Member Info for Scrodingerscat

I don't buy that at all. If we had removed our CEO last year we could easily be somewhere else by now. When is it enough for shareholder's? 2 raises an IPO and soon to be a loan (if things don't change) have already slipped through his fingers. The current strategy is not working, we live drill to drill we would have been better off with a raise 2 years ago with a proper work plan. It will soon be March and we don't know when we are drilling next. PH said to judge him by the drillbit well that's all I'm doing.

Chesh neither left for a different directorship for a larger organisation, which I'm now on reduced hours for as I look to become a silent board member and just do consultancy work.

Chesh short answer no. Having previously been a finance director an EBT is not cash in the bank by any measure how have you come to that conclusion? The shares belong to the employees the EBT is just a vehicle for that. The trust administers these on behalf of the members and this does not mean they are worth more or less than any ordinary share. The redemption rights will have specific covenants on maturity in terms of exercising but in term's of a liquidation event then they get an equal share of any shareholder funds. In fact EBT's primarily were setup back in the day to disguise funds and individuals for a tax advantage. You can have that lesson for free.

ROCKLAWN why should I sell at a loss? Looks like my holding exceeds yours, so I will use my votes at the AGM, it's our duty as shareholders to hold the leadership to account. You don't see that as a benefit but if it contributes to positive change you will also benefit. You can see me as bad but the current SP is indicative of BLOE's success in drilling and will only react to positive results not you nodding along and blindly believing the senior leadership who are 100% responsible for the 1.1p current price on offer.

As this is not the Soviet Union I will hold onto my shares thank you very much... comrade.

Rocklawn you may not like it but take out the share printing and revenues do not cover costs and wages. Even if I own a house and my outgoings exceed my incomings I can file and am a candidate for bankruptcy.

Arguably they are not entirely insolvent as the book value of the assets can be assumed to cover recent debt and costs but this is all BLOE has,so if wound up tomorrow we would not get the current SP value back on this and every month that passes without material change spreads this thinner.

Not all entities can print shares to cover wages, some may see that as a positive and we all do our contortions but I'm sorry to say that any CEO at this point would long ago be looking at cost cutting. Companies that are targeting growth at least have some kind of rising metric, oil and gas price is trending down which has been blocks only saving grace and production well I won't bang on about as it is clear for all to see and going in one direction.

Doctordong even if that were the case it's unlikely for 4 reasons 1. TLW operates the licenses 2. TLW found the gas 3. TLW is already supplying gas 4. TLW's infrastructure extracts the gas

So point 1 makes it very difficult for anyone else to come in and points 2, 3 & 4 sures that up further because there would be a very solid legal challenge with an almost certain hefty payout attached, if another entity stepped in without compensation. As already pointed out there is no finders keepers here for gas, but TLW did find it and has been supplying Ghana with it under the old agreement. So negotiations will only result in an agreement of some kind, back dated and covering future finds or worst case scenario a ride through the courts. Ghana has already had it's free gas from TLW and I suspect the delays are just par for the course in African jurisdictions so horsetrading, legal issues, kick-backs, price agreement and heel dragging because Ghana isn't a state that's going to just pay up.

maxcady no starting about it, it's been like this since they got a new broker. At least it's better than the complete fabrications that used to be issued before. Now I'm not saying this is a dud, but if it is then I would hope the institutional investors will have had enough and vote our CEO out at this year's agm. The amount of money he's burned through and shares printed for negative gains can't continue. If you look how many shares were in issue at the end of 2021 alongside the production figure back then, as well as the oil/gas price trend and compare it with now it's clear we have been diluted for zero gain (*current known position). The company is insolvent because you can't keep printing shares to pay wages, perfectly acceptable when production was shut in and during the pandemic but now it's beyond a joke.

Continue to live on hope rather than blind faith here. If this drill does fail I'm sure more will come round to the idea of replacing the leadership and
the geological team, as the best option for shareholders. I said the same last year and just think where we could have been now if things had be shaken up, they couldn't be much worse even on hindsight because the SP can't really move down as much compared with the drop experienced with our current leaders tenure.

Ummm hello, if a hypothetical asset sale covers the cost of the Loan ($1.16M), owed wages, creditors on supplies (the suggestion is that they currently pay mostly proforma though) and the IP costs then yes it does and for the record Schlumberger valued the acreage @ $10M. In fact the oil in storage would probably clear the Loan in itself.

You are not even consistent with your future price prediction your last post gives a market cap of £680 while the one before is £6800. I will bet you £10K that neither of those is plausible in the short term. Even if block never drills another well, an insolvency practitioner would get a few million dollars in a fire sale. Aside from €1M owed in the recent roundup there's no debt.

You're a very odd character and nobody with sense is going to heed your advice, as clearly you're a bad actor. Only you know what your true motives are... but we can all guess.

What I would say is the current silence allows speculation for these trolls to run amuck. When you apply basic logic there are only a few possible current positions 1. They are still drilling 2. There has been a technical problem while drilling 3. They have finished drilling

Unfortunately the history with block and comms running dry with delays never have a positive outcome and the extra finance injection would not have been required if the drill was looking to be a success. Now the drill could be successful, which as it stands doesn't look like the most likely outcome. Happy to be wrong but I predict a drawn out delay for any info to surface while they scrabble to do another well deepening.

If unsuccessful here I'd want the CEO out and a new geological team as they've clearly been advising poorly up to this point.

staypositive sorry but that doesn't wash 16% is more than attractive, they could have got a bond away on the open market for that for the risk involved. Then shares issued to participants... why? It's clearly nest feathering or squeezing the company for all it's got if you like. Like has already been said there's next to no risk as existing cash facilities will cover loan plus interest unless production falls to zero all participants will get their money back plus the interest and will BLOE be in a healthier position in 18 months... Well that's to be seen. Current production has dropped from 500 bopd, to 400 to 370. If this current drill is a failure I will be calling for PH's head again as this company has gone backwards with more shares in issue than ever before. It's been dilution by stealth considering how many shares have been issued since I've been invested, no argument here just counting. They would've just been better off doing a raise 2 years ago. Sick to death of this constant dilution by stealth. A head honcho who is happy to continue to dilute and so freely on poor performance is definitely not aligned with my interests as a shareholder and not yours either but you continue only painting positives, it just looks like contortion when the SP agrees with me.

I never mentioned the breakdown of what the payments where by quarter merely that they were being paid quarterly. Just for context I own bonds and have contributed to directors loans for entities I have been involved with in the past and I have never had a ticket as high as 16% or received any return interest or principle inside of 12 months. Also the biggest fraud in history Bernie Madoff was a 9% ticket to suck in $19 billion... again just context.

I only post when there's something significant to comment on, no ramping or de-ramping just how I see it.

1. This shows they need cash as this is not a revolving facility nor does it resemble anything remotely akin to what PH has mentioned about securing finance in previous RNS's.
2. The ticket is awful no sugar coating, 16% plus options is a real kick in the back from stakeholders, if this is them "helping" BLOE excelerate it's production aims then this is an awful message, one visible to any commercial lender as a benchmark. Someone has mentioned skin in the game but they are being paid quarterly here not on maturity after 18 months so this gives the company pretty much zero wriggle room. before it's paying back.
3. How much does $1M - $2M get you? Well it's not enough for another drill that's for certain but possibly for a couple of deepening attempts.
4. Sarah is clearly a bad actor and you should not give it air or waste your time replying to it.

So I guess cash is cash but no bones here the company is paying through the nose for it, from supposed supporters, altruism this is not. I haven't commented on Q4 but I see lots did post it was a good quarter without challenge, I didn't share that view based on comparing Q4 2021 with Q4 2022... poor production numbers and going in one direction. Let's hope they eventually do have some success with the drill bit because the amount spent to date compared with current production is a poor rate of return currently being massively negative.

I say it how I see it, some don't like that but better that than just posting fantasy. Comments this morning are reflective of that.

2 things though it's not free money because they are not saying every deepening will be a success and it costs money... free money by definition means no cost or risk involved that's not what the RNS says and also to play devil's advocate it's not water now is it, so as far as credibility as a poster goes that's just evaporated.

I doubt the market will react positively to this news as it's jam tomorrow territority... again. Still the good news is they say they can extract value from this field easily, but BLOE in it's entire existence has yet to deliver anything material. The facts are they drilled this well cheaply starting in September and it's producing 45 bopd while they lost 100 boepd in Q3 and oil and gas prices are much lower. Still insolvent as shares needed to pay wages. The rampers are noticeably absent.

Production has narrowed but the top end is lower than earlier in the year. No opinion here but the reality is half a billion spent on drilling in Ghana and there has been no production gains. The 3K bopd improvement in production is a result of the increased percentage from Oxy exiting which is less than the 5K bopd RD is documented saying TLW would benefit from. Oil could be $200 but because there is only a shrinking percentage that will be exposed to that price as a result of hedging then any SP growth will only be from production growth or a Kenya decision or Ghana gas agreement. We are behind the CMD plan, I'm sure on calls they were touting 70,000 bopd production going into 2022... we are already miles off that and heading into 2023.

RD has done a good job in cost cutting don't get me wrong, but he built his castle on focusing on and delivering production growth in Ghana and to date 2 years in, on that measure he is currently failing.

Calling someone a numpty when you don't even know that Pluto is a dwarf planet. Clearly didn't get your sparky qualifications by studying physics... copy and paste your way out of that one >insert even bigger smiley face.

Chesh is the post from September 2022 or not? Yes or no will suffice. Also you did not caveat why you posted that link at all, but there again without copy and paste you don't actually post anything of material importance, mostly gibberish.

I'd hope by now like me the rest of the board know by now not to take anything you post as useful to build a positive investment case. As much as everyone could always do with professional investment advice that doesn't stretch to electricians from Pluto... insert smiley face.

I wouldn't call them nasty surprises because anyone who read recent partner releases would already be aware, but the strategic wells in Ten are very disappointing. What it means is the wait for production growth goes on into next year. The CMD plan clearly points to material production growth from 2022 and 10 - 15 Kbopd from Wells in both Jubilee and Ten with big emphasis on Ntomme for Ten which clearly falls well short of that so clearly they are behind the original CMD plan pitched in November 2020 "strong cash flows for debt reduction and equity growth" 2 years in and although experienced high oil prices, operationally they have not moved forward as outlined. It will be interesting to compare the 2 CMD's side by side to give a full and detailed assessment of RD's Tenure.

For those not able to deploy critical thought for the record todays post on twitter has absolutely nothing to do with the drill and Chesh is sharing a video from 2 months ago. Come on guys looking for positives when there currently are none, pretty low trying to mislead BB viewers. Just wait for news as anything other than good news will make you all look like bad actors.

Although I don't entertain hearsay, surely people can see that the comms experiment (or lack of) contributes to this speculative vaccum. I compare this attempt with JKT and look at the Twitter posts in comparison, I hate to say it but this will be spun as a success as was outlined as an exploration drill beforehand, learnt loads yadda yadda. Still it's a benefit of calling both heads and tails in advance. Happy to eat my words but the delays and what has been reported already about fluid loss now point to the very opposite of Chesh's fountain. Fully expect a drawn out saga with no positive news until the next drilling attempt which from experience and going by all previous delays will be February at the earliest (assuming they have the cash to go again, as they have misled on that front before blaming long lead items as the source of the delay). Though the longer this goes on then the positive types will eventually get wise and see the fundamental problem lies here at the top and how they do not know how to communicate with shareholders or the market.

Looking forward to being wrong but history is on my side.

Jenforluck exactly. Although I would add at these levels if I was Avion I'd just takeover Immupharma for the extra pittance. The current SP and investor exhaustion of limited progress would mean very few would resist or even be able to resist an aggressive takeover.

So plenty of plausible outcomes (which are worth a punt at this level).

- Avion pull the plug and aim to buy lupozor on the cheap during administration, risky though as liquidators have no agenda other than to get the most money as quickly as possible (kind of justifies the high fees) so they could lose out if other interested parties.
- Avion fund the clinical trials, no further strings attached (unlikely)
- Avion fund the trials and as suggested in the RNS provide IMM with a revenue stream (but at what cost?)
- Avion make an offer to shareholders to acquire all the equity.

It's a shame really but IMM has backed itself into a corner where it's completely reliant on a privately held company for funding both for trials and business as usual any raise here and it's curtains for this BOD. I really can't defend management here as they have spaffed raise after raise, I mean really suncream guys another royal waste of money.