Member Info for Maladoni

Operational costs.....

Operations in Georgia are inexpensive, and costs are largely fixed. On completion of the infrastructure upgrades, we anticipate annual operating costs of c.US$2.4m for West Rustavi, with a further c.US$0.2m at Norio/Satskhenisi. Based on our forecasted 1,288 bopd in FY20, this corresponds to unit opex of US$5.5/bbl.

$5 on say 600 bopd is an additional $1m before tax. Anybody got any drones spare?

I agree it's been a frustrating couple of months and its got a wee bit like lord of the flies around here but that's understandable. I temper this with the fact this is a punt, and you've got to be in it, to win it. Like the chairman said, the fact the oils there isn't the issue, its getting it oot. I'm taking a little solace in big brothers next door figures. Over 72,000 barrels in two years so it can be done.

Quick update if anybody is interested. Schlumberger fixed the link and emailed me copy of the 2018 report in less that 24 hours which is impressive.

Anyhoo in short their payments to the Georgian government and GOGC tripled in 2018 to over $3m representing 55,857 barrels of crude.

It's in a reply to "today's blog".

Most boards where there's volume cream off the top 20%, send the bottom 40% to the septic tank and the bit in the middle is worth reading.

It jumped 40c in 3 seconds. Not seen movements this lively in a while.

Well thankfully there's plenty in the tank to make a full recovery and then some. Hopefully communication will be spot on moving forwards.

As an aside I've asked Schlumberger to email me their payments for 2018 which should be interesting when compared to 2017 for which total payments inc, "kind" was in excess of a million bucks.

For clarity, the figures shown below are from 2017.

The Schlumberger web site seems to have fixed itself now which is good. A little digger shows on their payments to Governments...

Georgia -Rustaveli - $727(a) (USD in thousands).

(a) Represents payment in kind for of 17,103 barrels (bbls) of crude oil.

Unfortunately the 2018 PDF is showing bad link.

Interesting that Schlumberger have a raft of Oilfield Water Treatment Solutions. Maybe's Block should go scrumping :)

Well its better than mine bonny lad.

Well this is the problem when there's so much ramping that goes on both sides of the fence. It all gets a little binary and constructive concerns get tarred with the same brush. Sometimes things have to get a little worst before they get better so there can be value in saying nothing. Hopefully this all changes tomorrow.

Is there any indication in the interview what the new wells are producing or what the target is?

Trying to think it through objectively, I have a similar conclusion.

I've been an admin on a forum for more years than I care to reveal and I've seen some trolls come a go. But these boards at LSE are out their on the own. As soon as there's any volume they come out of the woodwork. Absolute loons most of them.

Thanks Heps. Appreciate the time you took there.

Financials. It’s getting boring lads. Pun intended. But for the 3rd time in 3 days. There’s a loss in the P&L based on conservative yield from a competence analysis. This is perfectly reflected by the current share price. 4 wells to come before Y2 books are closed.

Consultants - there are very few business with more than 10 employees who do not outsource. Spend X generate Y. We are seeing an accelerated drilling campaign fully funded due to an over subscribed book build. It takes time to get the right staff in. Remember Block is still small, it really is a simple and qualified decision in the short term to use external sources. One thing that impressed me about the chairman and the non exec is the scope and size of projects they have managed with big corporates. They’ll make the right appointments when it makes sense and not before.

I used to work for the darling of AIM and I’ve seen toe curling amounts of money ****ed away by p*ss poor management who didn’t understand the sector. I see absolutely none of this with Block. Very exciting times ahead.

I thought he'd missed a letter out.

Ah no worries. Miss understood what you meant brother.

05-Jun-19 Buy Niall Tomlinson 15.00 GBX 977,383 3,806,837
05-Jun-19 Buy Paul Haywood 15.00 GBX 977,383 3,726,837