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Had a gap to close t 8.3 anyway so this mornings action quite healthy imo.

Agreed this couldn't have been the truth and ayone who bought on it has a right to be miffed...

So he CLEARLY did not tell the truth (on ‘valuethemarkets’ 2019/07/09 16az) when stated that …
“We have been running lots of pressure test studies, we’ve been running down hole gauges, for some time…just to get a feel on exactly how we should or should not produce this well…The current expectations we will bring it online anywhere between 800-1000bopd. In fact that’s one of the lowest production rates available to us because if we choke the well back any further is just becomes quite unstable! Because the choke size is not large enough to enable the oil molecules to flow”

Might be right, sounds a bit conspiratorial and probably illegal as that would be misleading the market too surely?
Of note is in the original CPR they expected 20-45% watercut at W. Rustavia (table 7-2) and theres mention of having to perforate carefully because of the water content.

6.1.2 West Rustavi
No wells in the West Rustavi license area are currently producing. Block Energy plans to perform
workovers to reactivate two Middle Eocene wells (#16a, 51) that are currently shut-in, including
changing perforation intervals to limit water production and increase oil production.
http://www.blockenergy.co.uk/wp-content/uploads/2018/05/Block-Energy-CPR.Gustavson-Final.051418.pdf

Thinking it may not necessarily all be drilling fluids coming out the well and looking forward to further updates

"since testing began the Well has produced at an average rate of approximately 360 boepd (295 bopd plus 390 Mcf/d) on varying choke sizes, with an average water cut of 25%, considered to be mainly returned drilling fluid."

This watercut-is it 25% of the 295BOPD is actually the "watercut" giving them 221BOPD or do they mean they're producing 295BOPD +73.75B of water/D
Always believed it to be the former so am taking it they're producing 221 + 26 from Norio and Satskhenisi giving a grand total of 247BOPD across their fields as things stand.
If thats wrong please correct .

Personally I hope Tytusaduxas is along the right lines. May not be best news to hear but humans do make mistakes and the market would likely forgive it once a date for 38 is set.

On the bright side with the new oil storage lease they've taken up with GOGC they have enough storage for 300 days production.
At least that's one worry out the way. lol

"6000 cubic feet of gas is one barrel of oil, equivalent"
Yes but thats energy equivalent not price equivalent. Thats why monetarily boepd is not the same as bopd which is why I pointed it out.
Agree re the 700BOPD targeted predictions for stable flow. Paul stated that as their goal for this well in the May 21st proactive vid so if they make that then not so bad at all.

what was the nonsense about kenniGT?
I was replying directly to this quote and I was spot on.
"If you think flowing 360 bopd on clean up is a problem you should probably give your shares to someone else. Alot of agendas at play here to get in lower. Don't be conned out of your shares here."

Its not 360bopd. You need to pay more attention to what you're reading. Its 295bopd with a 25% watercut (so is actually unclear whether its 295bopd +25% water or whether the 295bopd includes 25% water)
Whichever its not 360bopd!!!

It may be a hold but at 8p after the placing to accelerate operations 4fold after the 1400BOPD hasn't panned out its not the stonking buy it was.
Marketcap still £32m UKP at 8p and thats for current production of c.320BPD + $1m/year of gas so until we're updated over an increase in this well or a spud date for the next drill don't see the "buy all day" being spot on.

Be fair it should have been 20p from what the CEO was sating in the interviews.
Watching one now where he was stating the plans were changed from the slow and steady approach from their expected 300BPD level that would keep them "under the radar in Georgia" because of their phenomenal results and how his phone is always on the go!!
Just saying don't think you should blame "rampers" we really were expecting sustained higher levels which easily underpinned the £40m marketcap.

Might need a proper operational update giving actual spud dates for the next well for a big bounce.
Thats what i'd like to see anyway. A spud date!!!
Can't believe they started them up. Thank you mr MM's.

just for info.

So just over 4m/year at these rates? Would expect more as its cleaned up but wan't paul telling interviewers it was flowing at c.1000bpd at the lowest choke size and they couldn't do less for fear of destabilising the well?
Agree market not going to like this.

We know all that amtech. I was just correcting this statement..
"Anything above 5.93 and the investors will sell less shares and extend the 12 month deal."

Its not price thats important its volume. The sales can roll forward if there isn't enough monthly volume to get rid of the 9m shares/month but believe thats all .
Given this mornings 5m in volume so far that shouldn't be too much of a challenge I'd of thought?

Really good to see, for holders obviously, but for the co. too.
Need the 5.93 for this unorthodox financing package to start to look inspired (and those that screamed death spiral foolish) but they're getting there.

Would have thought Miton deserve a few positive RNS's really. They've pretty much saved the co's bacon by backstopping the raise like this imo.
See if they get them.

Miton just under 20%. Boy are they in big and people still doubt this stock?? Unbelievable. lol
Good to see a bit of a rise.

PetroTal will expand production in batch 95 from the end of the year
July 22, 2019 July 22, 2019
HYDROCARBONS. Canadian and local capital oil company PetroTal Corp. expects to increase its production levels to 10,000 barrels per day in lot 95 (Brittany drilling well) by the end of the year, as part of the Loreto hydrocarbons production expansion program.

Manuel Zúñiga Pflucker, president of the company's board of directors, said that the company is in the process of building and bringing equipment to lot 95, which will be ready by the end of the year.
To do this, it will focus on building a Central Processing Facility (CPF) that will allow 10,000 barrels of oil to be produced per day in a first phase. Currently, it has been producing about 5,000 barrels per day.

Dynamism and perspective

By 2020, PetroTal plans to build more facilities (CPF 2) to expand its production capacity to 20,000 barrels a day of oil and subsequently increase production in an additional phase in lot 95.

"With a CPF 3 installation, it is expected to have 20 producing wells," said the president of the company.

Zúñiga also noted that in Lot 95 there is an objective (Envy) of interest to expand explorations, in addition to doing more seismic work. The Envy area is located 12 kilometers from Brittany.

Production and reserves

In the case of lot 95, Petro-Tal estimates that oil production in 2020 would reach three million barrels, and by 2021 it will produce more than four million barrels of oil. Lot 95 has proven and probable reserves (2P ) of about 40 million barrels.

While in proven, probable and possible reserves (3P), the volume is at 80 million barrels.
"Investors expect that, next March, the reserves will be between 20 million and 40 million barrels," said Zúñiga.