Member Info for SEA7

no after hours trades showing up as yet - surprising given the volume

he will be keeping his head down I suspect !

When he has something good to say, that puts this little pr debacle in the shade, then we will hear from him.

as there has been no real bounce back, we are likely to see some day traders throwing in the towel as we head to the close.

Hence the sudden drop to 8.4 on the bid

You will also note in your research on canargo that one of the reasons they discontinued their plans was the low oil prices at the time, made it uneconomic to continue.

the well has been cleaning up for 15 days slowly.

Did they kill the well by pouring fluids into it as well as lots of polymer fluids during drilling and completions and just not mentioned it. After all, they didn't say it had stopped producing until the "restart production" rns came out.

we should be asking ourselves, why today. Why has Paul chosen today to release this. He could have waited until it had cleaned up and then announced the flow rates. He could have stated that it was back on production, under testing and rates would be announced once clean up was complete.

I am wondering if something else, that is far more positive is just around the corner and he had no alternative but to release 16az news earlier, so that it doesn't dilute the impact of some other good news.

unless of course he simply misread how the market would take todays news!

Well 16aZ is capable of producing at rates well in excess of 1,000 bbls/d, but for reservoir management purposes, we would expect the well to be choked back to rates in the region of 750 bbls/d.

.........

Should be working back up to that bbl/d over the coming weeks.

no problem jaytee.

thanks rocklawn.

That period when drilling debris and fluids are still coming out of the formation and perforations. During this time, the skin effect is changing and any well-test results may reflect temporary obstruction to flow that will not be present in later tests.

https://www.glossary.oilfield.slb.com/en/Terms/w/well_cleanup.aspx

the drop is proportional as the market was expecting 700bop. Ignore the gas, for now and see 295bopd. This leave 405 bopd gap.

If you use $60 a barrel x 405 barrels x 365 days x 0.8 ($/£) you get a revenue figure of just over £7m. Yesterday the cap was about £41m, today it is £34m - a £7m difference.

That is why it dropped this much and unless the selling increases, it should settle at this level and then look to move up as we see production increase

spud can be any day...

The 12 month term of the Agreements will be triggered on 30 September 2019 or when the Company mobilises the ZJ40 rig to West Rustavi's well 38 - whichever is earlier. The A50 rig is available for Block's immediate use without triggering the start of the 12 month term.

vestor

read..

Block Energy Plc ('the Company' or 'Block') Secures Storage Agreement to Allow Oil Production to Restart at West Rustavi Well 16aZ

1 July 2019

when 38 is drilled and in a success case, it will be tested, cleaned up and straight on permanent production. It should not be subject to the same delays as 16az has been - hence the prep work done, to ensure that future wells do not get shut in awaiting storage and permits.

295 bopd - that is barrels of oil per day and 390k cubic feet of gas per day (6000 cubic feet of gas is one barrel of oil, equivalent)

This means 65 barrels attributed to the gas and 295 bopd for the oil - making 360boepd.

the 25% water cut is the ratio of oil to water produced and measured in the pipeline flow by a water meter - if I am correct.

They are still producing 295 bopd plus the gas during this clean up phase.

two delayed buys of 500k shares and 599k shares gone through - trade times and prices show someone was loading up heavy.

now you know why the restart wasn't communicated on the 11th July when it actually started. It was probably a lot less oil and has slowly built up to this level of 295 bopd plus gas.

i was expecting a 20% drop - wasn't far out!!

https://twitter.com/BlockEnergyplc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

picture of rig - short on any details!

because parkez, in stock market operations, you should be prepared for unexpected news that doesn't conform to your expectations and have bought in at a level, that you are comfortable with. News like this is not a show stopper. It presents a buying opportunity, if you are looking to hold for more than ten minutes.

selling the news at the open like this, is panicking, as the stock is already higher now, than it was five minutes after the open, when the flood gates of selling opened.