Member Info for Hepseal

David Burton is Total Market Solutions.
Nobody here has mentioned excellent ME interview with Sarah Lowther - 19 minutes long.
Interesting comments in second half re Revenue and Director alignment through shares.

Ha, Ha Bobby - AJW still telling Block where they are going wrong!!

Handshake a bit limp Chesh?
I reckon RNS will be this evening

OK Chesh, I understand your logic re "handshake" news but the only problem is that it has got to happen in less than 6 hours time, following rxdav's thought process cant see them dropping "handshake" news after hours or Friday morning.

Chesh
If there is to be an announcement around the "handshakes" that would almost certainly be subject to a separate RNS - nothing to do with the Audited Results.

As you say Chesh, the share options price is to all intents and purposes more or less sealed as it is based on the average for the month, 24 hours is not going to make that much difference, so why are they delaying issuing results to the last possible moment. I expect someone will say they are dotting the i's and crossing the t's, and perhaps they are, but they have had six months to do that.

Geowiz - stop being a prat.
You are ignoring (again) the likely $2M - $3M revenue from oil sales in Q2

You may be correct but does not really explain the delay with the nitty gritty matter of progress on the WRB

Chesh - I take the RNS to mean that some long lead items required for the side track had still not arrived on the 7th April - I have absolutely no idea if they have subsequently arrived.
What I also find strange is that on the 7th April Block tweeted a picture showing that they had commenced the gas pipeline. Why no subsequent tweets showing progress or in fact completion??
Anyway, some of the unanswered questions should perhaps be answered in the Q2 Operations Update.

April, 20 - Have we been waiting that long????????

Items received refer's to items for the side track to provide the gas

Many of the long-lead items required to drill two sidetracks have been purchased and already arrived in Georgia.

Geowiz
They have more cash than what you keep spouting and this will enable them to drill WRB-1
IMO they do not have as much cash as some seem to think (and yes, I do know what it says in the RNS,s)

Chesh
Based upon my slightly pessimistic views above I suspect the cash conservation scheme will have to go on until such time as and WRB-1 starts to flow at a respectable amount.

The above is only my opinion at the moment and I may amend that opinion once I have seen the Q2 Operations Update.

I'm quite thick........... skinned BTW
Ha, Ha - Not sure the first bit is true in your case but ditto!!

Chesh - not trying to upset you, but:
"All the best (timing wise, early doors, intra day or after hrs is another fing.........! :()"
I have a long memory - On the 30th April 2020 they issued Audited results at 18.29 (different accounting timetable then).

Just stating facts, nothing more, nothing less.

Scrodingerscat - Think you are wrong mate, this was what the £12M raise was for:

· Drill up to four horizontal sidetracks to scale up production and fund future capital programmes.
· Expand production facilities to increase capacity to 4,000 - 5,000 bbl/d.
· Acquire 3D seismic to provide critical understanding of subsurface.
· Appraise two existing gas discoveries.
· Drill one new well targeting gross contingent 2C gas resource of 608 BCF.

The acquisition did not actually cost Block anything, other than shares.

Scrodingerscat - I think it may be worse than you think:
You have overlooked the additional £12M raised in May, 2019
(£5M + £12M + £5.28M = £22.28M in total)
"How many wells have we drilled in 4 years?" 4 of moderate success, 1 abandoned.

Once again Scrodingerscat I agree with you, in particular the need for a Technical person at the helm.
At the very least why do we not have a Technical Director??
There has been a large number of different Technical people that appear to have come and gone over the last three years but having looked at various names on linkedin some of these appear to be Self Employed Consultants with other interests rather than direct employees.

Regrettably Scrodingerscat I have to agree with your every word.
I cannot understand why WRB-1 is taking so long to get going, in my view this is the one well that should have progressed quickly.
They stated at the end of last year they would return to WRB-01 if JKT-01 was a success, they have all the data, the civils work on the site was carried out 12 months ago, the gas linking pipe to WR38 was commenced in April, I find it difficult to believe that delivery of long lead items is the problem - there has to be a reason and we should know what it is.
If not before the Q2 Operations Report should throw some light on the situation - will make interesting reading.

I think I am correct in saying there will be the Audited Results for the year ended 31 December 2021 before that, i.e. by the 30th June - leaving it a bit late!!

Scamp - I am not defending the BOD here but I suggest you familiarise yourself with the SCIR share price and chat board for starters - If you still think that voting for the alternative that was on offer last year was the way forward then you are most definitely the WEIRD one.

Spudsoil
I suspect you may be correct re cashflow being the reason, I have been saying this for sometime, my post in May:
"Reason for delay in spud date - possibly they have not yet conserved enough cash to pay for it??"