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Seems quite ambitious for ZEN. Moving up a notch or two then.

No just me read it wrong. Apologies all.

Noted they couldn't remove the initial CTU and had to put another down inside the first to clear internally instead with the initial CTU now stuck til they get better equipment to remove it.
More I read the RNS the more I see another casp and their deeps saga coming into play.

Must admit I do like the updates. feels like we're being kept in the loop (as much as its possible for them anyway).
Got a personal target for them with this drill now and thats over 200b's of crude/day. Would like to see them beat PANR given the disparity between the 2 marketcaps.

Think johnswan on advfn just nailed it for panr going forward..
"Not the news people were hoping for! Seems like Texas all over again. No comment from Bob today? Why not? Cash of $16m and debt of almost $40m. Will need to do another placing. If they can’t sort this out (and I suspect they won’t be able to) then it could possibly be curtains, or at the very least severe dilution I.e. the SP would be hit a further 50% and they need cash equivalent to the market cap to continue.

Overall I think these fields may eventually be brought into production, just not sure it will be Pantheon who do it."

Never mind PTAL these are more on a par with BLOE imo and they're under £8M cap.

During Q3, gross production (including the state of Georgia's share) was 37.1 Mboe (Q2: 47.2 Mboe), comprising 28.1 Mbbls of oil (Q2: 32.8 Mbbls) and 9.0 Mboe of gas (Q2: 14.4 Mboe). The average gross production rate for Q3 was 404 boepd (Q2: 519 boepd).

No you're not they're producing 200BPD, along with condensate and gas. lol

Well ok its 200bpd of good quality oil but does that justify a £620M mrktcap?

Its actually only 200BPD crude the rest is condensate and gas.
If they do turn out to have hit a gas pocket can they sell it?

Why was he on the drilling team?
Wouldn't trust anything coming from a US news station anyway. If every second word isn't a lie the NWO takes their licence taken away.

They had success with sidetracking JKT-01Z earlier this year achieving a stable 310 boepd which led to the decision to sidetrack WR-B1.
Will be very happy if they're as successful( or more) with WR-B1. Think the market would take that quite well.
https://www.investegate.co.uk/block-energy-plc--bloe-/rns/jkt-01z-update/202202240700066308C/

Didn't ralsie they'd been updating on twitter so prolifically.
Video's galore in fact.
Apologies if already posted was pleased to see..
https://mobile.twitter.com/blockenergyplc/with_replies

Just wondered if there's a known/expected timeline for WR-B01 ST or are we just expecting news when it happens?

thanks for the aquis link. appreciated.

I like to think of speculation as the love child of hope and despair.
With BlOE pleased that JSR-01 DEEP wasn't a duster in any way. They proved they can deliver with their $100k deepenings and from the RNS once they have the cashflow from same will start the horizontals.
Meanwhile we can start speculating on WR-B01 ST...

Well WR-B01 ST will target a fracture system, identified by a high density of seismic attribute lineations, on the west side of the Krtsanisi anticline on the West Rustavi oil field. The well will be drilled c.500m to the west and up-dip of well JKT-01Z, which has been on continuous production for almost a year, with cumulative volumes of over 73,000 boe.

Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi. The well is being funded from the Company's cash reserves and ongoing cashflows.

The ERCE 2022 Competent Person's Report ascribed 3.01 million barrels 3P reserves, with an NPV project value of USD 57 million, to just a portion of the West Rustavi/Krtsanisi Middle Eocene reservoir. The Company's contingent resource report ascribes a total of 19.5 million barrels 2C contingent resource to the whole of the West Rustavi/Krtsanisi area.

Market trades on speculation Deeez, it sells on news/results.

They could be back up 40 odd bpd anyway with volatility gone. That would be a result in itself and could push them to 400BPD now.

"Q3 production performance was affected by production volatility from well WR-38Z and greater than average pump maintenance and power supply outages. The production volatility at well WR-38Z is now under control following the implementation of a new production scheme."

May buy more today if it stays here myself.
Their oil production Q3 was 312BPD as opposed to 364BPD Q2 so this brings that back up and they had issues Q3 which have apparently been fixed.
Agree its still jam tomorrow but can see the lid being removed at last. Might even be time to put the toast on ready soon.

"Production during the quarter reflected consistent performance from well JKT-01Z and the Company's other producing wells. This followed an extensive intervention programme during the first half of the year, which comprised over 23 workovers. Average Q3 production performance was affected by production volatility from well WR-38Z and greater than average pump maintenance and power supply outages. The production volatility at well WR-38Z is now under control following the implementation of a new production scheme."
https://www.investegate.co.uk/block-energy-plc--bloe-/rns/3rd-quarter-update/202210130700037149C/

Its the fact they've proved commerciality that's likely the most positive aspect of today's rns imo.
They can continue growing production with low cost deepening of existing wells etc.
Could build a solid producing base for a co. of bloe's size.

"The results of JSR-01 DEEP are being incorporated into the subsurface model prior to an update of the Patardzeuli contingent resources. This will support full-field redevelopment plans through the deepening of existing vertical wells and the design and execution of horizontal wells.

Unswept oil in the field will be initially targeted by low-cost drilling techniques using the Company's recently upgraded A-80 service rig for an initial well-deepening programme across the field (with average costs per deepening operation anticipated to be in the USD 100k region). An opportunity set of 15 existing vertical wells is being ranked to define the optimal deepening candidates.

Following the deepening of these wells, the Company will then focus on horizontal drilling, designed to sweep larger undrained areas and deliver superior productivity versus vertical wells, as demonstrated in the West Rustavi/Krtsanisi and Ninotsminda fields."

Worse than that he appears to have flat out lied.
Unless of course anyone has found this 13p gap?