Member Info for SEA7

another 500k sold at 2.6p - that makes about 1.9m shares sold in the last couple of days at 2.6p

https://guerillainvesting.co.uk/

his website. He is right about as much as he is wrong. I have seen him nail it before, however, on other occasions, he is wide of the mark.

And the MM's will willingly stoke the fear by dropping the price on any sells, when these sorts of rumours do the rounds.

apparently broker man dan is on twitter talking about a placing.

Mr Daniel Levi (Sinner)
?

@BrokermanDaniel
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I'm hearing 'rumours' that there's a #Placing in #BLOE Block Energy. Looking at their cash position & falling SP it's got legs.... Plus they've been ramped to fook by the usual Total Market Shysters & cowboy P&D crew. Definitely a RED FLAG.

https://twitter.com/BrokermanDaniel/status/1126489861911994369

probably why it is dropping - fear.

the other question is why would you state a nice morning in west rustavi, with a date stamp of today and then use an old photo?

either that is crass stupidity or the rig is still in place and the company will update as to why it hasn't moved yet.

yep, looks like rig still in place at 16a - how long to derig, move, rig up and start drilling?

Thought they would have moved that rig by now.

Tallpaulny.

The PSA with the government is 50/50 split on revenue until all costs recovered. Block can only recover costs from 50% of the revenue received. As the well pays back in a couple of months, then it won't be 50/50 for long. Once costs have been recovered, that is all capex recovery and cost recovery exceeds the cumulative profit oil - including the historic recovery pool, which on WR isn't much then..

The post payout profit oil split is 60/40 which means bloe get 40% of the profit oil

If you work on $50 net backs on 700bopd and take off 60% and convert to GBP, Bloe are left with about £5m pa for their efforts. I am working on the principal of bloe having 100% of WR. The government pays all taxes from its share of profit oil.

The historic recovery pools at norio and satskheni are in the millions, so that will stay at 50/50 split for longer.

i wouldn't be terrified, just join the everyone else in despondency, at the snails pace they like to operate at.

Andrea is on record many years ago, when he was selling socks, stating that they were very slow - not much has changed.

zenith reckon top drive ready to be shipping within 14 days of that rns on the 3rd May - that is the 17th. They then state that they expect it to be on site by the end of may - another two weeks.

So, if and I mean if, they manage to drag it out and have it arrive on site on the 31st May, which is a friday, then they will spend a few days unpacking it, checking it, probably messing about with it and then try to install it.

Allowing for zens track record on timelines, I would think that the drill bit is unlikely to be turning until mid june at the earliest. Still, they might surprise and have the bit turning by end of this month and be ahead of their own schedules for once.

Good change the share price will trudge down towards 2.5p on boredom selling over the next couple of weeks.

when the company listed 6.4% was the percentage of Enlarged Issued Ordinary Share Capital the subject of
Options and Warrants.

That is not free float

correction - the amount shown on the website includes the 3.6m exercised, so there are 5.6m left in issue still

the website says - warrants on issue...5,680,790, which means that gneiss are already removed, as they exercised in april and this list is updated in may. With 3.6m exercised in only leaves about 2m left.

30th June 2018 there were 11,142,626 warrants in issue.

It is worth noting that there are 23m options exercisable at 3p and 4p in play as of the 11th June 2019 - all issued to the directors - they can flip these if they want to. They do not vest until the 11th June due to the listing rules.

yes - it could be the warrant holders in a cashless exercise flipping the shares.

nice work - they don't even have to have the money up front to pay for the warrants - sell at 14p, give 4p of the proceeds to the company for the stock and pocket the other 10p per share, which is £362k - easy money.

delayed sell of 1 million shares at 14.375 from 11.02 this morning has showed up.

if you haven't seen it, there is a large powerpoint presentation covering GOG plans 2018-2022

http://georgiaoilandgas.ge/wp-content/uploads/2018/04/GOG-Exploration-Program-2018-2022.pdf

block is referenced along with its prospects - there is mountains of geological data, although only some relating to blocks areas.

b- robotics engineers recommended that they buy a top drive etc, for the rig that they bought from b -robotics.

quelle surprise!!

proper car salesman tactics. "the price is this and if you want this bit it will cost more, by the way it won't work as well without these extra bits, which cost xx pounds"

2.8m share sale at 2.7p showed up after the bell.

thanks stardelta, no offence taken...

I agree, it annoys me that andrea has been raising money everywhere, yet we do not see any progress on three very large fields and operations in italy. All we hear about is one rig being put together over a very long period of time to deepen one well.

Andrea needs to deliver a successful outcome here as what little credibility this company has is being eroded by the day.

stardelta,

if you have followed this as a lot on here have for well over a year, then this is no surprise at all.

Thankfully, I changed my mind and sold one third of my holding here at a profit (I bought at 2.8p and sold 3.1p) last month, along with the second third at a loss and put the whole lot into block energy at 8p and 10p, which I subsequently sold at my target price of 15p. I have made back all that I was underwater on this.

I still hold one third of my original investment here, which, whilst showing a loss, doesn't owe me anything after recovering the cash in my block energy trade. So, I will wait it out for now.

Block has had a meteoric rise and If I see a decent pull back, then I may dump the last part of this holding and move it into block, as I did with the first two thirds of my holding.

I have had enough of Andrea's excuses and how long it is taking them to just deepen a well.

back to sleep for this - until june..

Delivery of the Top Drive system and additional mud system components is expected by the end of May 2019.

We expect to have the Top Drive system ready for transportation to Azerbaijan within the next 14 days. Drilling operations will commence as soon as this has arrived and has been installed.