Member Info for SEA7

major shareholder increases to over 20%

well said astec

not too mention the permanently offended snowflakes - perhaps they could join the "i'm effing hard" group and do all their small talk elsewhere.

and were blue

brent $33 - up 4% on the day

from the accounts to end december 2019..

The directors have prepared cash flow forecasts for a period of 14 months from the date of signing of these financial statements. The Group’s forecasts include a number of enacted cost saving measures and the forecasts are reviewed regularly in order to assess whether any further actions are required. The Group is in the final stages of negotiating to engage Bago LLC to construct a gas pipeline and to revise the sales agreement for West Rustavi gas.

The forecasts assume the gas pipeline will be constructed and the gas will be sold, and indicate the Group has sufficient funds to complete the construction of the gas project and to meet its liabilities as they fall due until April 2021. The financial benefit of any additional capital projects would be assessed against capital requirements and balanced with ensuring that the Company can continue to meet its liabilities and commitments through to April 2021. The Parent Company’s forecasts are considered together with the Group’s forecasts.

As a result of the issues on 5 June 2019 of 163,418 Ordinary Shares to Philip Dimmock and 69,957 Ordinary Shares to Chris Brown, UK income tax and employee’s National Insurance contributions were payable. The Company paid these liabilities of $10,000 for Philip Dimmock and $3,000 for Chris Brown to the tax collector during September 2019 and this effectively formed a loan to the two directors. Both directors had repaid the loans in full by 31 December 2019.

During the period, the Company registered as an employer in Canada and Canadian income tax and employee’s social security were payable. In December 2019, the Company paid these liabilities of $77,000 for Roger McMechan to the tax collector during December 2019 and this effectively formed a loan to the director and included in other receivables – refer Note 34. The Company is currently negotiating a repayment plan with Roger, with the loan expected to be repaid in full by 31 July 2020.

Prior to shut-in during April 2020, the West Rustavi wells were producing 325 boepd. A workover at WR-16aZ is planned for H2 2020, when the gas sales system is in place.

The processing of the 3D seismic data is yielding excellent images of the subsurface in the West Rustavi licence area
with full interpretation results expected in Q2 2020.

thanks V111JAS

gas is what the georgians want - to remove the reliance on imports.

swerves - its about highlighting another player in country that others may not have been aware of - know the neighbours, so to speak.

https://www.elenilto.com/post/The-Georgia-Onshore-Oil-and-Gas-XI-H-block

Production:
35 million barrels of oil equivalents (MMBOE) with potential for significant increase.

Indications:
Proven multiple active hydrocarbon systems in the region and the on-going hydrocarbon production in adjacent fields suggest good prospectively of XI-H block. Several oil, gas and gas-condensate fields were discovered in adjacent blocks, mostly in Eocene sediments

https://www.epigroup.com/2020/03/12/exploration-in-georgia/

Adding to Georgia’s romance, mid-tier AIM explorer, Block Energy has recently quadrupled production on its West Rustavi field where one of the wells tested at 1,100 BOPD. Georgia Oil and Gas is one the country’s most respected oil and gas companies and largest license holders.

A data room at EPI Group’s office in Cobham will be open to all companies who wish to further view the available opportunities that Georgia has to offer starting on April 15th. The data room is free of charge.

March 2019

http://arka.am/en/news/business/contract_between_georgia_and_russia_s_gazprom_on_transit_of_natural_gas_in_armenia_prolonged/

Georgia fully caters for its needs by receiving natural gas from Azerbaijan. In recent years, however, Azerbaijani gas supplies couldn’t cater for the needs in the heating season as gas output in Azerbaijan dwindled, while gas consumption in Georgia grew. And therefore, Georgian companies resumed purchasing natural gas from Gazprom, though in small volumes so far.

weekend reading - if you are bored..

Dated December 2015

https://www.researchgate.net/publication/291835885_Georgia_-_Petroleum_Geologic_Link_from_the_Black_Sea_to_the_Caspian_Region

4.2 Reservoirs

Main producers are fields in theKura Basin with oil from frac-tured volcanic tuffs of Middle Eocene age (Georgia’s biggest oil fields, the Samgori-Patard-zeuli, Ninotsminda, Teleti,South Dome, Rustavi and West Rustavi oil and gas fields with accumulative production of, so far,some 25 million t of oil, were discovered in these rocks in the Near-Tbilisi-Region)

and

Earlier this year, a deep well in Manavi(~30 km east of Tbilisi; planned total depth 4500 m) was spudded to assess a huge anticline with a several 100 m thick Creta-ceous carbonate body from which some oil was tested in two previous wells. Due to technical problems, the well was abandoned in late July 2015 without having reached the target. Georgian geologists feel confident that these Cretaceous carbonates belong to an identical depositional environment north of the Caucasus, in Chechnia, where excel-lent fracture porosity led to production rates of up to 400,000 b/d [11]. In case of success of this ongoing well the E&P industry in Georgia should experience a strong kick into an “oily future

A robust U.S.-Georgian partnership is a necessity for American interests, which in turn requires Georgia to return to and bolster good governance.

above from the letter in your post is key..

Is a robust Georgia - US partnership a necessity for Georgian interests. That is the question here and one that the Americans are concerned about - the US is only concerned about access routes through Georgia for trade and energy, not georgia itself.

https://agenda.ge/en/news/2019/3439

Two US congressmen send letter to Georgian PM over Tbilisi protests

december 2019

https://civil.ge/archives/335617

Four US Congressmen Address Georgian PM with ‘Concerns over Political Targeting, Declining Economic Trend’

from jan 2020

I seem to recall seeing a similar letter sent by american senators last year or the year before, saying just about the same thing.

haven't got the link though anymore.

hi fuse

total value traded today - about £75k - largest single trade no more than £10k - a whole lot of noise today and not much else.

more sellers than buyers overall - traders exiting for the weekend. market is jittery anyhow and we have seen a good run up to 3p on the offer. It ran out of steam, wasn't news driven and those still holding looking for a further push north took profits and ran.

nothing much to see here today in my view.

Morning Hepseal,

I thought that also, that the price rise was off the back of the interview - I am also not paying for it either.