Member Info for Scrodingerscat

I would like us to retain a stake of at least 10% (15% is the amount in my head as that would equate to approx $500M of pipeline costs), wouldn't feel right after all these years to know we would walk away entirely. I mean $1B - $1.5B would be nice but apart from reducing net debt what have we got in terms of long term if we exit entirely? We will be reliant on Ghana more than ever. Surely the aim of the merger is about diversifying and reducing risk.

I like to draw logic lines and there was absolutely no reason to release the RNS this morning other than to make it look like they are trying to secure finance. The timing suggests needing as much positives as possible because the registrar has given PH a headsup about votes against stacking up. Does anybody announce a loan before they secure it? It's not even newsworthy. If he survives just expect silence until the next quarter update. What the market wants to know is when are BLOE going to start drilling? It's all this sleight of hand clear distraction stuff that is really tiresome.

How difficult is a start date, heck I don't even mind if its late surely our II's are asking the same question. When are you drilling PH????Shareholders don't want riddles, just a date. You'd think shareholders were asking for the company to make gold out of thin air, the way they are dodging this info.

??? Did someone pour coca-cola on your circuit board today Chesh?

When I was typing my username way back when I typed an umlaut but it obviously didn't make the final cut. H substituted with ö or both are both acceptable, is German a little bit difficult for you to process? I always had my suspicions you were still operating on Windows 95. Beep.

I think it's a fair educated guess to say they have found something from the 2 intervals. A total duster would be out there by now, but I'm airing on the side of caution as this could easily be another Carapa. A non-commercial find for example would contribute to a de-risking of further exploration plays in Kanuku but we all remember (if you are an LTH that is) how this share has tanked on anything other than a find that at least hits initial estimated 200Mmbs and is light sweet oil.

I think we will know in 2 weeks. Fingers crossed, also Kenyan election will be over by August 9th so hopefully whomever the new energy/petroleum minister is, gets to work pronto so we know soon if this is happening or they are just kicking cans down the road GLA.

Sorry Rocklawn this is not how the world works, some of us are balanced, praise when it's due and critical when needed. If you are happy portraying a false narrative and misleading people all for personal gain, that's your prerogative but not something I'm going to applaud. You're basically advocating ramping, I bet you are one of those people who is ok with ponzi selling and your defence is well I'm invested in other **** companies as well so why should anyone point out issues ever.

Point proven for all DYOR and at the very least don't be influenced by ROCKLAWN.

Chesh I have read the RNS a couple of times and as your post highlights I can only make the same interpretations because it is not clear. What you need to ask yourself is why? Is a supposingly simple thing like a timeline with a start date so hard to publish?

For example I'm in invested in TLW and Beebei-Potaro-1 had a drilling commencement date announced by Repsol for May 22 programmed in as far back as 18 months ago. All drilling is pre-planned and programmed in because mainly booking of contractors, a rig, materials and infrastructure. So they must have a start date so why withhold that, and if not then it's not reportable yet. So with September nearly upon us, even if a start date is pushed back it's still something to report and surely if they had started then that is even easier to report. Does this not constantly having to read between the lines and make up your own interpretation of what is actually going to happen not frustrate you? The question I keep asking myself on this one is why and the reason I keep coming back to on this RNS is it's not quite ready, but they needed something out there before the AGM as proxys are being returned.

rxdav I think this is classic human conditioning playing out in the sense that people have started to realise they have been conned and everybody has there own threshold, some will never admit it and that's just down to individual character.

I'm not afraid to admit that I have lost money here and as it stands this has been a bad investment because the company has failed to achieve every target it has set itself. Now people don't want to admit it has been a bad investment so they point and blame at other things to mitigate that cognitive uneasiness, often now directed at people pointing these things out. I blame PH only to a certain extent because in the end I did my research thinking this was worth a punt purely based on the faith I had in the assets, but I won't repeat this mistake and the leadership team needed much more due diligence on my part. I'm responsible for my investment decisions and therefore I have to take it on the chin. I'm prepared to ride this out a little longer but I suspect if the next attempt fails to deliver expect a lot of people to exit and the game will be up for PH.

"As planned" there's nothing like creating your own reality is there. Would you like me to copy and paste the IPO prospectus to see how far they deviated from the "plan", you've mentioned watergate but fail to acknowledge that the plan and unique offering was for all drills to be self funded until BLOE reached critical mass, 3 raises later show that turned out to be false. Worthiable mentions:

- PH outlined target of 500 boepd for each well early doors
- PH on the record said the target was 1500 boepd production by 2021
- 6 wells were going to be drilled in 2 years, how many have they actually drilled in the companies entire existence?
- they were covering 95% of operating expenses before drilling JKT ( clearly fanciful economics when you did the maths).
- shut ins that were never mentioned until well after they had occured.
- WR-01 result information withheld for as long as possible because it was a known dribble (50 boepd) further compounded by the myth that installing a pump would fix the flow rate, unsurprisingly this did not.
- long lead items for second stab at WRB reported as only blocker to drilling, 6 month's later... silence

I could go on, it doesn't even take anyone long to look at previous RNS or interviews on YouTube to see where BLOE have consistently been economical with the truth. Initially I paid lip service because I can see why they were doing it ie. To paint everything as a positive to keep investors buying shares. The problem with that is it doesn't match up to reality and this is why you have seen the catastrophic drop in share price over the years. Where was the bounce yesterday from such good news? Well aside from no actual start date for commencement, the market does not trust a word that comes out of the company comms. You know why that is but choose to ignore it.

Also for the record the revised plan only surfaced over the last few weeks the admission date onto AIM was June 2018. Good luck with those critical thinking skills señor ostritch.

It's not a great RNS but it's something. More information than what we had albeit with big holes in it.

Is it enough to save PH though. The only defence there seems to be for his tenure to continue is just hope that he can do better. But as soon as he started using official announcements to mislead and keep facts open to interpretation he lost the confidence for me. Any other company that was trusted would be clear on what this means and IR would be contactable.

Sadly it's not PI holdings that make the difference here it's the II's that hold sway. I would expect a fair few million stacked against PH's re-election but unless the II's want him out then we are stuck. I'm open for my mind to be changed, because why have a mind if you cant change it. but I have seen nothing to suggest he has done a good job for what has been years at the helm here. I still want him out but that does not mean I don't want him to succeed. Faith and hope are not active, proactive or reactive, they are idle actions and I genuinely believe that by voting against his re-appointment I have tried at least to bring some change here, whether shareholders agree or disagree I think a fresh look leader is a better option than the current incumbent.

Much better. Though no official start date reading between the lines with around a 30 day turn around that means a spud in August. Though what's going on at WR-B01?

Vinnyoc not to pee on your bonfire as it's all sound logic... except they get 47% of what you have listed.

Chesh the whole of Europe needs gas, so by your logic that means PH is a success because BLOE are sitting on a fair whack of it. But again reality bites because over the years £22M later BLOE has only extracted less than £2M of it. They can't afford to extract it without more $$$.

My problem isn't in the assets (I value these) I just don't trust that the leadership can get at it, or that they have done a good job. They have been proven to actually mislead investors. The shareprice agrees with me and I don't think getting new leadership isn't anything ridiculous to ask for when we are looking at 95% value destruction in the share price. You may trust the RNS's but there now are a number on the record that have proven to be false and that for me is a fundamental reason why the shareprice will struggle to recover to anywhere near previous highs.

PH is up for re-election and I'm amazed anybody on here is happy or just accepting of the facts that categorically output is declining, there is still no spud date for a well that is supposedly funded and they just spent a wad linking up to a gas pipeline.

You have speculated your reasons for the delay, well because of radio silence and something something positive. The cold hard reality was that many questioned the "fully funded" statement long before now because it ain't cheap to drill everyone knows that and you can see what it has cost up to now in drilling thus far during the whole venture, clearly £1.2M doesn't get you much.

Bully tactics? Don't be soft. Just playing devil's advocate, I'm down here just like everyone else.

But instead of feeding the lies that are dripping out of the sorry news feed at the minute and clapping for it all working out in the end. Let's not continue to make overly optimistic presumptions. PH is a gambler and he has bet the house on securing finance and if he fails which is looking a real possibility, he has no option than to go back to the market cap in hand. Let's judge him on the IPO promises, the current production rate and every financial update during his tenure, he got a pass over covid but the reality is they are not producing even enough to pay salaries, they have burned all cash raised barring £1.4M and approx £1M of barrelage. They say they have cracked the geology, the current production figures suggests otherwise. When do you start to lose faith here when he burns through another £10M or £20M?

Chesh you've made up your own reality just pointing out:

- Georgian Government finance deal - hearsay based on?
- Fully funded 2 sidetracks - based on an RNS that is now clearly false, reality they need £2 - £3M to drill 1 sidetrack they have £1.4M

You continue to live in your fantasy world, maybe that's where you learned to write. Did the fairies at the bottom of the garden teach you?

You guys have no idea who is considering providing the finance or what the terms are and yet you've run away with the idea that it's some sweet ass government loan, there's nothing like writing fantasy fiction. It will more than likely be a commercial revolving facility and it will be a ticket that's going to be a high percentage with very restrictive covenants. BLOE have a junk rating. Honestly cloud cuckoo on here slapping PH on the back for a loan you don't know anything about is borderline bonkers. If it's not a deal that forces hedging of some kind or steals our eyes in interest I would be amazed. They need money or they are stuffed any lender knows this, security will either be in shares or the only asset block has... the acreage.

Hepseal couldn't have put it better myself. Clearly another not really that clever omission, as surely from the previous RNS they were keen to mention exit production while this time round just the average across the quarter. It's stinks of treating shareholders as idiots because its only selective reporting of information.

The thing is these are old wells with new horizontal sidetracks so everyone here I imagine is not naive enough to not think that these will need to be reworked quite regularly. The problem here is that until the aggregate number of wells goes up then any reworking will have a greater total impact and less flexibility to address production on any given producing well. Gas will be more consistent and Covid aside as a valid excuse BLOE have just not drilled anywhere near enough.

Where are these 2 sidetracks (I don't mean geographically to be clear)? I know some people are talking up the non diluted finance but if the RNS's released thoughout H1 are to be believed then they are not contingent on any finance deal so what's the hold up? There is no logical reason that they shouldn't be drilling now. Occams razor points to a couple of theories 1. They are waiting for materials, the connecting gas pipeline to be finished and contractors (already discounted as they have said they are ready). Or 2. Which we know is likely to be the real reason, they don't have the funds and this will only happen when they secure finance either dilutive or non-dilutive to go ahead.

If 1. Is true then it could have been communicated much better and if 2. Is true then they have knowingly strung along a lie for a long time and what's worse how can anybody read any future RNS without questioning if it's true or not. Releases must be accurate and honest and the BOD need to topple if they think it's quite alright to knowingly mislead the market. I'm just not prepared to dust off this behaviour. PH's favourite phrase is "exciting times" it really isn't for anyone who holds shares here at the minute. Now there could be some headline breaking news around the corner but just remember the time and money wasted up to now and the radio silence coincidentally up until he's up for re-election, before you start dancing.

This really has turned into a right ****show. 1.5p raise down the wazoo. This doesn't even feel like a tide over until an actual financial close, just a keep the lights on raise. Investors are massively down from the last raise already, at least Dick Turpin wore a mask... the shares in issue now are eye watering. There has to be at least one financial close this quarter or they are toast IMO.

ProjectEng I disagree that we are aligned based purely on holding shares. You can read back through my posting history (I actually have one), was a chemical engineer for over a decade working in project management before transitioning to accountancy and finance in my old age, currently sitting as a director myself on a couple of Ltd's. I disagree because owning shares doesn't make you competent, and misleading the market I can forgive early doors because you know lessons learned etc. But all year PH has let us all trundle along thinking there were 2 fully funded sidetracks on the horizon. But the truth is there isn't is there, £22M spent for a little over 500 boepd is not what I and many others equate to delivering for shareholders.

These Vox markets interviews are tickle belly exercises. 2 interviews in 2 weeks and nothing the market currently cares about. I tell you now what the market wants to know... for free. When are BLOE going to start drilling and what happened to the 2 fully funded sidetracks? If previous RNS's have been shown to misrepresent actual circumstances as looks likely as of right now, then someone is accountable if not PH then who. Now just going down to the basics that people will have invested based on those releases which as they stand are currently false, fraudulent to put it a better way. If only the FCA had teeth.

Block great at lieing to investors, not much else hence the share price is where it is, should really have not given the benefit of doubt when they misled the market about producing oil when it was water. PH out.

It's frustrating for the simple reason that if you take out the increased percentage from the pre-emption of Occidentals disposal then despite 7 drills since 2021 production is only slightly better than flat. I will have to re-read the CMD plan but going into 2023 on 65K bpd is behind were I expected to be, not to mention the Capex spent for not a great deal of gain (as of right now, not arguing that it will not come good... some day).

I don't blame the BOD for this to an extent, as it's clear that significant production improvements have been made at Jubilee and in the non-op. The drag is and continues to be Ten and nobody expected the levels of decline experienced particularly last year, although more stable now. My objections lie with RD advising there were short term options to maximise returns based on current high prices, but clearly nothing has been done on this front, so I still don't see how changing the drilling program slightly when the significant declines became apparent to include a producer in Ten would have been more productive than say drilling two water injectors at Jubilee. Only leaving it to this half to start the strategic wells. It just feels like stick to the plan rather than reacting to changes both internal and external. Also looks like no second rig mentioned which I suspect is now dependent on the merger. Well I've read through the release again and if I was a Capricorn shareholder I wouldn't vote for the deal as it stands, our production needs to be improving organically each half for even TLW shareholders to believe the plan is working because as it stands we have invested a few hundred million dollars into the drill bit for no real payback... yet. GLA disappointed but still holding in hope that they can sort out Ten before 2025.