Member Info for orslega

Think we all know that - because they have effectively said in RNS - that they have both operator and permitting issues which stating the obvious has caused a blip in their production target. That is why the share price is where it is, simples. That production news - June - is near 2 months old.

The company has also said since then that both issues have been resolved.

Production catch up time.

On another positive - seem to quite a bit of excitement around Petroteq suggesting that they are very shortly about to announcing full production. The official opening of the plant is due September - i.e. anytime from next week onwards

19/6/2017 RNS

"As part of the media day agenda, the Company provided exclusive access to the plant, held meetings with executives as well as geologists and hosted an evening reception for its guests. Petroteq plans to hold a formal grand opening of the plant in September of 2018."

https://petroteq.energy/news/press-releases/detail/272/petroteq-unveils-asphalt-ridge-oil-extraction-facility

More press yesterday - Canada comment

"The process is different from that employed in Canada and elsewhere, which relies on steam and large quantities of water, resulting in toxic tailings pools and horrendous scarring of the landscape.

Few would argue the Alberta tar sands have been an environmental disaster, but Petroteq is at pains to stress its technology is completely different and set to revolutionize the industry."

https://agmetalminer.com/2018/08/24/oil-sands-get-a-makeover-as-petroteq-touts-new-extraction-process/

yep someone tried hard and failed to push it down....support then, hopefully.

Petroteq on the move - $1.55 buying - at least we can watch PQE on Bank Holiday Monday, lol

"We have been progressing at a rapid rate as we’ve recently completed all the testing at our new plant. Currently we are working towards bringing our new facility's production capacity to 1,000 bod and have signed a non-binding LOI to increase acreage,”

....it sounds like they are getting close to announcing 1,000 bopd - otherwise why bother with all this high profile PR - they would look stupid.

Fingers crossed.

yep same ol - that's AIM

David Sealock says they can do it.

Interesting IP protection in Us, Canada and Russia

https://m.youtube.com/watch?v=Xoxvnn9W5ws&ebc=ANyPxKrgh4QUZmZ_annrpIE92qXqG6dQ2_iScfGjX8xaIZCakuHTxLMMJhyf63_vQa2Gy9nVq-Y4Zdy2qpsfZXxozOs5nnhmAw&time_continue=17

I suggest you read previous RNSs to gain a better understanding - there have been operating and permitting issues which have stalled matters. Obviously and for these reasons they have not hit the initial targets. e.g. Forest Hill (and then Stockdale).

i.e. June 2018

Update on Forest Hill Field work programme

Workovers on an additional 2 - 4 producing wells at Forest Hill Field due to recommence in July 2018 - follows satisfactory resolution of issues relating to access and rights regarding certain leases with a neighbouring operatorÂ

Production at Forest Hill is highly profitable due to low costs which at current oil prices generates excellent netbacks

Realised oil price is WTI plus US$2.00 Â

All-in operating costs are expected to average less than US$15 per barrel of oil based on an expected production level of 5,730 gross BOPD over a 30 day month

Yes the deal has been revised - be interested to see what the DD bought up - Stockdale landowners getting greedy after the gas discovery.

But quickly looking at previous RNS it looks like the total consideration has also dropped from $605K to $465 net.

The agreement was always subject to revision because of dd

"Our technical team has demonstrated their capability to achieve results by exploiting existing well bores using cutting-edge and proprietary tools and techniques. Thanks to today's agreement, our team now has many more opportunities to replicate this success. I expect the Gonzalez County wells to form the backbone of our production, augmented by important contributions from Forest Hill and Zink Ranch & Stockdale."

We know there has been operator and permit issues - we also know these issues has been resolved - see previous RNS which stated just that. Catch up time.

jackal5 & barnard.

Precisely.

itsallasmess - obviously shareholders want to make money (and will), but there have been recent issues beyond the control of the company - legals, permits, due diligence.

Better to have a solid platform to move forward with.

If that were the case why did Eddie he pay 0.87p for his last branch of shares?

He has conserved cash by doing half of the deal by paying in shares - at 0.70p. Good business deal for shareholders.

MYN investment: looking good

Paul Haywood, Director of Block Energy, said: "We have been highly active on the ground since our IPO in June, preparing for an incredibly busy end to the year as we prepare to mobilise rigs to locations across our portfolio. Thanks to our access and review of additional existing seismic data, we have increased our confidence and understanding of our West Rustavi permit. Having recently increased our working interest to 25%, we look forward to commencing drilling at the first of several high-impact locations as per our work programme which will earn our eventual 75% working interest in the permit.

"In line with our strategy to increase production and generate significant value we have been evaluating an enhanced perforating system and look forward to applying this exciting technology once we have finalised contracts. As activities have increased on the ground we have made a number of new high calibre appointments to our technical team - we welcome them on board. Their experience and expertise will prove invaluable during this exciting time for Block. I look forward to providing further updates with regards to the various work streams as we look to mobilise drill rigs in the near-term and embark on our programme to ramp up production to 900 bopd within 18 -24 months."

https://uk.advfn.com/stock-market/london/block-energy-p-BLOE/share-news/Block-Energy-PLC-Operations-Update/78123871

Note:

"None of the wells have been re-entered or stimulated in any way suggesting significant upside potential from low cost stimulation and production enhancement techniques and technologies"

Interesting - 50% being paid for in shares at a premium and lock in.

Mayan will pay the balance of the consideration due under the SPA in respect of the 5 Austin Chalk wells only of US$460,000, payable 50% in cash and 50% in Mayan shares at 0.7p per share. The shares issued to Smart Bit are subject to a 6-month lock-up.

Eddie will know more than most what's going on here (he did a large US gas >>> deal to the Mexicans a while back). We are still waiting on his Mexico plans for Mayan, he has said they will emerge when the time is right.

https://oilprice.com/Latest-Energy-News/World-News/More-Mexican-Nat-Gas-Pipelines-To-Ease-Permian-Constraints.html

moving nicely tonight - some chunky buying : )

Mayan investment growing nicely.

I am expecting the business of regular updates to resume as normal very soon - as we all know there is plenty to catch up on. EG will be more than keen to recover lost timings.....much of which seems to have been beyond his control. That imo will change....anyday.....fingers crossed.

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