Member Info for panman

Paul gave the reasons for stopping drilling project 1 in the last finals tony and they couldn't be further away from the nonsense you just posted..

"Improved cash position and stable overall financial performance:

The Company remained cashflow positive, with the cash position again improving to $1,136,000 ($713,000 in 2023 and $450,000 in 2022).

o Decrease in G&A and other costs, despite higher Project III, CCS and Project IV related costs, reflecting ongoing cost and operational discipline within the business.

Strategic decision to pause Project I drilling in the year, based on strong cash position, cash requirements and marginally lower than expected natural production decline.

Revenue of $7,533,000 (2023: $8,366,000) reflecting natural production decline and marginally lower commodity pricing.

Positive EBITDA of US$ 1.06 million (2023: US$ 1.47 million), in line with expectation.

Not actually true that they were meant to be drilling new wells in Georgia rather than taking the opportunity to move on Gabon.

KRT was RNS'd as a test of slim hole tech which could be repeated if successful but no promises of an imminent drilling campaign seem to have been made?

Gabon however was highlighted all the way back in Aug at least and holders who read the full RNS's should have been expecting a new venture imo.

12th AUG

New Ventures

In parallel with progress across the core Georgian portfolio, Block continues to evaluate additional growth opportunities that align with its capital-efficient strategy.

· Georgia: Georgia Oil and Gas Limited ("GOGL") has been awarded the XIH Production Sharing Contract, and the Company is considering exercising its option to acquire a 20% working interest in the asset. This follows the successful joint venture partnership with GOGL across the XIQ licence in Project IV, and provides exposure to additional high-quality exploration acreage.

· International: Block continues to evaluate proven, undeveloped, off-market opportunities internationally that align with its operating model. The Company remains focused on areas where members of the team have relevant experience.

So uplift then...

"Uplift can result in the formation of structural traps and reservoirs through the creation of folds, faults, and other geological structures. For example, the uplift of the Rocky Mountains during the Laramide orogeny resulted in the formation of numerous structural traps and reservoirs, including the giant Prudhoe Bay oil field in Alaska"

Their 20% COS notwithstanding best left to the real petroleum geologists really but uplift is apparently rather positively associated with trapped hydrocarbon's unless of course you're asking AI to find negative inferences to back your agenda.

I doubt jesus cares at all about Jameson!

No Sproule quote the 20% being very high for exploration and thats down to the amount of plays they're going through with the first 2 drills and the potential overpressure from the uplift which you seem to want to turn on its head.

I've already pasted that quote yesterday I believe it was chilli. All I was questioning was your interpretation of it.

Sproule has it as a positive you seem to be trying your darndest to turn their words on their head so you can agree with Rach that its a negative?

I read all the Sproule document Chilli and never found any of the below. They only commented on the potential upside from over pressure and the fact they were being conservative so not willing to add greater recovery factors in til its proven.

If you found something in Sproule to justify your below comment would appreciate seeing it posted.

"On the Sproule point, I think we’re actually saying the same thing — they’re acknowledging that the burial/uplift history introduces uncertainty, not just upside. Overpressure is one possible outcome, but it sits alongside the exact risks you’ve outlined."

Not read Rachels posts for a while but Sproule commented on the uplift and believe it may result in over pressured reservoirs giving greater then expected recovery factors they just haven't put it in their models yet to be conservative.....

"Recovery factors that have been used to calculate estimated recoverable oil have assumed normal pressure gradients in order to be conservative however the tectonic history that has been documented by outcrop mapping and by seismic interpretations has shown considerable burial and uplift which can result in overpressured reservoirs. If any of the reservoirs are overpressured this can result in higher-than-expected recovery factors, thus a greater volume of oil being produced."

Watch those rumours Dysm they may be a desperate ramp as with current expected flow 2.8% is not commercial.

Hope we do get higher percentage helium and/or better than expected flow as holding too but still best to let peeps know why its still cheap there isn't it?

As a fellow holder of QHE ronnie think you should tell peeps we're unsure whether the well they're testing will have commercial flow until tested hence the low sp.

Back to topic tweet re Aspect reads well imo good to see BLOE updating on X too.

So FOMO day?

We had one like boffer on SML last year at the 0,3p level,. He couldn't accept the co. was turning around and posted incessantly that we were ignorant rampers and the only sensible thing was to sell. BPart or come such handle I beleive.

Suffice to say those peeps he "helped" out the stock still cuss him today, those that held and sold at 6p well they're just glad they had the strength f character to ignore him.

No idea what happened to him he stopped posting after the first few bags.

Sounds like you just can't stop ranting once you get started Boffer.

Get out more and get therapy too. You need it.

Seems positive that its taken off from the 50dsma after 4 sessions of testing it. Needs to break the triple top at 1.35 imo then has a decent chance of taking out its gap.

So you held for 5 years then sold at the bottom right before the farm ins and other projects started to bear fruit.

No wonder you're angry!!

Bulls don't really need to keep coming on to defend the share imo. Obviously like with any placing the churn has to be got through but then there's updates on 2 farm ins to look forward to during the yr, 1 farm out that's set to become their 3rd farmout candidate once preliminary works have been acclompished.

Then there's their carbon capture project and any updates on project 1 and just how much revenue it's bringing in to come.

Not much not to like going forwards so why would bulls bother so much its the bears/trolls that appear to have the need to make the noise.

Not expecting big gains from project 1 tony but from their presentation they have ..

"Small production uplift and low-cost drilling help generate cash for high impact projects" so maybe not "falling" and from their last no's..

" Oil sales of 49.9 Mbbls with revenue of $3.02 million, representing a weighted average price of $60.5 per barrel (1H 2024: Oil sales of 46.6 Mbbls with revenue of $3.3 million, representing a weighted average price of $71 per barrel). Declines in realised prices were caused by a reduction in the Brent benchmark price."

So at today's 113 Brent the extra cashflow should be looking fairly handy for them

Re the Gabon being "hot" claim.

Based on majors coming in and Vaalco's recent success there.

https://allendreyfus.com/gabons-deepwater-risk-can-bp-and-exxon-mobil-revive-a-declining-oil-basin/

https://www.oedigital.com/news/538281-vaalco-reports-strong-gabon-well-results-baobab-fpso-restart-on-track

With the news on these being so tardy and the stock not performing with the non oil sector's looking so shaky (Thank you Donald) perhaps time to have a look at BLOE.

With 2 projects farmed out in Georgia, another small one keeping revenues running and now exploration in Gabon one of the industries hot plays has to be worth a look at$113 oil.

That's better. On now and at $113 Brent look out for FOMO.