Member Info for Papillon1

Glebewhite - I think we can see from your innitial question that at least 15 PIs on this BB have a fair to serious number of shares and money invested in Integume, and that many of these PIs are not in a hurry to sell, as presumably they, like myself, see this share being worth a lot more than 2p.

GLA

Thanks Shandypans2 for sharing.

I think my maths is correct, but am more than happy to be corrected.

AidanOwens 1,200,000
Atalatal 300,000
Broko19 3,200,000
Crusty 3,500,000
Cwmaman 2,500,000
Hartlepoolbob 350,000
Gidget 780,000
Glebwhite 1,366,688
Oilbethere 5,000,000
MullaneyJ13 3,000,000
Papillon1 605,000
Rxconnol 700,000
Shandypants2 980,000
Sieveco 500,000
Stoater 1,350,000

Total 25,331,688

Crusty, interesting idea for RNS @ 3% . lol

Thank you Aidanowens and Sieveco for sharing
So that makes 13 PIs with a combined total of 24,351,688

For myself Calmari, I am sure the price I paid will have no affect whatsoever on the date the results are announced.
But, hopefully some others might be interested in the question Glebewhite asked, "...is this the same volume of share getting sold and purchased buy the same people." and also be interested to know the volumes some other PIS have and are intending holding for now, as it would seem many are not in a hurry to sell inlcuding those who are now in profit.
GLA

Thnaks Mullaney for sharing.
So we now have:
Atalatal 300,000
Broko19 3,200,000
Crusty 3,500,000
Cwmaman 2,500,000
Hartlepoolbob 350,000
Gidget 780,000
Glebwhite 1,366,688
Oilbethere 5,000,000
MullaneyJ13 3,000,000
Papillon1 605,000
Rxconnol 700,000
Stoater 1,350,000
Total 22,651,688

Sticking with - Let's just say Total shares in circulation = circa 98M
12 PIs = circa 2.3 %

Thanks Stoater
So now we have 19,651,688 between 11 PIs
Wow!

I couldn’t agree with your setiments more bigboffer, but would add if I may, what Block reported in its publication “Building Blocks”
http://www.blockenergy.co.uk/investors/company-reports/
“With only one horizontal well on the field, it is difficult to predict the field’s full potential under a full field development. However, taking a most conservative approach (using the pre-16aZ CPR estimate of 21 mmbbls of recoverable oil in the Middle Eocene horizon alone, and assuming a maximum of 10-12% of field volumes can be recovered in any one year), we believe that the reservoir could ultimately sustain production levels of 6-7 kbopd. On top of this Middle Eocene oil production, the field contains oil and gas potential throughout the Upper and Lower Eocene and the Upper Cretaceous. This year’s drilling programme is expected to appraise at least some of this potential. Accordingly, by the time the CPR is updated around the turn of the year (factoring in drilling results, including 16aZ, as well as the comprehensive 3D seismic programme), Block may have line of sight to production in excess of 10 kboepd (gross).”
Earlier in the report Block state,
“Since acquiring its stake in Norio during 2017, Block has focussed on inexpensive workovers at Norio, applying modern recompletion techniques to the Soviet era wells. At a cost of just US$10,000-$20,000 per well, Block has substantially increased productivity of existing wells, by boring through near wellbore damage (dating back to poor Soviet drilling and completion methods) into fresh reservoir. This has helped up production from the 10 bopd in June 2018 to today’s levels, without the drilling of any new wells. By recompleting and working over additional Norio wells, and drilling a new horizontal well, Block believes it can increase production from the field to c.250 bopd, however with the operational focus for this year at least on West Rustavi, Norio is likely to take a back seat for now.”
And, as you and many others have also said, the gas potential from BLOCK’s site is expected to be huge.
GLA

Thanks Atalatal and Broko19 for sharing

So it would seem that at the moment there are 10 PIs who have a combined total of 18,301,688 shares.
I like many of these other PIs, am not looking to sell any time soon or at least until there is a serious increase in the SP.
I am expecting more funds anyday now and can only hope they arrive while the SP is still at this bargain price so that I can buy more.
GLA

Thank you Glebewhite for the question regarding how many shares PIs have and also thanks to everyone else who kindly shared info:
Crusty 3,500,000
Cwmaman 2,500,000
Gidget 780,000
Glebwhite 1,366,688
Oilbethere 5,000,000
Papillon1 605,000
Rxconnol 700,000
Hartlepoolbob 350,000
Total 14,801,688

Let's just say Total shares in circulation = circa 98M
8 PIs hold 14,801,688 = 1.5%

That’s a lot of shares between only 8 PIs!
So, 25 PIS could hold as much as 5%!
It was also nice to see other PIs averages, as I found these to be very encouraging.

GLA

Rxconnol thank you for sharing.
I too wonder how many shares PI's have?
So far, between yourself, myself and Glebewhite (3 PIs) we have over 2.5 mil
I am hoping to buy more in the next few days- when funds with HG have TF into my ac/s - providing SP does not go up by much - But I think by the time my funds arrive it will be too late to buy more SKIN shares at these prices.
GLA

Glebewhite -
I don't know if info re my holdings in SKIN will help you, but I currently have 604,924k shares, which I aquired betwen May and early July 2019 and intend t hold for the near future. I will break even @ 2.2p

GLA

AJW -
Share talk article (26/07/2019) states, "Produced oil is being transported to storage leased by Block at a facility owned by the Georgian Oil and Gas Corporation (‘GOGC’), the state-owned national oil company of Georgia, near the town of Sartichala, some 30km along the Khakheti motorway from West Rustavi. "

https://www.share-talk.com/block-energy-plc-lonbloe-resumption-of-production-at-west-rustavi/

GLA

Justin has replied in part to enquiry I raised about 16aZ the other day and advised,
“With regard to 16aZ, we're not yet able to provide information beyond that issued in our 26 July 2019 RNS. We resumed production on 11 July, and we continue to work with due care to establish a stable flow rate. We'll update as soon as we are able: sorry I can't provide anything more than that at this point.”

The fact that Justin has chosen to say, “… we continue to work with due care to establish a stable flow rate.” Imo suggests that 16aZ is still in action and that BLOCK are still currently doing their best to establish the optimum stable flow rate for this well. No doubt any lessons they learn from 16aZ will be invaluable going forward when drilling the next well.
GLA

AJW – Hello - Thank you for all your contributions on this BB, which I find most helpful.
I agree with you that a single point of production where all BLOCK’s resources (G&O) can feed into is most probably the way things will go, and imo probably the most efficient way forward. PH’s comments, “…whilst we continue to build out our central production facility, which will be located not too far from 16aZ” in his podcast interview with Justin Waite (1st July 2019 - 6:45.) would i would suggest seem to support this view.

https://www.stitcher.com/podcast/justin-waite/happy-hour-from-happymapcom/e/62284503?autoplay=true
GLA

I have not yet heard back from Justin, re my enquiry as to whether Bago will pay for all the gas infrastructure, but an article published by SHARETALK on the 17/04/2019 seems to provide the answer and states the following:
“The Company [BLOCK] also confirms that associated gas production from the well will be sold to Bago Ltd, one of the largest private gas suppliers and purchasers in Georgia. Block signed a Memorandum of Understanding (‘MOU’) last year for the offtake of West Rustavi’s gas (RNS: https://bit.ly/2Y4Pj2n). Under the terms of the MOU, Bago will acquire the total amount of gas produced from West Rustavi, subject to a minimum of 1,000 m3 of gas per day, and will fully finance all gas infrastructure the field requires, including pipeline tie backs to local infrastructure and gas processing plant solutions.”
Link: https://www.share-talk.com/block-energy-plc-lonbloe-w-rustavi-well-16az-update/
GLA

Sorry Hepseal - I have just seen your post after posting mine.

Groover, I certainly hope not and do not see why it should, especially as so much positive stuff (already mentioned by others) is going on and is to look forward to. However, I assume from Justin’s remark, “We will announce when the MOU changes status to a contract when all of the stages discussed in the RNS have been worked through.” that discussions are actually in hand, but it would be nice to know just how close the parties concerned are to near to finalising the infrastructure deal- I assume in light of Justin’s response to Hepseal: “The extension of our gas permit should ensure there is no need for a break in production.” That Justin expects the negotiations about the infrastructure to conclude before the extended permit expires. But this is merely presumption on my part considering what has been stated by Justin so far.
GLA

Cautious, thank you for clarifying abour Hepseal mentioning Bago. In my post yesterday I mentioned I had written to Justin last week regarding Bago, and was awaiting his fianl reply, but suggested that imo “… Bago would meet all the costs for developing the infrastructure for the gas offtake themselves, but that Block might have to pay for their end to connect, but this is just a thought and not based on any definite information and is not stated in the relevant RNS. However, I have written to Justin asking him about this and am awaiting his final reply.”
Justin's earlier reply to my enquiry was as follows:
“Thanks for your message. I can't provide a very exciting response other than to say that the Memorandum of Understanding with Bago is proceeding as we outlined in our October 2018 RNS, and that Bago will meet the costs of developing the infrastructure for the gas offtake. We will announce when the MOU changes status to a contract when all of the stages discussed in the RNS have been worked through.”

Kind rgds,
Justin

I did not post Justin’s comments earlier as I was waiting for his reply to my follow-up question, stated below, for greater clarification of his remarks before doing so.

“Could I ask you if when you state "Bago will meet the costs of developing the infrastructure for the gas offtake." you mean that Bago will meet all the costs for developing the infrastructure for the gas offtake themselves and that BLOCK will not be liable for any of these costs.

Hopefully, Justin will reply next week, and I will then be able to post his response.
GLA

Thanks Cautious and Hepseal for replies. I am assuming from PH’s recent comments about 16aZ and Justin’s responses about the gas permit extension, “The extension of our gas permit should ensure there is no need for a break in production”, that the infrastructure for the gas offtake is expected to be in place before the expiry of the permit, whenever that is the permit expires. In which case I find it slightly confusing that at this stage Bargo have still as yet not signed a final agreement with Block regarding the gas of-take infrastructure – Or have I missed something? I also would be interested to know when the current extended permit expires, as this information should help to provide some indication of timeline for the gas infrastructure to be in place.

GLA

Hi Pompeyrod.. Yes, it certainly seems the case that the Philip Dimmock and Chris Brown bring a lot of experience to Block and imo are giving interviews to bolster confidence in the company. I also think that the scrutiny that the ii investors would have conducted before investing considerable sums of money would have been very thorough, and this would have imo included a scrutiny of the data and the quality of the assets that BLOCK currently had, as well as further assets Block were thinking of or aiming to acquire, but equaly also with an eye to the quality of Block's management team.

I also think they must have been impresed with whatever plan Block were aiming to pursue anthat Block are sticking to their plan, which imo we will see come to fruition towards the end of H1 or early H2 2020. But tha is just my opinion.

I was hoping that the 3d- Survey would have been undertaken sooner, but hey ho.
Just thinking out loud: I am very curious as to what grounds BLOCK applied to extend their permission to flare at 16aZ i.e.

Article 18 Section 2a or 2b and if it was 2a, was it for drilling, testing or repairing the well.
(Thanks Garyn for posting Article 18)
1. Open-air burning of the extracted natural gas without the presence of particular conditions and a proper justification shall be considered as wasting of natural resources and shall be prohibited.
2. The Agency shall have the right to lift the prohibition of an investor determined under paragraph one of this article in case of:
a) drilling, testing or repairing a well;
b) damage to pipelines or other equipment;

With regard to Bago and the gas infrastructure, I think that Bago will meet all the costs for developing the infrastructure for the gas offtake themselves, but that Block might have to pay for their end to connect, but this is just a thought and not based on any definite inforamtion and is not stated in the relevant RNS. However, I have written to Justin asking him about this and am awaiting his final reply. I also wonder why Bago have not as yet signed a formal agreement and we still only have a MOU in place. Other's thoughts in this regard would be appreciated.

GLA

Chris Brown’s (Non-Exec Director) states in his interview with Proactive https://www.youtube.com/watch?v=iBtKjW281qQ , which was published on the 13/08/2019, that “We aim to shoot the 3D-survey in next few months” (12:07) He then shares his views as to why the 3D-survey is key going forward. He also talked earlier (8:57) about how 16aZ is playing out at the moment and about the water ingress at the well. If this interview has already been posted I am sorry, but could not see where. I found Chris Brown’s comments informative and hope others who may have not seen this interview might also feel the same. I also think it is interesting that other board members than Paul Haywood, are now giving interviews and presume that this is in part to regain shareholders' confidence in BLOCK through the calibre and experience of some of Blocks other board members other thna Paul Haywood.
GLA