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Ticking back up now that the gap up this morning has been filled. Expect to see further slow but steady recovery from here, once analysts and funds have had the opportunity to question the company. Possibly a bit difficult at the moment with Heywood being out in Georgia, but this is when the Chairman should be earning his keep.

Comment from Zak Mir today in his daily briefing:” Block Energy (BLOE) the exploration and production company focused on Georgia, announced that testing on well JKT-01Z has commenced, with current average production rates of 344 boepd, comprising 241 bopd and 17,500 m3 of gas per day. Build-up analysis showed no pressure depletion after the clean-up and well testing flows. This indicates the well is likely to be in good communication with the wider reservoir and will provide sustained production like KRT-39.”
Expect to see a TA update later.

This breakthrough and the price of gas now puts BLOE in a very good position to secure a farm in partner for the deeper gas in the former Schlumberger block. That is where massive money will be made for investors here. I wonder if that is what Haywood was referring to in today’s interview when he referred to future drilling plans or was he just reaffirming this comment in today’s RNS:
“ Using the upgraded sub-surface model, the team are ranking the twelve immediate sidetrack opportunities, analogous to the JKT-01Z well, including a recompletion of the WR-B1 well.” Recompletion of WR-B1 should now be easily achievable from rapidly rising cash flows imo.

This adds significant value to the resource at Fare and dispels any notion of IAMGOLD pulling out. Ergo the sp recovery must continue, despite the market makers currently reporting some buys as sells. Well they did with my top up about eight minutes ago.

Excellent grades and some decent intervals too, firmly establishing Cameroon as a new gold province. The Ministry of Mining will clearly be delighted, as this will attract other companies to set up camp here, but if ORR’s valuation remains anywhere near this ridiculous level buying them out would provide the easiest way to enter the country and I hope that does not happen prior to the further drilling results becoming available.

A £20k buy is not to be sneezed at and I can recall a few of those at the start of the big rise, so strap yourselves in and enjoy the ride.

Well in today’s webcast Santa Tim used the word ‘shortly’ in relation to drilling news from Bibemi , and despite a nasty cough seemed much more upbeat than the Directors of the other companies taking part, so fingers crossed for an impressive update.

I hope that uncrossing trade (which was outside the spread) is a portent of some news tomorrow.

Added another tranche this morning and very pleased to see the buying continuing and why not given the timeline for news outlined in the recent presentation?
UPCOMING NEWS FLOW
CAMEROON
Bibemi
Phase 2 diamond drilling results from Bakassi Zone 1 – Q4-21 Results from soil sampling at the Lawa prospects – Q4-21 Commencement of IP survey – Q4-21
Wapouzé
Results from follow-up programmes – Q4-21/Q1-22
CLP
Completion of semi-regional sampling over priority 1 zones in eastern licences – Q1-22
Results from Pilot Area within that programme - early Q1-22
Commencement of mapping and stream sediment sampling at the western CLP licences – Q4
SENEGAL
Results from the 401m diamond drilling at Madina Bafé and 2,160m RC drilling at Faré – Q1-22
Continued infrastructure development at IAMGOLD’s neighbouring 2.5Moz Boto gold project
Diamond core logging at Bibemi, Cameroon

The ask has ticked up to a penny. Try a fill or kill at that price. Usually works for me anyway.

Looking at the resolutions they are not seeking any share issuance authorities, so are confident that they can get through the next 12 months without tapping the market for cash. That is very welcome news for investors in any exploration company.

Just type v o x m a r k e t s where the asterisks are.

Here’s the link to the interview: https://www.**********.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-galileo-8335d61/
Enjoy!

Well on that basis I hope those buying today are insiders or at least have some faith in JKT-1 providing some decent upside. The bid has now ticked up to 0.95 from this morning’s low.

Some seem to have forgotten what was said in the interims:
"The well is currently undergoing clean-up operations to recover drilling mud components from the fractures. Oil and gas have been produced to surface. However, it is believed that well productivity is being restricted owing to the natural fractures being clogged with loss circulation material used to prevent the large drilling fluid losses experienced in our previous West Rustavi wells. A thorough clean-up programme has been designed to dissolve the loss circulation material, requiring chemicals with a 14-day lead time to be sourced from a supplier outside Georgia. The results will be published once the clean-up programme and production testing have been completed."
Note the last sentence.

Scooby, I know that the SAOG sent out people to measure the flow and quality of gas from FRR’s UD2 gas well, so I would imagine that they would do the same for oil wells. It therefore seems to me that in order to achieve greater credibility in their reporting of well results BLOE are refraining from reporting until they have a stabilised flow rate. Hats off to SEA 7 for his discovery.

There's been another post today from the SAOG and an interview. The interview is in Georgian but you can hear Block's name being mentioned several times in the context of increased oil and gas production:
https://www.facebook.com/StateAgencyofOilandGas

If some were expecting the company to hit the mother lode on first stage drilling then clearly they will have been disappointed with this morning’s news but it is what it is, a first pass which will inform the next phase of exploration. However CB will no doubt have wanted to get this news out of the way prior to releasing the much more positive news we are now expecting from Glenover and Ka****u. Anyone who attended the AGM or read what was reported back from it should therefore have been buying this morning’s dip, as have I. You’ll never get a better buying opportunity in this stock than when the lemmings are jumping off the cliff imho.

3CB the share price is approximately half of what it was in January. Some of that but certainly not all is due to the exercise and sale of warrants. Surely most would agree that the stock is now materially undervalued given what CB said at the AGM about Gleonover, the recent activity on the Ka****u licenses as an indication of some deal in progress there, and the cash which is coming in from Sandfire and Star Zinc?

With everything which is now known, but not yet RNS’d, I am amazed that trading volumes are so low. Those who have been in this stock for long enough will have seen the massive volumes that can arise following the release of a positive RNS so what are you waiting for? Maybe it just needs a champion on Twitter if everyone on here is already fully invested.