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I think I remember posting on here a couple of years ago than a change of leadership was needed to try and attract new investment and give this company a chance of recovery, I see not much has changed apart from a few disappointing drill results, certainly no shareholder value has been created.
I can’t think of too many companies that have under delivered for so long and the guy at the top gets to keep his job!
Someone was asking about Malcys comments please see below taken from his blog yesterday.
The work continues for IOG to get some of the operational wrinkles ironed out and here at the A2 well the disappointment is obvious. With the well having been fracced and cleaned up the flow rates are less than expected at this point and that was after a delay in the whole process.
One issue is of course the water rate and the company will be checking the downhole data in the well to see if it can be isolated and avoid the aquifer.
The shares have fallen probably too much today but all the management team will know is that it is time to roll up the sleeves and try and sort out these problems at Southwark.
Starting to rise now, 12p is my target in the short term, now all the bad news is out of the way hopefully!
I would be interested to know how much the delays are costing the company? 200 employees are a lot of mouths to feed for a company running at a loss, I would have thought the chemicals should have arrived and can only hope that the 14 day lead time doesn’t turn into 3 or 4 weeks with global logistics still struggling.
I’ve personally never had any issue with directors, employees or consultants either being incentivised with share options or it being part of a renumeration package.
Provided they prove their worth and demonstrate they can create value for shareholders!
Dipped my toe in here and picked some up at 1.19 a couple of weeks ago, looking back over the last 3 months it’s been a bit of traders dream! Looking forwards it could have some traction with the CEO apt. Confirmed and news incoming, if the price can crack 1.80 then could quickly rise, I’ve got an initial target of 2.20 and will review things if and when.
GLA all.
Just keeping it real scooby , I actually hate the fact that private investors are sitting on either large paper losses or have sold at a loss, particularly if they invested off the back of inaccurate information.
To have a market cap of around £11m when they have had £20m of investors money at their disposal is not much short of criminal.
The board must be aware that they were very fortunate that a well organised campaign was organised to swerve a forensic audit, I’m not sure they will be able to pull the wool over investors eyes again.
Sorry what are the positives? That they’ve managed to drill a big hole in the ground and the chemicals MIGHT turn up in a couple of weeks …that’s ok then!
AJW your quote from last night!
“As I said in my first comment to the Opps RNS “it’s pointless commenting in the face of a hurricane of sentiment abuse". When Block produces something technical to comment about, I will comment then”
Comedy gold!…where would Block energy be without you??.
I’m really not sure, they did a fundraise in May 2019 for £12m @ 11p then a further raise in December 2020 for £5m at 3p , It’s hard to tell what the appetite would be for these shares as things stand and at what price, given that they seem to have fallen out of favour with their current investors, of course IF the company can string together a half decent set of results for this drill and the next then I would say that changes the landscape a lot. ..but that’s a big if.
I agree with you my concern is where the investment is going to come from with this companies track record, that’s why I believe a change of leadership is imperative in order to gain any sort of credibility in the market and hopefully try and restore some confidence.
That’s great AJW now if you could include the expenses of all the staff and contractors (including the companies chief cheerleader) sitting around while they are waiting for the chemicals to turn up, it sounds like Block have got plenty of cash!
Patrick I think we use these boards to disagree with each other views or possibly even question motives , but we need to be careful how we do this, no one really knows about each other’s situation or their families.
Personally I think that Block have made themselves vulnerable to a takeover based on the current market cap. Which may or may not be a bad thing. It’s hard to imagine a company coming in and saying, yep we would like to buy the company for x amount but only on condition that the current board remain in place as we think they are doing a sterling job!
I’m surprised no one has suggested a forensic audit!! ..Wouldn’t that give the answer to question that is has Block just been unlucky or has it been poorly managed, I’m sure there will be posters on here that will be quick to point to COVID as a contributing factor but that can also serve as a good excuse for doing a bad job surely the outcomes would be the same, we would have just reached this point of disappointment a lot sooner. I agree that a change at board level is vital for the purpose of attracting new investment.
As you say AJW that’s all water under the bridge-quite literally! Do you think it’s likely the board will update us with the drill results next week or wait until they’ve got the next lot of cheap share options tucked away which is normally announced at the start of the month the latest date I can see in the last few months was the 8th ?