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Block Energy Pl@BlockEnergyplc·
16h
??WR-B01-ST: Continued drilling of the 6" horizontal section

Don't have a date for this piece but the deal between ETAP and Ecumed appeared to be structured in such a way as ETAP may be the registered holder?

“One of the things we pride ourselves on is having a very good relationship with both the local Tunisian communities in which we work, but also with the Tunisian authorities and ETAP – the state oil company. In fact much of our production is under the umbrella of a joint venture called Maretap, which is a 50/50 partnership between ourselves and ETAP
https://energy-oil-gas.com/news/ecumed-petroleum-limited/

BGFI has been named several times as the most corrupt bank in Africa. Google BGFI and corruption and plenty comes up to research unfortunately.

Nah that'll be someone stuck in the share pumping away on twitter. We had the same pumping with beluga last year. Nothing came of it and they were only waiting for senior investor approval.
First tranche of the loan sharks shares hit the market friday. Wonder what they'll do with them?lol

Ridiculous. I only paid .065p for my shares and after reading the thread last couple of days I'm wondering if I'll ever get my cash back let alone was it a good investment.
Hate it when these co. CEO's list on the market when what they should be doing is registering as a charity.

Is there a date set for msmn to start this gas lifting/workover?
Sounds very much like investors need a phenomenal result on this one so they've got a chance of some growth without more dilution.

Sorry jack but I'm 100% right. Beluga was just like this last year, almost signed but not quite then nothing.
When are you expecting news that the banks credit committee have approved the finance?
Will be good to have a date from the bulls on this.

They're not fully funded they haven't got the ok from the bank's credit committee yet
"The placing has been structured specifically to fit alongside the intended bank financing led by BGFI Bank Group, which is presently awaiting group credit committee approval"

This is the same as last year when they had initial approval from Beluga but had to await approval from its major investors- which never came.
Likely why they've been stuck with this death spiral finance.
First tranches to hit the market Friday?

interesting re the two wells to be completed imo. In the interview last month the chairman stated they were to put them back on "real production" whilst waiting on cinnabar 4 end of this Q.
Any insights into what real production means?
https://www.youtube.com/watch?v=dKrYMHp41KQ

Yes good and steady. Now they need to step up to the plate with a successful drill programme this year and I'll be a happy holder.

They got shedloads as a fee too so the premium isn't real whatever the price imho.

"but the seasoned oil commentators all agree its coming in"
No they don't. The pumpers who have been wrong all the way down the line are convinced it will come good seasoned oil experts are undecided.
Lets see if they can get a workover rig in Jan first and there's no delay then "if" they clear the blockage and if it flows oil not more gas then they'll agree its "coming in"

Will they have to put out the Q3 no's before robbie can buy?
Would be good to get a positive update on production in the morning if so.

Did notice in the podcast (around the 3.12 min mark) after stating that whatever term sheet they went for it would take time Robbie stated"they had to make sure they keep the project on track in the interim"
Does that mean placing incoming or am I overly suspicious?

muldoon that simply means they couldn't come to terms on the final conditions. ie OCIM wanted security over the asset before moving forward GCAT said no so the final condition precedent couldn't be agreed and the deal fell through.

"A condition precedent is a legal term describing a condition or event that must come to pass before a specific contract is considered in effect or any obligations are expected of either part"

They likely had fairer terms.
Hope they replace OCIM quickly.

It was OCIM's decision not to go ahead without potentially getting their hands on the mine. Hence the "condition precedent" comment. It would have been the co. standing their ground and saying no which forced their decision though.

The deal was cancelled because there was a clause giving OCIM rights over the mine which they wouldn't back down from. Its all in the RNS..
"as there is an unfulfilled condition precedent that would have provided OCIM security over the Mining Licence for our flagship Kilimapesa Gold Mine in Kenya"

They didn't want to put ownership of the mine at risk, disappointed but totally agree.
Will be a buyer on the drop.

Good to see them making the highest monthly production of 2022 in Dec. They seem to be on an upward trajectory there so its not just the gas price rise that helped massage the figures.

Thought the no's fairly respectable for the marketcap. Bought a few on the back of them, best do some research over the weekend I guess.
ATB to the holders.