Member Info for SEA7

uncrossing trade at 3.6p for 1 million shares - good for the morning.

yep - strong into the close..bodes well for tomorrow

personally i think they will focus on just ensuring that the oil and gas continues to flow at a stable rate from those wells. Next i would expect to hear about WRBA and schlums old acreage.

workplan for this year

Restart the two existing wells at West Rustavi, WR-38Z and WR-16aZ, to resume oil production and commence gas sales from the newly commissioned early production facility.

· Continue base production from existing wells in Block XIB, Norio and Satskhenisi.

· Drill one new well under the West Rustavi PSA ("WR-BA").

· Re-enter an existing well under the Block XIB PSA ("JKT-1") and drill a new horizontal sidetrack.

· target an initial production rate of 550 bopd at each of WR-BA and JKT-1.

· Workover of existing well WR-16aZ at West Rustavi, including the installation of an electrical submersible pump, to target increased production of oil and gas.



The two wells proposed to be drilled in the First Phase are intended to further increase production and cashflow from West Rustavi and Block XIB in order to target in excess of US$40 million net present value of future cash flows.



Following completion of the First Phase, the Group intends to undertake the following works as the second phase of the development strategy ("Second Phase"):

· Drill a further four wells commencing at the end of 2021 and during the course of 2022.

· One of these four wells will be under the West Rustavi PSA ("WR-BB") and the other three will be under the Block XIB PSA - "RUS-BA" in the Rustavi oil field and "PAT-BA" and "PAT-BB" in the Patardzeuli oil field.

using the $920k a month and working on 3 x earnings and the £5m cash raised, we get about £20m - that is our mcap today.

this should really be in the 5's at least.

yes AJ - good posts, kept the faith!

from the website... west rustavi......$36/bbl netback at $65/bbl Brent – $16.6 NPV10 per barrel (brent is $63 today)

that is about £4.5m netback on 423bopd a year from these two wells in rustavi alone.

38 MMbbls of gross unrisked 2C contingent oil resources in Middle, Upper and Lower Eocene (condensate)

608 BCF gross unrisked 2C contingent gas resource target in the Eocene/Cretaceous – vertical wells tested at 1-1.5 MMscf/d

then we think about norio/sats/schlum fields - so much more to play for.

this must really be making a difference to the locally produced gas in georgia -

https://factcheck.ge/en/story/38126-of-georgia-s-2-5-billion-cubic-metres-of-natural-gas-consumption-95-is-from-azerbaijan

e.g 2018 saw a total of 2,286 million cubic metres supplied

azerbaijan - 2,223 million cubic metres - 97.2%
russia - 39 million cubic metres - 1.7%
armenia - 15 million cubic meters - 0.7%
local - 9 million cubic metres - 0.4% ...this does drop to just over 7 million cubic metres in 2020.

yep - moving up

already seeing buys of 500k shares go through, as the wider market begins to find out about todays news

this is a fundamental shift in the future prospects of the company - the pivot point if you will and the trigger for the rerate

this was to be expected

heavy selling into the rise, as there are plenty of placing shares getting there 10% here, plus others, as well as those day traders that bought in first thing, that expected a instant 25% or more.

once we have worked through the churn, the stock will climb steadily - 4p is not exactly an uphill task, based on todays news.

no debt
cash in bank
oil and gas flowing
sales taking place
expansion plans underway

the company is finally doing good - so will the stock sooner or later.

8th feb update...

The Wells have been brought back online safely, with oil and gas flowing through Block's new in-field flowline to its Early Production Facility ("EPF"), which is located in the West Rustavi field at the WR-16aZ wellsite. In the EPF, gas is separated from the crude oil before entering the gas sales pipeline, which is owned by Bago LLC ("Bago"). Bago has carried out the final testing of its facilities using gas provided by Block and is now completing the final steps required to tie back into the main gas pipeline, which is owned by the Georgia Oil and Gas Corporation. Gas sales will commence within a day of the tie back being completed and Block will provide an update to the market once sales have begun.
........

pretty clear that gas was being pumped

sentencing delayed - nothing further heard

Thanks Ezhik

i do still hold a lot of shares here and have no intention of selling any time soon!

fantastic RNS this morning!

uncrossing at 132.45 - bodes well for the open

all of the above!

140 is a key price - from a chart perspective.

after the mid december trading update, the stock sold off down to 140 from 172, where it bounced and began its climb back to 172. Then we got that update on the SFO and it collapsed down to £1.02 or thereabouts.

as the update gave an insight into the underlying business to end november, we can see that the market was comfortable with it in the 140 to 170 range.

..........

since then, we have seen oil take off, other commodities move up, vaccine programs underway, lockdowns looking at ending and risk on in the markets.

got much further to run

1.29 gone

yep - SS17

there is a gap to fill to 170 at least to cover off the drop after the SFO news - then after that, we should see the contracts news being factored into the price.

the SFO public accounts for 2018/19 state the investigation into PFC had so far, resulted in lufkin pleading guilty - those accounts were published in July 2019.

The accounts for 2019/20, as published in July 2020 - do not make any mention of PFC at all.

in otherwords - they haven't done anything else since lufkin