Member Info for Hepseal

Good evening Sheephatch - excuse me butting into your conversation with someone else!!

The RNS basically says that we will be notified once a stabilized and sustained flow is achieved, but full clean up will carry on for several weeks afterwards, so I still actually think there is a good chance of news this week.

Anyway, I don't mind if I am proved wrong but that is still my opinion.

From RNS, Monday 12 Feb:

"Further to the Company's announcement of 29 January 2024, the sand jetting operations with a coiled tubing unit has now been completed and the Company expects to recommence production in the coming days following reinstallation of the rod pump.

The impact of the sand jetting will only be known once production has been restored and a stabilised and sustained flowrate from the rod pump has been achieved, at which time the company will provide an update."

Possibly news in the morning but probably more likely Tuesday - Thursday!!

On the 8th Feb I posted the following:

""Piscator1 - I think PH is more likely to have been in Equatorial Guinea""

Looks like I was correct, check out the photographs on Europa Oil and Gas twitter (X) page, Jan 31st and Feb 1st.

Some consider Friday a bad news day, no news, so roll on Monday/Tuesday next week for some good news!!

Downbutnotout - well done, I paid 0.093p for 5 000 000 yesterday afternoon - typical!

So what are you saying WhiteNight, you have only got half a brain!!

Could be 3 RNS's

1) Confirmation that production has recommenced with rod pump with initial flow rate, pre clean up.

2) Confirmation of increased flow rate post clean up and notification of temporary ceasing of production.

3) Confirmation of installation of ESP with further increased flow rate.

Grower69 - You say "Hepseal you naughty boy … I notice you purposely skipped the latest update"

What a joke coming from someone who posts untruths on this board.

1) I was not being "naughty" in any shape or form.

2) The reason for "skipping" the Q3 update was because. as Mephisto says, Block did not publish a cash balance in the Q3 update.

3) When it comes to untruths you stated on the morning of 26th Sept Block were producing 900 bopd, I remember it well because I sold a significant quantity of shares that morning in the first minute of trading (1.407p) because I knew Block were NOT producing 900 bopd.

4) The reality, as your own figures below show:

Average oil production in Q3 was 487 bopd

Average oil sales in Q3 was 277 bopd

In case you don't understand the reason oil sales figures are less than oil production figures is because Block only get to sell their share of the oil after Georgia have taken their share.

As you can see, a lot less than your mis-leading and incorrect figure of 900 bopd.

5) As for Q4 figures, well of course we do not know do we!!

6) With regard to the position regarding Project 3 I suggest you read very carefully the three excellent posts this year by Mephisto, you might learn something.

Half Year Report to 30 June, 2023:

Despite having received $2M financing in H1 cash balance at 30 June 23 was only $882,000

Since that time, in addition to normal operational costs, they will have had to pay for:

Drilling of WR34 Z well which produced only modest results

Carbon Capture Report

Interdependent Engineering Report

During the coming months they will have to pay for:

Project 3 marketing campaign & Consultants costs

Repayment of $2M loan (unless extended

From RNS, Monday 12 Feb:

"Further to the Company's announcement of 29 January 2024, the sand jetting operations with a coiled tubing unit has now been completed and the Company expects to recommence production in the coming days following reinstallation of the rod pump.

The impact of the sand jetting will only be known once production has been restored and a stabilised and sustained flowrate from the rod pump has been achieved, at which time the company will provide an update."

So, bearing in mind that originally they quoted 10 - 14 days for the complete operation and above they are talking about "recommencing production in the coming days" I am thinking we could get the next RNS with stabilized/sustained flow rates as early as next Monday / Tuesday (19th/20th Feb).

Anyone agree or disagree?

And week hands could be susceptible to positive BS so looks like slimeballs on both sides of the fence.

Rlightor

"Not sure what you mean regarding news silence, maybe you don't see what I see in the RNS's,"

Block have stopped issuing Quarterly Operation Updates - maybe you don't see the warning signs in the RNS dated 26-Sept-2023.

"Again I repeat myself, a directional change at the right time to grab the opportunity."

I repeat myself, progressing Project 3 is NOT a change of direction, I know it is about the gas, it has been planned for the last two or three years, what is a change of direction is the halting of the Project 1 drilling campaign to finance these early stages.

Yiannakism45 - You make very valid points:

"Overpaid for part-time work at BLOE"

In 2023 PH managed to find time to secure a licence with Equatorial Guinea for his private company Antler Global plus a subsequent farm out with Europa Oil and Gas + a NED role elsewhere - so I agree with your above comment, "overpaid for part time work".

"A few more quarters of waiting for the Quantum leap."

PH is obviously doing the right thing by pursuing a partner for the Project 3 Gas (& carbon capture) but as PH said the marketing campaign is 3-6 months long so it will probably be at least another six months before we have any further news on this so I can not see a "Quantum Leap" any time soon.

"I only hope he rereads his promises regarding KRT-45Z"

It is a mystery to me as to why after all the investment over the last 5 years and all that was said by PH in 2023 why Project 1 has ground to a halt, I am suspicious of the reasons given for news blackout as I suspect there is something we are not being told. We will probably have to wait for the 2023 year end results to gleam a little more, and then of course there is the little matter of paying back the $2m loan at the end of July, where is the money coming from in the short term if they are not drilling for oil?

Now that the IER has been completed the farm out marketing campaign can begin to find a potential partner. PH indicated in the recent interview that this process could take 3-6 months.

Any potential partners will be aware of the Chinese consortium also drilling in Georgia and would presumably be monitoring the situation.

SCHB-1a

Itsawrap - "Does anyone know how much oil SCHB-1 is producing? there's no data on the RP website nor have I found anything in BCE's rns'?"

From RNS 14th Dec, 2023:

"Company production, including the contribution from the Company's interest in the Lauben field, is approximately 70 bopd."

Therefore presumably:

40 bopd from SCHB-2(2)

30 bopd total from SCH1a and Lauben field combined.

Hi Techno

Yes, I did make a suggestion to see what reaction I got because there has been a certain amount of attempted deception by certain shareholders in the past, i.e pretending to be an "American with knowledge of the market" and pretending to be a "New Investor" on ADFVN, yet very quickly having sucked people in becoming an expert on all things MOS.

However, I now accept you are a genuine investor / trader and wish you well, at least you haven opened up the debate over the last week.

4p I think

Well Techno. I reckon you are team MOS!!