Member Info for Hepseal

https://www.youtube.com/watch?v=4O6xZOrMXQg

Result of AGM

The Company's annual general meeting ("AGM") was held earlier today. All resolutions proposed at the AGM were passed. The Company will publish the full voting results on its website in accordance with the QCA Corporate Governance Code.

City - I think you may have misunderstood my post, I have never said MOS are a one trick pony, in fact I have always said it is great that they do not have all there eggs in one basket, Mexico figures are also great and the RNS shows how MOS arrived at their forecast, shortly to be updated and improved upon.

MS007 - You beat me to it, was just about to post the link.
I was very impressed with Richard Parris presentation, well worth a listen.

One thing I noticed in the last RNS was that the original projected forecast income of £1.5M over three years was based on 95,000 subscribers in Year 3, so the majority of that £1.5M will the earned in Year 3. If you average out the number of subscribers over a three year period that suggests to me that MOS do not receive all of the $1 per week per person in revenue. Does anybody else agree or disagree?

I am in as well - looks like a nice little company.

I would say Voxx has a very valid point, I am not now invested here but I am posting the below as a example of AJW's typical comments that span back for the last two years.

Quote from AJW 30 March, 2020:
“Full audited Accounts to be published on 30th April.
Around $8M in bank.”

Quote from RNS 7th April, 2020:
“As at 6 April 2020, the Company's cash balance was US$3.4 million.”

Just thought I would change the title of the thread - sounds better.

And finally, a present for you AJW:

Block oil inventory at 30 Dec, 2020 = 28.9 Mbbls
Plus H1 oil production = 55.5 Mbbls
Sub total = 84.4 Mbbls
Less oil to State of Georgia = 23.7 Mbbls
Less Block H1 oil sales = 41.9 Mbbls
Block oil inventory at 30 June, 2021 = 18.8 Mbbls

Block oil inventory at 30 Jun, 2020 = 18.8 Mbbls
Plus Q3 oil production = 21.0 Mbbls
Sub total = 39.8 Mbbls
Less oil to State of Georgia (est) = 9.0 Mbbls (est)
Less Block Q3 oil sales = 11.2 Mbbls
Block oil inventory at 30 Sept, 2020 = 19.6 Mbbls (est)

Block oil inventory at 30 Sept, 2020 = 19.6 Mbbls (est)
Plus Q3 oil production (est) = 7.0 Mbbls (est)
Sub total = 26.6 Mbbls (est)
Less oil to State of Georgia (est) = 3.0 Mbbls (est)
Less Block Q4 oil sales (Oct) = 21.6 Mbbls
Block oil inventory at 31 Oct, 2020 = 2.0 Mbbls (estimated)

Agreed oil sales @ beginning of October = 9.6 Mbbls + 12 Mbbls = 21.6Mbbls
therefore estimated oil inventory at end of October = approx 2 Mbbls

Don't take my word for it anyone, DYOR

ma1brw
I'm out as well, everything you have written applies to myself, I am not going to bash the company, they are perfectly capable of doing that to themselves.
Looks like a few of our other regulars here exited yesterday for presumably the same reasons, all the best Mal if you are looking in.
Like you, all my eggs were not in one basket, have made a bit on MOS this year, and hope to make some more.
Anyway, all the best to everyone still here.

Exactly Mal, I had always assumed the same as you but thinking about it the way they do it is probably a lot better and clean cut.
I did wonder if all the oil could possibly be in the same tank but the key word here is "Inventory",

Yes Mal, hot off the press - all now makes sense, as usual a certain person was talking absolute rubbish - see below response from Block Energy:

Thank you for your email.

Not all of the crude oil produced by the Group belongs to the Group, because, according to the terms of the Production Sharing Contract for each licence block, the state of Georgia is entitled to a share of the produced oil. However, the crude oil inventory is 100% owned by the Group.

Regards
William

William McAvock
Chief Financial Officer
Block Energy plc
3rd Floor, Lansdowne House, 57 Berkeley Square, London W1J 6ER

--------------------------------------------------------------------------------------------------------------------------------

Subject: Re: Interim Results for the Six Months Ended 30 June 2021

For the attention of William McAvock

Dear William,

With regard to your recent statement I would be grateful if you could explain why the oil inventory at 30 June 2021 is only 18.8 Mbbls.

You state that the oil inventory at 30 December, 2020 was 28.9 Mbbls and Block produced 55.5 Mbbls during H1 making 84.4 Mbbls in total.

You go on to say that Block sold 41.9 Mbbls during H1 for $2.33 M

According to my calculations that would leave an oil inventory of 42.5 Mbbls unsold at 30th June.

I do not understand why you are stating the oil inventory is only 18.8 Mbbls at 30 June.

I would be grateful if you could explain.

I totally agree with Spudsoil re flow rates, etc, etc
With regard to the Operations Update the Q1 OU was issued on the 7th April and the Q2 OU was issued on the 13th July so the Q3 Operations Update could drop as early as tomorrow but probably more likely next week.
If the flow rates have not been concluded at the time of the Operations Update I would imagine we will at least get a statement of some sort regarding the new well.

What has Phil Collins got to do with all this?

Good morning Hull, just to say enjoy reading your well written and well researched posts each morning.

Just noticed the following recent promotion and/or sideways move for this chap on Linkedin

Nikoloz Gharibashvili
Production Enhancement Manager at Block Energy Plc

Job title speaks for itself.

Thanks Spud, that did cross my mind, if nobody here comes up with a logical explanation I will email them for Monday morning.

I still do not understand why Block say the oil inventory is only 18.8 Mbbls at 30th June??

The oil they got from SRCL would have been part of the 28.9 Mbbls oil inventory as at 30th Dec. 2020

Since that time (Q1 & Q2) they produced 55.5 Mbbls making 84.4 Mbbls in total.

The way I read it they only sold 41.9 Mbbls in H1, quote:

"During the six months ended 30 June 2021, Block sold 41.9 Mbbls of oil, including the prior year closing oil inventory, generating revenue of $2.33 million (30 June 2020: $313,000)."

So according to my logic that left 42.5 Mbbls unsold at 30th June!!

So why then are Block saying the oil inventory is only 18.8 Mbbls at 30th June??

I just don't get it!!

Yep, explains a lot.

Truth - I have no idea but it has crossed my mind more than once.