Member Info for SEA7

During the year ended 30 June 2018, the share based payments charge included £35,514 ($47,000) in respect of 4,400,000 options with a value of £152,501 ($201,000) granted to Paul Haywood on 6 April 2018. All of these options vested on listing on AIM on 11 June 2018 and, therefore, the whole value of £152,501 ($201,000) should have been charged in the year ended 30 June 2018. This resulted in an understatement of the expense by £116,987 ($154,000) in the year ended 30 June 2018. Consequently, the results for the year ended 30 June 2018 have been restated to include the additional share based payments charge of $154,000.

steady progress - should be getting some news on this soon.

I will be looking through them, when they are finally released.!!

Tks Papillon

yep - results matter in the city, however, there are some of us, that look to years two and three in stories such as block energy for the real returns to be achieved. Thats not to say we won't get some good profit opps along the way, from the perspective of the share price volatility, however, a floor under a much higher price will only be delivered by the team, the well and the bit.

we should also remember that production ceased at west rustavi in december 1990. Those wells have been shut in for nearly 30 years. The fact that they have had some issues with 16az is not surprising and has given them valuable data for the next job.

The only mistake here was Pauls over enthusiasm with spouting off about xx bopd and xx pounds of revenue, before we had confirmation of stable flow rates after testing and his silence until now surrounding the issues they have faced.

We are adult investors, we can take news that isn't all positive and nice. It is the hiding it we do not like as it gives a greater uncertainty to the market, that perhaps there is more that PH isn't saying, that we need to know about.

no problem maladoni.

The update clarified the position on 16az and the action being undertaken in light of it, is in line with the extract from novums note.

They are getting the 3d, as it also indicated that the kumisi 1 well that was drilled not far from 16az, only produced water and non commercial gas. There are traps in the fields, which could mean moving a drill site a few metres and hitting big pay dirt. The 3d should give a better understanding of the field.

Plenty going on and better than a wildcatter.....from the cpr.

Since these are fields with established hydrocarbons, there is a 100% Probability of Success in finding hydrocarbons in the Chokrak, Maikop and Sarmatian in Norio, the Upper, Middle, and Lower Eocene and Upper Cretaceous in West Rustavi, and the Maikop and Chokrak in Satskhenisi. The main risk in both of these areas is commercial. The probability of establishing commercial production of all the Contingent Resources is estimated at 75%. The Probability of Success for
the Prospective Resources in the Maikop at Norio is estimated at 60%.

block are following the plan as outlined in the novum note.....

It is important to note that, given the nature of the fields and their history, that not all well
interventions will be successful; with some interventions below average (or establishing nil
production) and some above average. The data from the Ninotsminda sidetrack programme in the
1990s demonstrated a one-year average production rate of 380 bopd per well from a 5 well
horizontal sidetrack programme (for a total annual average of 1,900 bopd). The N4 well in
particular demonstrated excellent results, increasing from 50 bopd to 850 bopd. N100Z sidetrack
increased production from nil to 590 bopd.

The Company’s approach will be to assess the results of each well following interventions and to reorient its geological and operational approach if results are below expectation.

Seeing as well 30, will probably be the one following 38, it did produce quite a bit of gas under test..

page 95 of 158 on skyland petro's listing, fund raising and takeover/name change doc...

https://www.asx.com.au/asxpdf/20160119/pdf/434g8b7352tqpy.pdf

The nearby West Rustavi 30 well produced 26,000M3 a day from a similar eocene play.

.......

also on page 117 of 158 - it talks of the west rustavi well 44 oil discovery, that produces from the eocene reservoirs.

anyone know much about well 44?

6.55p was the mid before the update.

How many will be ****ed off, that they panicked and sold at a loss.

thanks ezhik - I had been looking at the previous owners exploits to see what we could be up against.

tks sarge!

canargo in 2007...

https://sec.report/Document/0001156973-08-000308/

One of the ten wells drilled in the West Rustavi Field by Georgian Oil was deepened to test the deeper Cretaceous and Paleocene horizons. This well, named WR16, was tested and produced at rate of over 1 MMcf (35 MCM) of gas and 3,500 barrels of water per day, thus demonstrating the ability of the Cretaceous to produce at good rates.

.................

Block will have known about the water.

they were definitely optimistic...

a comprehensive field development program will be put in place covering both the Rehabilitation Area and the new Exploration Area, with potential oil production in excess of 100,000 b/d of oil.

https://www.oilandgasonline.com/doc/caspian-pioneer-focusing-on-muradkhanli-shall-0001

from ramco days...

MOC president, says that Socar was not able to exploit Muradkhanli's Middle Eocene reservoir because of completion problems—it is a reservoir prone to produce solids and is an high pressure play. Traditionally what happens is the chemical problems in the hole causes collapse.

"Our mandate is to drill the well quickly and complete it in such a way to prevent or inhibit the solids production and to sustain the production volume as well. Our strategy is to drill the well where previous Socar wells showed high productivity on test but difficulties in producing the well. So it's a risk project, but not in the sense that the oil or source rock or the trap needs to be proven. The risk here is the difficulty in completing the well to sustain the production—an engineering risk."

and

MOC's new well (MOC-01) is only 75 meters from the previous well (Muradkhanli-208), which was drilled in 1980 and produced on DST up to 2,100 b/d, but soon became clogged due to mechanical difficulties. MOC-01 was spudded in January, drilled down to 4,567 meters, and logged, whereupon a significant oil column was identified in the fractured Middle Eocene limestones, sandstones, and volcanics, as was expected, and an unexpected additional play in the Upper Eocene fractured clastics. A number of attractive fractures were also found in the rock, but when it came to running the seven-inch line to complete the well, problems thwarted further completion. There was an attempt to complete the well through the drillpipe, but a tool was dropped and it was abandoned. (See "Ramco Sets Casing on First Azeri Onshore Well".)

MOC then decided to sidetrack this well, which commenced in mid-June, with drilling through mid-July. Considerable flow is anticipated on tests, but sustained commercial levels of production have to be verified. Seismic is scheduled for the field, then a few appraisal wells so that, by the end of 2001, there should be a clear picture of the extent of recoverable reserves. Known already, however, is that it will require considerable fracturing throughout the field, and extensive horizontal drilling. By 2002, if appraisals are successful, a comprehensive field development program will be put in place covering both the Rehabilitation Area and the new Exploration Area, with potential oil production in excess of 100,000 b/d of oil.

yep getting quoted 4.1p to buy.

i was getting 4.125p until it dropped to 4.1p - not checked yet.

someone is hoovering them up. The price has held well.

does any one else think that the fact that they are working through the night at c37 - cementing etc, indicates that they are really confident of excellent flow rates and are going at it, flat out.

well spotted orjones!