Member Info for SEA7

live prices are 9 and 9.3p - moved up from the low of 8.5 and 8.8p

https://www.proactiveinvestors.co.uk/companies/news/224554/block-energy-brings-impressive-16az-well-into-production-at-west-rustavi-224554.html

The well has now come online at an initial rate of 360 barrels oil equivalent per day – comprising 295 barrels of oil and 390,000 cubic feet of gas – it remains in the ‘clean up’ phase to recover lost drilling fluid and the rate will be gradually increased over time to establish a sustainable flow rate.

At the same time, Block is now preparing for horizontal drilling in the 38z well, which is seen as analogous to 16aZ. It will be one of four side track wells planned in Block’s 2019/2020 drill programme.

"We are pleased to resume production at well 16aZ and look forward to establishing with due caution a stable production rate for our best performing well to date. The Well produced exceptional test rates earlier this year and offers excellent netbacks of $35/bbl at $65/bbl Brent," said Paul Haywood, Block chief executive.

“With the resumption of production at well 16aZ our fully-funded back-to-back multi-well drilling programme continues to gather momentum.”

Haywood added: “We now keenly anticipate ramping up production with the sidetracking this summer of well 16aZ's neighbouring well, 38Z.

“Three of West Rustavi's other wells will also be sidetracked in the Middle Eocene structure, and two of them tested for their historic gas discoveries in the Lower Eocene.”

The Block boss also highlighted that an upcoming 3D seismic programme aims to identify optimal locations for wholly new horizontal wells across the West Rustavi field.

yep tweet gets it going

This comes out on a friday and tanks the price - PH wouldn't have wanted this in the ops update and forward strategy rns, as it would attract all the attention and dilute the impact it will have.

I would not be surprised to see the ops update this monday morning and if the stock price hasn't recovered ground by then, it most probably will do when that is released.

parkez,

PH raised £12m to further the development of the assets, not simply because one well produced at xx bopd.

It won't have helped having it shut in for a while, in my view, however, it is producing at a steady rate, whilst cleaning up and when they see just oil, they will start to open it up and see what it can do and how it performs. This well should be on production for years - this is just the third week since it was put back on production.

just doubled my position at 8.8p

preparations are well advanced for the horizontal side tracking this summer of well 38Z, analogous, adjacent and updip to well 16aZ, and targeting the same Middle Eocene formation. Well 38Z is one of four wells the Company plans to sidetrack across the Field.

park

390 Mcf/d as well as 290bopd during clean up.

if they really wanted to, Andrea could have the spud rns prepared and on his desk to be released the moment the bit starts turning.

intra day is always a possibility.

remember 1st july rns...We can now allow well 16aZ to flow to its full potential, opening the prospect of excellent netbacks of US$36/bbl at US$65/bbl Brent and US$3.40/MCF for gas.

the key words here are "full potential" - this doesn't mean slamming the thing wide open and pumping like mad. It means finding the flow rate that suits the will profile better and will deliver a constant production level over the optimum timeframe.

nearby ninotsminda wells have initial flow rates at 1000bopd and were choked back to 500bopd on the advice of experts, to ensure the optimum performance is achieved.

I expect nothing less here.

Back on production is back in profit again. That removes one worry. This well, once cleaned up is on constant production, as indicated in the earlier rns .

yes, there will be panicky sellers at the open and possibly a thumping drop, however, I will be buying this morning, after opening a new partial position yesterday .

if they do not give any indication of spudding tomorrow, then you will be able to get them a bit cheaper than today - probably.

unless of course we get a cursory tweet instead!

Zen said "scheduled to start on the 26th" - note the word "scheduled"!!

When I see an rns at 0700 or thereabouts tomorrow, or intra day, then and only then will I believe that zen has hit a timeline spot on.

I see they went back to hill dickinson to advise on the fund raise, after they assisted in the IPO.

https://www.hilldickinson.com/insights/news/hill-dickinson-advises-aim-listed-block-energy-plc-%C2%A312m-placing

and the underlying offer price has increased by 1.11% from 10.76 to 10.88p.

not worried about miton - irrelevant.

E.g. They bought into YU group sometime ago, the share price went up, the stock became one of the largest parts of their microcap fund, they held it, then YU group admitted it had under reported bad debts - the stock collapsed and contributed
to mitons 20% decline this year.

Miton overall, have suffered a £466m decline in the value of its funds overall. Net inflows dropped from over £300m to £92 m in three quarters.

They are shoring up and ditching stocks, even though they are still going to pay a divi - bit of face saving if u ask me.

late sell from 1429.

just over 300k shares at 10.57p

yes, I saw that trade arrive!

yep around the same price ezhik!

buying when it is slightly out of favour

yep ATB also.