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novum securities stated in their initiation note that success at WR and confirmation of schlumberger doing well next door, will ensure a significant re-rating of the stock.

one out of two so far....

good interview - choke size is severely restricting the well, due to storage constraints and the fact that there are more wells lined up to be drilled soon.

Once they get the next couple of wells on line, they are going to look at production profiles of the wells, to decide how hard or soft to pump overall - sidetrack at Norio as well, towards end of year .

Looking at international oil traders in azerbaijan and turkey.

terrier...

as soon as news of w38 being spudded or any hint of work beginning, the short term speculative appeal returns, along with volatility.

All those that ran trades through this before, will not have gone far.

ezhik - yep - noticed that!!!

ten minutes into the day and not one single trade shown. Cannot remember the last time I saw that on Block.

badger - the comment from the rns, of "showing strong interest in blocks future development"

is in line with this comment from the cpr...

The Company may in future consider farm-in agreements with third parties at project level, as a means of funding its capital and operational expenditure.

thanks degsy.

it is worth noting that the international purchasers will be at a different price to the brent minus $9 that locals are getting, so we see a decent uplift possible here.

from the cpr..

In addition, in the event that the Group’s proposed drilling programme produces a much higher production volume than the Directors have forecast, production may exceed the amount that existing traders can absorb. In such circumstances, the Company may need to negotiate access to the export facility pipeline to transport to market these higher levels of production.

.........

bet those discussions have already begun.

they are making progress on topside infrastructure to take production from 700bopd back to 1100 bopd. We are also drill ready on 38 and expecting updates on norio and Satskhenisi

schlumberger should be announcing soon, exxon are in the neighbourhood as well - the story here is just getting started.

wouldn't take much notice of 8.5p on the bid - I can sell at 9.15p at the moment.

over this 4 day market shutdown, block should have pumped out 3040 bopd from all its operational wells. That is about $188k at brent minus $10.

so, whilst we wait for the markets to re-open, the company will be looking at about £150k GBP in the kitty before tuesday.

Markets might be closed, but the company isn't and I bet they are working on that strategic update.

Gas Market: A low-pressure 16-inch diameter gas pipeline runs through the West Rustavi Block,
which supplies the City of Rustavi and industrial customers. There are at least two major industrial
gas consumers in Rustavi, a fertilizer and a steel plant.

it took around 3m shares bought at 10p to shift the offer up - trade printed at 10.5p

could be clear of that seller now

15p shareprice is 3 x netbacks on 1100bopd - shouldn't have any problems getting there on the basis of that alone.

over 2.6m printed at 10p since 10am - definitely wading through a seller.

Hi Ezhik

I do not use software - I use my own interpretation as well. More fun doing the work in my view.

"the other one" as you say is dragging its heels, however, they will get there.

hi Gary

yep the market makers themselves do not really care about the underlying instrument they are making the market in, they only care about the point at which maximum to way trading takes place - that is the sweet spot, where they make the most money off the spread. They will move the prices around to try and be in that place at all times.

confirmation of topside arrangements will support the stock at its current level will move it up a bit with the expectation of 1100bopd being produced soon.

The speculative appeal is W38 spud rns - which should have share price froth written all over it, based on what has happened at 16a. Some will be taking early positions now, others will wait for the spud rns or confirmation of date of spud

1.5m shares traded - i meant, not 1.5m trades - would like an edit button!

Hi Ezhik - I added to my position again at 10p today.

The offer went to 10p at 10 o'clock and since then there have been over 1.5m trades at 10p, with a small few at 9.92p

as said before, someone has slung in a large sell at 10p and it is being mopped up - in my view.