Member Info for SEA7

yep - they probably will tweet that it is underway to azer.

The lock in period for some holders ends on the 11th June. These are the holders that agreed to not sell for at least 12 months from the date of listing on the exchange.

As to whether they do decide to exit with profits is yet to be discovered. Won't be much of an impact overall, I wouldn't have thought.

Yep, I had the first week, to mid june pencilled in once I knew that the top drive isn't scheduled to arrive until end may.

I bought just over 200k shares at 2.7p on friday.

I see Andrea active in the market again - meaning no news around that is not in the public domain.

you are correct AJW.

the cost recovery pools in norio and sat are around a combined $20m and the same PSA terms apply.

sidetracks at $1.5m can be recovered as and when production occurs - yep.

simont

it is, just need to see the fine print - as block can recover opex and capex from 50% of the revenue and then get 50% of the remaining amount as their profit oil.

If you take a snapshot of a cost recovery pool of $6.7m and a drill cost of $1.5m then we are looking at $8.2m available for block to recover from 50% of revenue first.

So, on 700bopd x $70 is $17,885,000 per year. Half of this is $8.9m and then half again is $4.4m. Block can claim
$13.9m in revenue for the first year, after which they will be looking at the netback figure for the split.

700bopd x $50 netback is $12.775m per annum, with block getting $5.1m as their 40%.

This should mean that initially block bank about £10m GBP until cost recovery is exhausted, then about £4m GBP per annum on 700bopd

Shareholders should not confuse profit oil and revenue as stated in the cpr on page 23.

costs can be recovered from 50% of revenue, after which, what remains is split 50/50, as this represents the profit oil.
Once costs are fully recovered, profit oil is split 60/40.

Take £10M GBP off the current mcap and you are left with £29m - with £4m pa future profit on their 40% at 700bopd,
this puts block on a forward p/e of 7 at the current price. Include the expected £10m for this year and you are on a p/e of 10
at this price.

thanks - good sign. Only took them 11 days to raise the mast.

I would reckon that de-rigging, moving and rigging up again isn't going to be as quick as Andrea would have us believe.

Simon T west rustavi drills - $1.5m each.

west rustavi has a cost recovery pool of $6.7m.

All hydrocarbon revenue can have the first 50% attributed to capex and opex recovery, after which the remaining 50% is split between block and the government at 50% each. Once the cost recovery pool and all capex and opex is recovered, the profit oil split goes to 60% government and 40% block.

Block energy will only receive 40% of profit oil once all the above is recovered. This is detailed in the PSA agreements, as outlined in the CPR.

You will find monthly wellhead costs etc in the CPR for each field also.

directors combined pay is around the £400k per annum region.

The good thing is that with 700bopd coming in, they can wait a bit before drilling w38, clear some outstanding current liabilities, bolster the coffers, buy some more longer lead items, without the pressure of needing to get w38 drilled and producing.

I suspect they are taking their time and reviewing their plans.

bigbench,

sell side supply is larger than buying pressure, hence no movement after 17 buys. The selling you are seeing is just adding to the sell side supply that is already there.

You need the larger sellers to complete before this will rise again. Unless news comes first of course.

This stock is extremely volatile - traders need volatility to make money - it is a traders stock for now

LTH's should buy the dips and ignore the noise, if they aren't going trade the short term movements.

andreas direct holding is now 21,452,911 shares.

correction to my post ....a few km away - not a km away

not sure - perhaps c37 was drilled shallower than the nearby c22 well. Their thinking may be that if they drill down further they will likely hit the same reservoir as c22 that was a km away and hit 700bopd as well.

more likely that zen only dealt with the sales type guys and those at the plant, then shipped it, only for the actual drilling engineers to take one look at it and say "wheres your top drive mate and you will need more capacity in the mud system than this" - I bet they were standing there, hands on hips, tutting and sucking air in through their teeth, whilst saying it.

Can just see them waking around the rig, kicking the tyres of the lada as they walk past.

yes, HH thanks, I am glad that zens team have got onsite experienced drillers to give them the on job training.

csm - I stand corrected, thank you, I thought it was a month - six months is even better - we will be able to see that robotics lot are rigging up, drilling, de-rigging, moving and rigging up again, before they leave.

as for hitting the lows, well higher volume days on lower prices, can sometimes indicate a low being put in and then we get to see the stock start moving upwards as the sell side supply dries up. We have seen higher volume days lately, which I largely attribute to the recent placing, however, once they have finished flipping, then we may start to see some sort of rise into the drill phase.

I say may rise, as zen's track record isn't exactly shining right now.

they also have the experienced drilling team from robotics on site with the new rig, showing zens team how to use it and they will be there for at least a month - that is a good sign for the rig being operated effectively.

Hi HH,

They have completely changed strategy. They aren't working over the old wells at the moment, due to the unreliable data they had, which has thwarted their ever attempt.

They have obtained this rig and are going into a well, just to deepen it, using data that is complete, as it was a more recently drilled well.

As usual it is at zen pace, however, this is a step change, so at least they have recognised the failings of the past and are doing something different now.

They still need to deliver that elusive success to be able to put the past behind them, however, by changing strategy, they have turned the corner.

this moved to 4p on nothing, although you could say it was pumped for forward selling on the placing, however, that to one side, it showed how it can move.

Without the placing we probably would have been slowly moving towards 5p now.

I also increased today