Member Info for Hepseal

It must also be quite time consuming having to stick all those beads on boots and balls. (footballs that is)

Update to the below percentages - it was last updated on 31st July, 2023, David Maclean is not even showing.

MOS need to update their Significant Shareholders list:

Mark Barry 7.41% (23rd Nov)

David Maclean 5.10% (29th Sept)

John Barker 5.03% (10th Aug)

Total of above 3 No holdings = 17.54%

NickNorth - Quite the contrary, I very much welcome your updates re satellite images, it is the only bit of actual information coming through at the moment, you acknowledge that some of your observations are open to interpretation which is fine by me.

This is what PH said on the first TMS interview 8th June, 2023.

“ Accelerating activity with a drill bit is our primary focus. We've got a production target that we want to hit by year end and we got lots of plans that we'd like to achieve and moving into 2024. And to do that we need production, we need revenue. And we've got to keep things moving.”

Could not be clearer, "we need production, we need revenue" and yet since that interview nearly six months ago Block have only drilled one extra well with modest results with no news yet of starting a further well.

Gary - "it seems to me that there has been a "disconnect" between the messages given by the bod on progressing the drill campaign and what is actually happening on the ground" - Agree 100%

I fail to understand why some posters here are saying that preparation of the Project 111 CPR is somehow the reason for not progressing the Project 1 drilling campaign.

The revenue from the Project 1 drilling campaign is needed to keep the company going, to pay back the loan and to finance items such as the Project 111 CPR.

IMO we need to be drilling around 4 Project 1 wells per year as a minimum to improve revenue and offset decline. In fact if you listen to the recent PH TMS interviews, etc, etc he stated we had to "keep the drill bit turning" and even stated that Block were looking at buying their own rig next year so that they could double up on their drilling capacity.

At the moment we are lucky if we get 2 wells per year, and lets not forget that the last well was not very good and we don't even know how much oil it is producing, We were told 150 boepd over five days of production but we don't know how much of that was oil.

As for MMR, I have known him on this board for a long time and I reiterate I am in total agreement with what he says below and I don't see that his share dealing activities are of any relevance to this discussion.

Totally agree Rob with every sentence, and for me the BIG, BIG, BIG QUESTION is still WHY ARE THEY NOT DRILLING THE NEXT WELL NOW.

Not good - a far cry from the early days when they actually had a Communications Officer called Justin Reynolds:

""As Communications Officer for oil and gas start-up Block Energy. I wrote market updates, presentations, reports and minutes for directors, and managed investor relations and social media."

I get the distinct impression the UK operation now operates on a shoestring budget.

Chesh - "However, progress is going on" - Is it? - Please tell me what progress is being made on Project 1 at the moment?

"All the best (don't you fink.......?"

Not really Chesh. on Project 111 they are preparing a CPR, that will take time so not expecting imminent news there, but in one of the TMS talks PH was on about "keeping the drill bit turning" and saying that "Project 1 would be where most of the imminent news flow would come from" - or words to that effect. Lets not forget that's what they raised the $2M for and that has to be paid back next year so they need revenue to be increasing not decreasing.

"It's all about looking forwards to potential, rather than backwards to past disasters..........!"

Agreed

But what about the current disaster, i.e. we have not yet started drilling KRT-45Z - a few months ago posters were talking about 1000 boepd by Christmas - not going to be anywhere near.

Hi Staypositive - Simple answer, I don't know, below is a few possibilities I listed before.

Possible shortage of funds but would have thought recent oil sales should have covered that unless funds needed for unexpected remedial works elsewhere.

Labour force working on unexpected remedial works elsewhere.

Drilling Rig not available or needing repair.

Reappraisal of which well to drill next based upon up to date results and performance, but they were still saying KRT-45 very recently.

I agree 100% with your sentence - "For the record I did and do think the Project 1 drilling campaign is a good move so I am disappointed at the apparent sudden stop."

All the best.

Hi Thordon, from the recent Q3 RNS:

"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."

IMO I would assume preparation of the CPR and subsequent consultations will take a fair amount of time so I am not necessarily expecting any Project 111 news very quickly.

What I was expecting, as I have said several times now, was some news on the Project 1 drilling campaign??

Something does not seem right here, why are Block not pushing ahead with drilling the additional Project 1 wells and sidetracks as they said they would??

Lets not forget this years Loan Facility was for a term of 18 months, commencing 2 February 2023, at which point the principal is repayable in full.

Thanks bits, as I suspected but not what I wanted to hear, so the big question is why are they not drilling:

Possible shortage of funds but would have thought recent oil sales should have covered that unless funds needed for unexpected remedial works elsewhere.

Labour force working on unexpected remedial works elsewhere.

Drilling Rig not available or needing repair.

Reappraisal of which well to drill next based upon up to date results and performance.

As you can see I am clutching at straws here.

Hi Bits - This is probably where you were looking anyway but this is more or less where I believe the location of KRT-45 is:

41.60939 44.89492

Approx 350 metres north west of KRT-39

Identified on google map by large purple blob and two smaller white blobs.

Chesh - always a breath of fresh air mate - I've ticked you up.

(mind you, still don't know what you on about half the time!!)

PH said it was important to "keep the drill bit moving".

So whats gone wrong???

From TMS this morning:

The #PRD “book” really swung around.

Shares look ready to break 11p.

News due ⁉️