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Paul Haywood :
I met him once at an AGM , he was charming and told me what turned out to be an untruth. But I am more concerned about where this company is right now . I will start by listing his history in my humble opinion
Negatives:
Over ramped 16az with the reality being a total loss of trust. We are still suffering today.
Was head of a company that drilled an unacceptable amounts of duff wells.
Poor communication skills and lack of information. They did have a PR man at one point.
Big decline in wells after a very short time.
This is very damning and in isolation explains some of the posters resentment and desire for a new leader .
Positives
100% and 90% working interest in Norio and Satskhenisi fields
Aquireded Blocks 1X and Block X1b from Schlumberger
3D survey carried out
Agreement to employ Baker Hughes .
Guided the company though the covid situation including cost cutting measures.
Last well a success
Cash positive
Funding for 2 side tracks .
EPU in place and connected to pipework and selling gas and oil
Oil storage facility that enables the company to sell at a time of their choice.
A company in a very healthy position and if this was a new company the share price would be flying .
There has been an attempted take over and a puppet director installed. He was then booted out once it was clear it had failed .
There was much written about the consert party being upset and Macey was banging on about this concert party . However on here there was very little support for the take over and the holders on LSE BB are also a large group of investors.
In the end they lost .
A Question:
Does anyone really believe that the Scottish duo would appoint a seasoned director to run Block Energy? Their track record is grim and a puppet would be the likely out come . I also think the would be a high risk that block was dismantled for profit and a new workforce of loyal to the F&F cause were employed as very favable rates.
Also what would be the logic of changing leadership at this point in time and who would be better ?
Can this share be walked down on good new? ........Yes
If block do well long term ........ No, if the maths work the investors will have the say.
Its just a share and not a football team . They are at this current point in time doing well. That is all that matters
Make us money and we will see the volume return,
Just my take guys!
MMR
The problem with PH going would be the timing and reason why he left. If he resigned and left people would question what insider knowledge does he have to make him leave . Would kill the share price .
We are stuck with waiting on what happens with flow rates and what of the 12 targets we go for with the money ready.
We need to get moving .
Predictor returning to good value but like block you have to see things through or pull out.
Good luck all
MMR
Lonny tweet 1 year return 89.16 %
Great PR from Lonny Baumgardner and I'm sure its helping bring predictor to a wider audience .
It's also one year since I first invested here thanks to a nod, on another site, by a another investor, Iresearched and invested. the price was 6.38. I then liked what i saw. And ended up with an average of 8.51p and currently showing a 35.61% profit .
I have always looked at this share as a long term hold with a small top slice at some point. The big drop was a bit scary but having researched I was not unduly worried or concerned but never enjoyable to see a massive red negative on my portfolio.
My current profit is very acceptable but like most on here I hold for what I believe will be a life changing opportunity. It can fail of course but research does not point to that.
I've retired to spain and need very little in the way of money and a modest 45p return will allow me to live a life with no financial concerns.
Now here's the thing with predictor....... will this share get me past the 45p?
The research points to a much much bigger return......
If it does then ......... well let's say the next year or two could be very interesting!
But of course DYOR
MMR
Macy's comments to yesterday's RNS:
Block have come up with a fantastic result for this well and made better with constrained production and a good gas pricing deal. The opportunities give plenty of upside if flow rates are maintained, if they do then this is most exciting for shareholders.
Finally Block Energy are in profit ! It's taken them many years to reach this point and the ride for shareholders has been abysmal. It's very much been a learning curve littered with small gains and big disappointment. But as bad as the history has been they are now finally at a point in time where their destiny is in their hands.
In November 2020 Block Energy acquired two neighbouring blocks from Schlumberger block X1b and 1X. This added to their portfolio. And a deal was struck with Schumberger to manage the assets.
They have a 3D seismic survey completed and the infrastructure is in place to sell their oil and gas via their EPU. They have storage facility for 36,000 barrels of oil. This allows them to sell at a time to suit them . They also have the facilities to connect up the gas. They have also renegotiated the gas price.
They have employed Baker Hughes to support drilling operations.
All of this is a massive positive and a small comfort that despite the errors of the past the company is in a strong position to move forward and ultimately make money . this will hopefully result in a much improved share price .
My personal view is a fund raising to open up a new well would at the current point in time be unwise as it would weaken the share price with the extra shares. Should there be another dud we would be back at the last chance saloon again.
I think side tracks and a general look at improving our existing wells would be the way forward and can be funded out of profits and money in the bank . Bloe have said they have 12 possible targets to look at .
Unfortunately this is going to take time but at least the maths and probabilities appear to point to a more positive outcome.
Just my views guys and DYOR
MMR
Block said the reservoir modelling of the nearby KRT-39 well, which has been a sustained oil and gas producer for over 20 years, indicates the presence of a large, connected pore system and strong aquifer support in the Krtsanisi area of the West Rustavi Middle Eocene Reservoir.
BLOE.L
Block Energy
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Last updated 11:30
Today, the company also informed investors that the gas sales agreements for the sale of gas from each of West Rustavi and Block XIB have been renegotiated with effect from 1 January 2022, and have, as a result, provided benefit to the Company from rising gas prices generally.
In 2021, gas was sold at a fixed discount to the price of the last tender completed by the Georgian Oil and Gas Corporation. Now, gas is sold at a fixed discount to the price achieved by the largest supplier to the domestic gas market, and this discount is ‘subject to potential reductions in the future based on the Company achieving operational milestones,’ it noted.
As a result of the improved agreement terms and the improved market, Block expects to achieve a price for its gas in 1Q22 that is over 30% higher than it had achieved in 2H21.
Block added that the success at JKT-01Z enhances the Company’s confidence in its ability to further optimise drilling within the field ‘through a combination of high-resolution reservoir imaging, reservoir production modelling and horizontal directional drilling technologies.’
In addition to positively impacting the West Rustavi/Krtsanisi field development, the company stated that this approach should also improve the company’s ability to convert contingent resources to reserves, as well as reserves to production, across its wider portfolio.
Using the upgraded sub-surface model, Block is ranking the twelve immediate sidetrack opportunities, analogous to the JKT-01Z well, including a recompletion of the WR-B1 well.
Commenting on this morning’s news, Block Energy’s Chief Executive Officer, Paul Haywood, said: “Well JKT-01Z sets a new standard on time and cost for such a sidetrack in our Georgian operation. It has also been delivered with an exceptional safety record. The success of this well represents a milestone for the Company, with
Block becoming cash flow positive, opening the opportunity to create and deliver additional value to shareholders.”
Haywood outlined to investors that the company’s strategy remains “to drive value through organic growth, converting contingent resources to proven reserves and production, which, given our asset base and today’s commodity prices, makes a compelling business case.”
It's all there for any new investors:
Block Energy commences testing on well JKT-01Z
Francesca Morgan
Vox Newswire
10:59, 24th January
) said it has commenced testing on its JKT-01Z well with current average production rates of 344 boepd, comprising 241 bopd and 17,500 m3 (103 boe) of gas per day.
The Georgian-focused production firm said build-up analysis showed no pressure depletion after the clean-up and well testing flows and that this indicates the well is ‘likely to be in good communication with the wider reservoir and will provide sustained production like KRT-39.’
Block said rapid monetisation of the gas production from JKT-01Z will be achieved, with the well due to be tied into the recently installed gas infrastructure at KRT-39 within one week.
At the current production rate, crude oil price and gas sales price, JKT-01Z is forecast to deliver nearly $500,000 additional monthly cash flow to the Company, Block reported.
Excluding capital expenditure, this additional revenue will make the Company cash flow positive, which the Company said will mark a significant milestone for the business.
JKT-01Z reached total depth at 2,565m MD earlier this month, with no LTIs experienced. Since then, the well has been completed and the well test programme is underway.
Except for deliberate shut-in periods to monitor pressure build-up, well JKT-01Z, the second well in the current two-well drilling programme, has flowed naturally since 16 January 2022.
Currently, production rates at well JKT-01Z, which is located in Block XIB, are being constrained to stay within the safe operating limits of the existing gas infrastructure.
To maximise operational efficiency and minimise costs, well JKT-01Z was drilled as a sidetrack from a vertical well drilled in 2011 by a previous operator, Block explained.
It said the well was drilled and completed 20% ahead of forecast time and 10% under budgeted cost, owing to efficiencies achieved across drilling operations and procurement.
JKT-01Z, which is producing from an in-place volume estimated to be approximately 8 MMbbls, was drilled with its trajectory orientated along a productive open fracture network identified from analysis of the Company’s 3D seismic survey acquired back in 2019.
JKT-01Z was drilled along 597 metres of horizontal reservoir section. The top of the reservoir was encountered shallower than prognosed, resulting in a significant increase in estimated reservoir volume, which is expected to enhance resource and reserves volumes.
Block Energy has a very positive RNS and as expected Geowiz writes yet another negative take proving to all that he is a deramper. The guy writes the same garbage with every single post and I think he is unaware of what particular share he is even writing about !
He wrote this today :
How is this completely derisked?
240 bopd initial production is less than a 1/4 of the 16z initial rate. And we all know what happened their. Best to get some financial update before getting too excited. Wonder how much cash remains?
Sounds familiar and when challenged he refused to acknowledge anything other that his attempts to deramp !
This was the RNS we were all hoping for. Failure would have made it almost impossible to carry on and get funding . We are now in a decent position to move forward and there are more options open to us now.
We are cash positive.
I was going to sell at my breakeven figure of just below 3 as I, like many others have been here since the nightmare stages of 16az . I have decided that today's news changes my position. I am here to make money and will now change my investment to a 6/12 month hold with a little top slicing if the numbers achieve my target .
Our Scottish friends have lost their battle and we can now move forward with the 12 possible options plus reworkings of existing wells.
We have our survey on 3D and appear to have a competent workforce. We have renegotiated gas price and the oil and gas price is high .
This share will loose many LTH who want out but in return this share will open out to new investors and we will see more volume.
The extra income has put us in a strong financial position and we are now able to move forward and grow!
It will take time and that's why I've changed to a long term hold
DYOR and good luck
MMR
I will continual to hold and will wait and see if this does indeed reach the hights that the research hints at.
There is a lot of very useful and informative posters on here and keep up the good work.
I tend not to filter and find it amusing to watch the same type of people and often ths same person write identical rhetoric across different shares .
Not sure of the time scale here but certainly a 6/12 months on Morroco .
Ireland and Trinidad is still unknown on time scale but the Ireland project does excite me
Like many traders we sit in the background and wait .
Great weekend folks !
Hello everyone, hope you are all well !
Bit out of date with bloe but hoping next well can return some value to this share.
Question: how far are we from making a profit?
If all oil and gas was sold each quarter and all expenses paid how do we stand as a company?
The other question is how many bopd gas and oil sales do we need from our new well to go into profit.
Being a bit lazy I know!
But appreciate any helpful views
We've been a long time waiting on this one but maybe we can get a return!
MMR
Nothing much to write other than a hope that this next drill will not be a failure. One drill with success will add to share increase and maybe get some money back and give them chances to get more funding . A dud will ….. we’ll we all know what that will mean !
Have a great Christmas holiday.
Share trading has it’s fun moments as well as it’s disasters ! That’s life .
Rob
Could not agree more maqsood7
Flow rates of new well about to be published
A knowledge that the next flow rate will be higher than last update
A new spud soon
And share price reflecting where we are
This is certainly not the time to sell !
16aZ was the reason we all invested as this well was the money maker . It did not turn out to be that but the price reflected expectations and we hit 17p on 1000 bopd.
What has happened since is a very slow and often painful experience as Block Energy tried to move forward, this required funding and our weak position attracted the F&F gentlemen who saw an opportunity to asset strip what they deemed a vulnerable, yet potentially, good investment.
What Block Energy have done is to get the right people on their side and got the infrastructure in place so that we could at least start selling .
We are no longer relying a 16aZ well to make up rich . This has been replaced by a slow and steady build up of all our wells , gas and oil. The 3D and BH experience have helped in not having a dusters . This can happen of course.
So we look at where we are now :
Money in bank
New spud soon
Potentially good flow rates on latest well
Update on all wells. last update does not reflect where we are now
All wells back in production ( I think?)
Hostile takeover stopped
And other positive that I'm sure I've overlooked
Ws are getting to a point where we have enough revenue to make a steady profit and may need addition funding but that will be used to generate the money to spud more wells . This will continue to add to our overall profitability. And in turn Mcap and share price.
The market wants results and when we get the flow rates that are up to date and include the new one, we will know then where we are .
There was very little to write as this is a wait and hold share.
Next update and flow result of new well is exciting and I think rewarding
But DYOR and just my personal opinion
What is a troll and why ?
Answer : don't know and don't care because if your unable to give a view that can see pros and cons then you are of no use to me or this BB .
On predictor we are going through one of those cycles that happen but like here if you trust your research then you hold. Our resident troll is also there and guess what . Different share but identical rhetoric. Says it all .
Thanks AJamesW for reply to my question . Useful people answer questions and we all challenge each others views in a adult and respectful manner.
Unlike trolls ........
Hi guys having been here for many years now I tend to only log on now and again but nice to read all your comments.
Did 16az get back into production ? Can see any info on that .
I really don't know how to play this one but not selling yet. Average just below 3 so would not need a lot of movement to make some money . May top slice but feel a lot will also get out . There is money to be made here !
Good luck everyone!
MMR