Member Info for SEA7

http://scitechconnect.elsevier.com/wp-content/uploads/2016/04/main-17.pdf

Losing drilling fluid into the formation in the pay zone increases formation damage as pores and fractures in the reservoir rock become plugged with particles present in the drilling mud (barite, bentonite, cuttings, solids used as lost circulation material, etc.). The formation damage created by lost circulation needs to be removed before production can start, which leads to additional costs.

Severe cases of lost circulation may lead to well control problems. In particular, the mud column disappearing into the formation may reduce the fluid pressure in the well, which will enable the influx of formation fluids, in particular gas, into the well. This may eventually lead to a kick or borehole collapse. Lost circulation in tophole sections may lead to shallow water flow events.

Given the scope of its negative consequences, lost circulation has been identified as “one of the drilling industry’s most singular problems” [4]. According to some estimates, the annual cost of lost circulation problems, including the cost of materials and the rig time, is around one billion dollars globally

The primary risk with the contingent resources is seen as reservoir risk (risk of commerciality). As discussed in the geological section, the reservoirs in the Kura basin are complex and marked by the presence of fractures. The Eocene is volcanic and requires intersection of wells with the fractures in the reservoir rock, with excellent per well productivity observed in the Samgori and Ninotsminda fields. The Maikopian/Lower Miocene can broadly be thought of as similar to US
shale reservoirs; with reservoir and source rock intermingled and the presence of sweet spots. The Upper Cretaceous is poorly explored regionally but has been tested in West Rustavi at good flow rates of up to 1.6 MMcf/d and in the nearby Schlumberger XIB licence at rates of up to 7.0 MMcf/d.

also from novum...

Based upon the Company’s guidance, workovers/recompletions should on average each add 10 – 15 bopd gross production and sidetracks/new horizontals approximately 100 - 250 bopd (Norio) and c. 300 bbl/d (West Rustavi). The economic analysis in this report has assumed slightly lower initial production rates from sidetracks/new horizontals at 200 bopd (Norio) and 275 bopd (West Rustavi); although owing to the nature of the fractured volcanized reservoirs, it is possible that
rates in excess of 1,000 bopd (in line with performance from Ninotsminda) will be achieved. Company guidance is seen as realistic and is validated by the CPR.

.......

guess all the holders were aware of all this, from their own research.

https://novumsecurities.com/documents/10/Block_Energy_Initiation_Report.pdf

It is important to note that, given the nature of the fields and their history, that not all well interventions will be successful; with some interventions below average (or establishing nil production) and some above average. The data from the Ninotsminda sidetrack programme in the 1990s demonstrated a one-year average production rate of 380 bopd per well from a 5 well horizontal sidetrack programme (for a total annual average of 1,900 bopd). The N4 well in particular demonstrated excellent results, increasing from 50 bopd to 850 bopd. N100Z sidetrack increased production from nil to 590 bopd. The Company’s approach will be to assess the results of each well following interventions and to reorient its geological and operational approach if results are below expectation.

I note that the major holders are still holding the same number of shares as of last week.

despite the concert party getting upset - they haven't sold anything have they. Their actions speak louder than any of the words they published about block.

https://www.share-talk.com/malcys-blog-diversified-energy-genel-energy-block-energy/#gs.d6amwu

cash showed $2.7m at 30th Sept.
The sales of oil from block x1b and west rustavi this month are shown as $677k and as the amount from west rustavi is higher, then it would be in the region of $900k.

We have about $1.5m going in to the kitty this month, to add to the $2.7m still there - giving us $4.2m in cash this month. Quarterly revenue showed $901k - so we should see about $300k a month.

mcap is £11m - with $4.2m in cash and plans in place for more drilling, workovers and clean up/testing -

easy BB - the early birds bought at sub 1.7p and sold above 1.8p - look at the trade patterns - you will see the quick buck making trades there.

there is a 500k buy trade at 08.05 for 1.6p and you can see a sell at 1.9p for 500k shares at 09.13. That is a £1500 profit for the morning.

At the beginning of October 2021, the Company agreed to sell approximately 9.6 Mbbls of oil from Block XIB and the revenue of $677,000 will be included in the Q4 sales. Also, the Company is currently preparing to sell approximately 12 Mbbls of oil from the West Rustavi field later this month.

two speeding tickets and buys are showing above displayed offer - moving back up

Ma1brw thanks...

plenty of time to produce and it should be noted the reference to 16az back on line in Q3. This is not a wildcatter with just one drill prospect and no revenue.

There is an abundance of O and G in blocks acreage and numerous existing wells to workover, with a vast amount of data from historical activity to upgrade and revisit.

the stock has overshot at the open to take advantage of the wailing and crying that was to be expected on a less than stellar announcement

The fact that they say oil and gas have been recovered at least gives an indication that the reservoir they hit, as indicated on their earlier rns - is delivering oil and gas. It would seem that the measures they put in place to prevent the recurrence of the issue at 16az has caused an unexpected consequence, which they are working through.

changing the drilling order makes sense to utilise existing cash resources and follow the shortest route to monetisation.

They can see from the dataset that the vertical drill at JKT did not intersect the productive fractures - the horizontal well will address this.

other work...Work is ongoing to monetise gas associated with oil production, which involves the upgrading of well KRT-39's surface facilities in Block XIB. This not only brings additional revenue for Block, but also has the environmental benefit of ceasing gas flaring.
......

the update, is overshadowed by the well clean up issue and decline rate, however, they are working to address this.

I grabbed another 100k shares at 1.68p - 5 minutes in to the day.

https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Flivecompanysportsandentertainment%2Fposts%2F4300378300031877&show_text=true&width=500

geo....we only started producing gas in Feb and like the rest of the business, is building up.

block has significant gas deposits on its acreage and as such the price of gas is very relevant to block, as it has a bearing on the in ground value.

Cape Town Cycle Tour
@CTCycleTour
·
Oct 4
109km of spectacular scenery makes up the Cape Town Cycle Tour route.
With 6 days to go until your 2021 ride begins, check out the route map and cut off times here: https://bit.ly/3A6acMu

The wizards, unicorns and knights are packed and ready as BRICKLIVE Fantasy Kingdom makes its way to Stirling, Scotland. Stirling BID will sure be busy this upcoming half -term!
#LVCG #Stirlingbid #wizards #unicorn #daysoutscotland
https://whatsonstirling.co.uk/event/097359-bricklive-fantasy-kingdom/

even so, after 17 months of salaries, they indicated £4m in cash as at 30th June 2021

Over the period 1st July 2021 to 30th Sept 2021, they will have paid about £435k in salaries/wages - leaving £3.5m in the kitty, as of four days ago, before any other operational costs are deducted and revenue added.

Paying of staff.

If we look at the last set of full accounts, we can see that, when converted to GBP, the wage bill, including directors remuneration and less share based payments, was £1,722,133 for the whole year.

With £4,040,000 in the bank as at the recent accounts, we can clearly see that not only have wages/salaries been paid, that we have enough in the kitty to pay staff and the current drilling and associated costs.

23 bricklive events/shows scheduled between April 2021 and November 2021

6 bricklive events/shows/scheduled between april and august 2022 so far.

events spread across ten different countries.

https://www.livecompanygroup.com/pdfs/bl_calendar.pdf

start art hard launch at the saatchi gallery london in nine days
https://startartfair.com/

ha ha

in the last week, there has been two posts made by two different posters, who are not Mb10, Pmmbns or me - that hardly constitutes an active board. If MB10 and I were not posting, then you would be here all by yourself as no one else has posted since last week.

what does make me wonder, is that you totally ignored the post by handspringguy on friday that provided the link to start art - is this a ramp also, in your view.

if mb10 and myself weren't posting what we find, then it would just be you Pmmbns today pmmbns - is that what you want - total silence on a board - it would seem like you are pouncing on anyone that posts a positive comment, like a troll from under a bridge, that jumps out if someone tries to cross.