Member Info for Hepseal

Thanks Rustavi01, and thanks to your Brother.

I agree Astec - Not withstanding the Investment Case and the Technicalities it seems to me that BLOE / TMS have instigated a PR campaign centered around the forthcoming WR34 test results and therefore like you I think the results will be good.

(By the way I bought a similar amount to you this week on Monday but I paid a little bit more).

Thank you David, very good article, looking forward to Part 2.

"Our second article will further detail the company’s strategy."

"Look out for much more detail in our next article."

I am assuming that Part 2 will follow on after we have had the WR34-ST test results.

You must be approaching 5% Dave.

What I find strange is this.

Revenue for FY21 was 395k

Revenue for FY22 was £1.022 M (increase due primarily to 6 months of IGS contract)

Revenue for FY23 - No announcement yet but based upon H1 revenue (£1.069M) and assuming 12 months of IGS contract as intended plus modest increase in income from NFT,s then revenue for FY23 should be at least £2.1M. i.e. a minimum 100% increase on FY22 - but yet no announcement - WHY?

This is 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.

Purple blob could be flaring pit, white blobs could be excavated material.

And the RNS does state the well will be handed over to production in due course, i.e.

""The well will now be tested before being brought into production alongside the other two successful Project I wells.""

2021 Average flow figures:

Q1 - 493 boepd Q2 - 468 boepd Q3 - 376 boepd Q4 - 376 boepd

2022 Average flow figures:

Q1 - 512 boepd Q2 - 519 boepd Q3 - 404 boepd Q4 - 374 boepd

2023 Average flow figures:

Q1 - 400 boepd Q2 - 664 boepd Q3 - ????????????????

As demonstrated above there has at times been a significant drop off in production from existing wells and as Spud says what Block need to do is step up the drilling program so that production increases each quarter and does not go backwards.

I am sure nobody will notice!

Chesh - let me put it a different way.

With reference to the July RNS we have now had one horizontal sidetrack well.

If they stick to the July RNS plan we will have one more horizontal sidetrack well, likely to be KRT-45 ST as that is the only one referred to in the CPR not yet drilled.

We will also have one new well, comprising a new vertical well and multi-lateral horizontal technology.

Wishing you all the best for a horizontal weekend!!

Ps - I seem to remember that PH subsequently mentioned that the last well may be a multilateral well so I assume that would cost more than the figures quoted below from the CPR report.

Chesh - I would assume the next two wells will be picked from the remaining three referred to in the CPR.

KRT-45 ST would be a sidetrack from the existing doner well (estimated cost $1.42M)

JKT-BB and/or WR-34_BS would be new wells (estimated cost $2.72M each)

Bitsas004 - if you are looking in I am sure it would be very much appreciated by all if when you have some spare time you could perhaps have a look at your satellite images to see if there is any recent activity at any of the above well sites - thanks in anticipation!

Willy, Justice, Walter or whatever you are calling yourself at the moment.

Your point about contacting the company is that you should not have to - the information should be made available to all investors through the normal channels.

Yes justice, I agree, but the other part of my question was "are they making enough bread at the moment??"

I agree Guzzler that NFTs are expected to be the main bread winner but are they making enough bread at the moment if the IGS contract has ceased?? - Of course we don,t know the answer to that question.

You missed my point Guzzler, I don't think they have said that the NFT revenue would beat the IGS revenue figure, What they said was that NFT,s would be the"principal source of growth in 2023"

If the IGS revenues have ceased in H2 this year as Justice implies then it appears to me that the H2 revenue this year could very well be less than the H1 revenue this year.

That is why I would agree with you and Amtech, that what is needed for investors is an indication of the current revenue situation.

NFT,s being the"principal source of growth in 2023" is not the same as NFT,s being the "principle revenue"

However if the IGS contract has NOT been renewed then the NFT's could be the "principle revenue."

Hence, Amtech's question regarding NFT revenue is very relevant - strange nobody has an answer!!

Justice - If the IGS contract has in fact not been renewed you make a very valid point - extract below from RNS 27th March, 23 - i.e. Interim Results, December, 2022:

"Revenues in the half year to 31 December 2022 were mainly from the major strategic partnership and contract with International Gaming Systems ("IGS"), the extension of which into the current half year was announced on 30 December 2022."

"The well will now be tested before being brought into production alongside the other two successful Project I wells."

Yep - and if we can get decent production rates out of the new well during September that should hopefully lead to Q3 production figures exceeding Q2 production figures and continuing an upward trend.