remain materially below the flow rate expected given the excellent reservoir quality encountered."

So I assume SCHB 2(2.) will continue producing at varying nominal rates until such time as it is plugged next month. Previously the flow rate was 40 bopd, so presumably not less than this, also there was an additional 30 bopd from the other existing wells which will presumably continue throughout.

Mikeepikee & Billyboy - Thanks for posting - at least the company respond to emails with a comprehensive reply which is more than some. We also have some reassurance that the risk on the new side track should be greatly reduced, therefore a much greater chance of success.

On the subject of xxxx cowboys, as I posted yesterday, if you go to Street view for the well site which by co incidence is dated the time of the drill last year you will see there are a couple of Schlumberger vehicles parked on the site so it would appear that the company are using the industry experts.

Bobbby - Not sure if this helps at all but my hunch is that the block and the companies involved are the ones referred to in the following extracts from Business Media Article, 2017:

"On 3rd April 2017, the Georgian State Agency of Oil and Gas announced an open international tender for issuing a general license for oil and gas resource usage on V," etc, etc.

"As BM.GE was told at the Agency, the winning companies have already been revealed. Negotiations with consortium, which includes an engineering company West Gulf Petroleum, Ltd. and Chinese New Star, have been completed for the V block, area", etc,etc

Https://twitter.com/BeaconEnergyPlc/status/1752294041713094956?t=bWO73Kd_DXzWtun1OOKBug&s=19

FeverTreeMadeMe

"the last mob sound like real amateurs"

Not sure if that's true because if you go to Street view for the well site which by co incidence is dated the time of the drill last year you will see there are a couple of Schlumberger vehicles parked on the site.

It occurs to me that even if the sand jetting had been deemed a "success" we could have ending up living with a lower flow rate that what we might now achieve with a new sidetrack - possibly a blessing in disguise??

Well, I told you once and I told you twice

But you never listen to my advice

(The Last Time - Jagger/Richards)

OilyFred - "the only thing any one is entitled to is the air you breath everything else is down to you."

Not if you are unfortunate to be struck down with illness or disability through no fault of your own - I suggest you look back at see how this discussion started.

Another good post Ezhik, and also the last dozen or so posts by everybody else, more or less gives the complete picture I would say.

Thank you Ezhik for your technical input, very helpful - what I take from your post is that we will get there in the end but as of today we can't be sure for certain how quickly or at what cost - lets hope it is quick and cheap!!!

I still think we will get an RNS in the coming week to say we are back in production although taking your comments on board that could possibly include some caveats regarding the flow rates.

With respect, what you folk hope for is irrelevant.

The last RNS basically says that we will be notified once production has recommenced and a stabilized and sustained flow rate is achieved so as it was indicated the rod pump would be re installed last week I still think an RNS next week is on the cards, possibly as early as Monday.

Full clean up will then carry on for several weeks afterwards prior to installation of an ESP in April.

So it looks as though there will no bad news this Friday so it could be "Good News" on Monday!!

GLA