Member Info for Piscator1

It’s worth noting that there’s not just a Q&A tomorrow. There’s a corporate update as well which might relate to general progress across the portfolio, the Turkish court cases, Muritadere, etc: https://mobile.twitter.com/InvestorMeetCo/status/1602226774363996161

From Business Media Georgia today:
AUTHOR:NATIA TAKTAKISHVILI
Irakli Garibashvili, Prime Minister of Georgia held and led the Economic Council Meeting at the Government Administration. Council Members reviewed the volumes of foreign direct investments (FDI) flowing into the country, thereby noting that 745.3 MLN USD was invested in Georgia in Q3 of 2022, which is twice as much as the respective indicator of the previous year.

Current and anticipated large infrastructure investments were discussed at the meeting as well, including the infrastructure upgrades and development at marine ports, airports and logistic facilities.

Current and planned energy projects were discussed as well, along with the construction of thermal power plants equipped with high effectiveness and eco-friendly technologies with an ultimate aim and goal of increasing the energy independence of the country.

Yes and it tallies with what PH was saying in his recent interview about a M&A team being busy . The GOGC will have had a hand in this and there will be a quid pro quo with another deal on the way imho.

Patpill, you are telling porkies as I’ve only been on lse since November 2020, and yes we were all misled by Zaza at FRR, including his co directors who have since nailed him to the mast in various court actions, so it is pretty disingenuous of you to accuse me of being a liar, when all you ever do is try to sow seeds of doubt.

Hepseal I appreciate that the CPR is based on project 1, but it’s all we’ve got to go on based on current practice re:well completions and pumping technology. It makes sense from a cost perspective too, given that there are plenty of beam bumps/ nodding donkeys in the area.

You’re not being stupid at all Rocklawn, but it all depends on the capacity of the pump, and having just revisited Block’s independent Competent Person’s Report I note the following extract:”All wells are planned to be drilled with a 6” horizontal hole through the Middle Eocene and completed barefoot with 2-7/8” tubing. The wells will require beam pumps to provide artificial lift.”

These are the nodding donkeys or rod pumps that you see on many producing fields and have capacity of up to 3000 barrels/day as per this article: https://ektinteractive.com/production/upstream-oil-gas-production-artificial-lift/
We could therefore have some initial well results this side of the Christmas break imo, bearing in mind that packers need to be inserted into the wellbore so that each of the three formations can be tested separately.

The waiting is a little painful but not unexpected when you consider that the operational update informed us that “ During drilling, high losses (cumulative of 45,000 bbls of fluid) were recorded, which is a positive indicator of highly transmissible natural fractures. During the staged testing programme, both oil and gas have been produced to the surface.”
So most if not all of that drilling fluid needs to be extracted before reliable flow rates of hydrocarbons can be established. Now I know from talking to the broker that a pump was installed on or very close to the 12th November, but I neglected to ask what the capacity of the pump was, so let’s consider this article from Petrowiki: https://petrowiki.spe.org/Electrical_submersible_pumps#:~:text=The%20electrical%20submersible%20pump%2C%20typically,24%2C600%20m3%2Fd). You’ll see that the range of capacities is huge, but towards the end of the article you’ll see that “ Below approximately 400 B/D, power efficiency drops sharply; ESPs are not particularly adaptable to rates below 150 B/D.” so I think it is reasonable to assume that it has a capacity of more than 400 bbls/day. At that rate it would take around 187 days to extract all the fluid but hopefully the pump that BLOE have installed has a higher capacity.

Well that’s the Directors, senior staff and contractors fully loaded up now, so hopefully the beast will be unleashed next week.

Your market cap of the newly merged company is clearly based on the incorrect stats used by the likes of yahoo finance Ella. See notes 5&6 in this link: https://finance.yahoo.com/quote/MICT/key-statistics?p=MICT
I would imagine that they will update to the correct number of shares in the new company sooner or later, when the real market cap will become apparent.

From about 10 minutes and 30 seconds in the latest interview PH talks about the non dilutive funding coming from offtakers they are talking to and mentions BTC (who own the Azerbaijan to Turkey pipeline) and what sounds to me like ‘Realm’ or RLM. I’ve tried googling both the latter and found nothing relevant, so I wonder if anyone else can throw some light on this?

And no shares for salary RNS either. I take that as a positive.

Glad you’re feeling better Tony. We just got a mention in Shares magazine: https://www.sharesmagazine.co.uk/news/market/1669807623662550600/block-energy-celebrates-slb-decision-not-to-use-acquisition-option so I hope this will bring added cheer if their readers pile in here.

And of course it validates what PH was saying in his recent interview about his M&A team being particularly busy. …assuming they have been talking to Jindal.

And this: https://www.gogc.ge/en/article/jindal-petroleum-georgia-limited-has-started-oil-extraction-form-a-newly-drilled-well/279

Here you go Chesh: https://www.hydrocarbons-technology.com/uncategorised/newsjindal-crude-oil-georgia-plans-to-invest-in-block-development/
Join up the dots!

For those with short memories it was also Jindal who drilled a discovery well in this area (about five years ago if memory serves me correctly). It might absolve Schlumberger from any responsibilities they had towards Jindal when they stepped in here perhaps ?

Rocklawn this article should do a lot to help yourself and others understand the well testing process: https://www.slb.com/resource-library/oilfield-review/defining-series/defining-well-testing
Note in particular the need for packers to be installed between each of the three formations being tested, so it is no surprise that we have yet to have a result. However, I hope the company will appreciate how frustrated its shareholders are getting and provide an update as to whether the first (and possibly second) of the three tests have delivered the goods.

Suffice to say that I do not expect them to reveal anything in advance of another drawdown under the shares for salary scheme, which should hit us on Thursday.

Maybe you should get on the Hot Copper forum in Australia and let the Cobre shareholders know where the next big multi bagger is to be found on the AIM market Minor Miner. We seem to remain off the radar here.

Chart looking very positive now, on strong momentum. Just needs to exceed 2.75 to really break out of that downtrend imo. A positive RNS on Friday morning should do it imho.

Tbilisi97. Given that the operational update states that both oil and gas have been brought to the surface is it not possible that this technique is being employed? https://petrowiki.spe.org/Waterflooding
As you will see it is quite common with reservoirs that have been previously exploited.

The RNS clearly states that the well is in the Patardzeuli oilfield but try as I might I have been unable to find a map on a cartographical base to show the boundaries of that field. Were one available that would enable us to settle the debate but I am always wary of relying on Google maps as it can be years out of date, so it is possible that the site next to the poultry farm at Sartichela is a different operation.