Member Info for scoobyrex

The gas is a necessary evil, even at todays prices.
Not allowed to flare it.
$2.5M epf, miles of gas pipe. $100k a quarter. It will take years to recover cost of gas. Even assuming increased production.

This is all about oil. Always has been. The Gas excitement all came from mid-calculated revenues.

I am pleased in the q4 report they have increased oil production and reduced gas and not the other way around.

Headline production at 34.6M is stable quarter over quarter but the increase in oil production is encouraging.

Gas really is a necessary evil. Infrastructure costs and the delays incurred for $100k a quarter. Better for the environment.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:

"We are pleased with the progress being made at JKT-01Z. Having encountered hydrocarbons and experienced significant mud losses whilst drilling, the early signs are encouraging. If JKT-01Z proves to be successful, side-track operations funded by production revenue will be initiated back at WR-B01, adopting the same geological approach employed at JKT-01Z. Strong sales, stable production and the ability to take advantage of enhanced sales pricing during the quarter, combined with encouraging initial signs from JKT-01Z, all add to the Board's confidence in the Company's ability to improve performance as we look to the year ahead".

Drilling Operations

Following the end of Q4, in early January 2022, well JKT-01Z reached TD at 2,565m MD. Considerable mud losses were encountered during drilling, suggesting the well has intersected multiple open fractures. Completion operations are now underway and will be followed by clean-up operations to unload the mud losses, ahead of the well being put on test.

JKT-01Z is the second well in the current two-well drilling programme. To support effective management of costs and minimise drilling time, whilst maintaining the same exposure to an oil-in-place of approximately 8 MMbbls, the well has been drilled via a sidetrack from a vertical well drilled in 2011 by a previous operator.

Located in Block XIB, JKT-01Z is close to and targets the same area of the Middle Eocene reservoir as KRT-39, which has been a sustained producer of oil and gas for over 20 years. Unlike KRT-39, JKT-01Z has been drilled as a horizontal well, to maximise the chance of intersecting fractures.

The trajectory and horizontal nature of JKT-01Z benefitted from data gathered from the drilling of previous wells, which enabled a recalibration of the high-quality 3D-seismic data acquired in 2019. The well has also benefitted from refinement of our geomechanics model and horizontal drilling practices.

Additionally, JKT-01Z has been tied into the recently installed gas infrastructure at KRT-39, which will enable the rapid monetisation of the gas production from JKT-01Z.

Production declines minimal snd increase in revenue in production numbers to $2.5M (increased market prices)

Highlights

· Over 110,000 operational man-hours worked in Q4 2021, with no LTIs
· Drilling of well JKT-01Z reached target depth ("TD") of 2,565m measured depth ("MD")
· Significant mud losses observed relative to the WR-B1 well, indicating initial geological objectives have been achieved
· Q4 production of 34.6 Mboe (Q3: 34.6 Mboe) or an average of 376 boepd
· Q4 revenue of $2,550,000 (Q3: $901,000)
o oil revenue of $2,441,000 (Q3: $742,000)
o gas revenue of $109,000 (Q3: $159,000)

https://www.londonstockexchange.com/news-article/BLOE/q4-operational-update/15281964

RNS alert out. Not showing here yet. TD of jkt reached.

JK needs to bloe the doors off.

Happy Christmas all blockers. Here’s to a prosperous 2022.

Do you really think February, if radio silence between now and then the SP could be below 0.5p at the rate of stagnation.

I did think about that, but it was a one off today. If someone wanted to drop the share price they would systematically sell smaller amounts on quotes and drive the price down. rather than a one off which didn't do anything really today except give MM cheap stock to sell 15% higher.

someone sold £5k worth at 0.81 which is below the bid and current quotes. looks like someone made a mistake with a sell order pegging 0.81 not 0.91, opps. few hundred quid the MM's made easily on a Friday afternoon.

It’s a Friday. Traditional negative news day and nothing from BLOE. Positive news next week maybe ?

Could be lining him up as replacement CEO

Was this the guy that Dimmock had worked with in the past that came on the board earlier this year ?

That is the golden question.

Will they attempt a placing before the next drill result ?
Are they waiting for drill spud to raise the SP (it wont go up much imo) and announcing a raise.
Will they wait until the drill results and do a placing at the same time ?
Will the F&F peeps take part or get diluted ?

A placing is going to happen IMO its a case of when and under what circumstances.

What really concerns is still Haywood and Dimock are leaving it to others to communicate to the stakeholders. I should of listened to my gut and pulled out months ago when my first instinct was they were trying to distance themselves from the company.

it wasn,t the company's tweet (although I do feel it is insulting to shareholders at current production and recent news)

It was the 10k sale this morning before the tweet went out

Are we near break even ? Really not convinced. We are at least 500k a month short with everyone on full salaries.

I originally thought the same, cheap takeover. Now Im not so sure, with the complete contempt BLOE has shown towards PI's if they treated larger investors the same they would have a point and I could understand why they wanted to oust the board and install people they could trust.

If the company was being properly managed the F & F brigade wouldn't of had the opportunity to even attempt the coup. The current BoD are now being protective other every word in RNS's which doesn't help promote the company and with the results to date this is all a bit of a damp squib. needing significant news and sustained progress to survive let alone return SH value.

Quite frankly if I ever saw PH in the street im not sure I would be able to control myself.

27th November