Member Info for Hepseal

Steady-Aim-Fire
" I'm presuming, given that we have the JV, that they were clearly in discussions of some form or another but I think it was literally a few days between their SP tanking and the shares being bought to support Gfin."
That is more or less what Nigel Burton said in the Investor Presentation shortly after the placing.
Also, I agree with your earlier comments re "skin in the game". Worth noting that NB's holding is 4.92% and I think I am correct in saying that although some were in lieu of salary the majority in his case were actually purchased with real money - that gives me confidence.

Shame the drilling items cannot be delivered as promptly as the share options.

City - I have two alternative suggestions for RNS dates reporting revenue figures.
As you pointed out previously, from hereon they will now be reporting revenue on a quarterly basis.

Option 1 - 3 months from last RNS, i.e. RNS 1st June or early next week.
Option 2 - Revenue for Q2 ending 30 June but due to invoicing time lag, etc RNS around 01 August.

Pays your money, takes your choice!!

Funny that, I happened to say to someone a couple of weeks ago in our local pub / restaurant, "we often come over here for a good blow out" - for some reason Mrs Hep disowned me!!

RNS - 24 Feb,2022
"The well is being funded from existing cash from current production."

RNS - 07 Apr, 2022
"Block had $1.2M cash at bank"

Geowiz
They will not be spending the last $1.2M on drilling.
They will be spending some of the $2M - $3M oil/gas revenue received in Q2 on drilling.

I would be very surprised if spudding has occurred and it has not been announced.

Reason for Shares in lieu of salary & fees - cash conservation
Reason for delay in spud date - possibly they have not yet conserved enough cash to pay for it??

In general terms I do not have a problem with paying Directors salaries of new companies in Shares as it shows confidence but in Blocks case the Directors should have taken a 40% wage cut these last two years - that's what I would have had to have done if my ex small business could not afford my wages.

Tbilisi97 - Are you related to Rustavi01
Rustavi's post 14 Apr,22:
"Hello. I'm still in Tbilisi. Friend says drill, tools and workmen's on site. Start tomorrow"

…As at 31 March 2022, Block had $1.2 million cash at bank (31 December 2021: $1.2 million)…

Also from RNS - "Q1 revenue of $2,361,000"

Therefore Q1 expenditure must have been $2,361,000

WR-BO1
Many long lead time items in Georgia plus connecting gas pipeline under construction but still no announcement re spud??

My candidate would be "Tired of Waiting" by The Kinks (showing my age here)

Tired of Waiting
Tired of Waiting for WR-BO1

Chesh - Wed, 11.25

"or am I missing something?"

From Jan RNS - "If JKT-01Z proves to be successful, side-track operations funded by production revenue will be initiated back at WR-B01"

i.e. Cash Flow

Roleybirkin
With regard to the first part of your post I seem to recall that when we had the revenue figures on the 1st December last year the general opinion, possibly confirmed by ME, was that those figures actually related to October.
I think most here would like to see a revenue update around 1st June but like yourself I am also mindful of the companies reporting dates and what is usually meant by the word quarterly.

Just a question folks re the title of this thread.
We had a revenue update on 01 December and 01 March.
When MOS said quarterly updates did they mean next one around 01 June or did they mean
Q1 (Jan, Feb, March),
Q2 (April, May, June)
Q3, etc, etc
Just asking what everyone thinks.

rxdav - I will offer an "additional" answer which may amount to the same thing - My answer begins with a 'C' and ends in an 'F'!?

Fair comment Cautious re "back end weighted" but all things considered I am still hoping for $300k per month.

No guzzler, $200k is not acceptable.

Based upon what we have been told re the IGS contract you could argue the figure could be much higher, however I am going to guess at $300k per month - don't mind if I am wrong and it is a lot more.

Have to agree with you rxdav, the question is why??

It is reasonable to conclude that NB will have even more insight and knowledge than City so lets not forget that he holds 4.92% of shares, some in lieu of salary but the majority I believe were purchased.

The event is being hosted by Georgia Oil and Gas Limited

Block is has strong ties with Georgia Oil and Gas Limited