Member Info for SEA7

so the drilling engineers, who are from the company that built and supplied the BD260 are recommending purchases of further bits of kit for the BD260, from them. Really - you don't say.

Proper old sales trick. Sell a bit of kit, but the accessories and other parts are extra.

I didn't want to say it yesterday, however, nearly every rise in zens price is followed by an equity raise. Seems like business as usual.

what is the matter with them - drill the well.

maybe they did things like that years ago, before the advent of phones and apps, however, it is a bit obvious, if a particular market maker shoved single share trade out to communicate a message.

I have had numerousl trades over the years partially filled at a price, with a residual amount remaining. My trades are not fill or kill, they can be partial fills as well. This does mean that sometimes a very small sized trade will go through at a slightly higher price than the main part of my trade.

I will put in an order that is larger than the available stock at a specific price. I clear the book of that stock and then the rest of my trade will be closed against the next best price, so on and so forth. One share trades can simply be the fact that, one share of a much larger order hadn't been filled at a lower price and was filled higher.

Attacking the bid or offer is usually done in small size lots to create volume and demand one way or another, although this has to be large enough to make an impact.

52 week high is 7.25p - not to much required to hit that.

looks like zenith is moving into play.

forgot the link....

http://www.blockenergy.co.uk/wp-content/uploads/2017/05/Result-of-GM-and-name-change-FINAL.pdf

Pelamis investments...

David Steinepreis owns 39 per cent. Of Pelamis Investments Ltd
** Roger, Gary and Derek Steinepreis, all brothers of David Steinepreis, own together 17,000,000 ordinary
shares following the Placing
*** David Steinepreis owns a further 3,000,000 ordinary shares following the Placing
**** Together, Pelamis Investments Ltd and the Steinepreis brothers own 28.59 per cent. of the issued share
capital following the Placing.

..........

There is nothing wrong with the assets - they held a significant amount of block after this placing and prior to its listing.

also..

The conversion of the unsecured convertible loan note into 20,000,000 ordinary shares to Pelamis
Investments Ltd, will also now take place

...
These guys are booking gains on their investment and will no doubt still retain exposure. There reasons for selling have nothing to do with the assets themselves, however, simply about reducing the overall exposure and booking some gains after years of being invested in this entity, when it was goldcrest resources.

As we know, it was constrained at 1100bopd due to test equipment and they have settled at 700bopd due to topside storage capacity, for now...

16a could be a much larger producer....

hTTps://www.proactiveinvestors.co.uk/LON:BLOE/Block-Energy-Plc/rns/LSE20190328070010_14018643

indeed, West Rustavi is an analogue to the nearby Ninotsminda field where GOG's founders oversaw horizontal sidetracks that increased oil production from 50 bopd to more than 1,900 bopd in the early-2000s.

From the mid 2000's canargo...

hTTps://www.businesswire.com/news/home/20050725005972/en/CanArgo-Energy-Corporation-25-Million-Convertible-Financing

This part of the Ninotsminda reservoir has been shown to be very productive in the past, with the original N100 horizontal well testing at rates in excess of 2,200 bopd.

yes - been over at the other stock - definitely a different pace over there, in comparison.

after the close trade of 4 shares - someone splashed out 47.2p on stock.

thanks ezhik - have a good weekend also.

office manager - thanks!

usual - routines...

those getting in ahead of a possible monday rns - those selling out on a friday for beer money at the weekend, others book balancing and some larger, institutional holders will sell a portion of stock, for reasons such as fund holding balancing, volatility management in the fund, offsetting some profits against losses elsewhere or simply trimming the position because it is exceeding the percentage they wish for exposure to this type of stock.

who knows, however, the fundamental drivers are in place - looking for those updates.

remember schlumbergers business model - in 2011 they created the schlumberger production management unit. Its purpose was to acquire stakes in the businesses it supplied and supported.. this is still in place today..

from the website..

https://www.slb.com/services/additional/spm.aspx

SPM helps you to develop or redevelop your fields, increasing production, improving cash flow, and extending recovery. Whatever the project entails—from full field management to the development of unconventional assets—SPM has the systems and the expertise to provide fit-for-purpose solutions.

If you are interested in a partner to help you meet the development needs of your oil and gas fields, please contact the Schlumberger Production Management group.

...

They are in our backyard!

six months ago, schlumberger were advertising for an accountant for their georgia ops - this is what they said..

https://www.linkedin.com/jobs/view/accountant-at-schlumberger-rustaveli-company-limited-branch-georgia-932474956

Our current project is related to oil and gas exploration and development and involved substantial construction and drilling activity with an annual budget in excess of USD 20 mln with a potential to grow. This position provides an opportunity for continuous development from being exposed to various domains of accounting while the project and local organization matures and evolves into mid-size oil and gas upstream business. Being a world leader in its business, Schlumberger also provides opportunities to high performers for an international career.

They are planning a very large scale operation next door to us and I would not be surprised to see them being interested in farming in or even taking over blocks rustavi operations and assets.

yep - we have waded through all the seller from much lower and are starting to see the share price breaking free of the shackles of sellers.

The market is realising that going from 60bopd and a 4p share price, to a restricted 700bopd, with capacity for nearly double than in one well, means that there is good support in the price at the current level. With an expectation of a spud coming up and further updates, we are looking at further appreciation in the share price to recognise the accomplishments and forward expectations, based on the successes to date.

thanks NH.

yep - you will be accused of ramping it!!

W38 is in the same place - they know the oil is there

from novum...

The CPR assigns a 75% chance of success to the contingent resources in West Rustavi. Given this,
the risked, economic value net to Block of the West Rustavi C1 contingent gas resources in the
Lower Eocene and Upper Cretaceous is USD 89.25 MM.

CPR assesses the gross unrisked contingent oil resources in Norio at 3.1 MMbbl (C1) and 7.2
MMbbl (C2). Chance of success is 75%.

The Norio Phase 1 & Phase 2 (excluding corporate costs) generates an NPV of approximately
USD 14.90/bbl (in line with the CPR figures). Applying this figure to the C1 and C2 gross unrisked
contingent resource figures seen in the CPR generates an estimated economic value of c. NPV 10
USD 31.2 MM (net C1) and NPV 10 USD 72.0 MM (net C2).

They didn't put anything in for Satskhenisi

Those numbers, plus the oil we are pumping in rustavi already - make this a very under rated stock.

if they can get the next two wells online at 700bopd each, with payback over two months for each one, then we will be at 2100bopd. With netbacks at more than $45 a barrel with oil where it is, we could argue that this company will generate netback revenue of at least £29m GBP per year on 2100bopd and is achievable this year.

novum were forecasting the current bopd in 2021 - so we are way ahead of their estimates already.