Member Info for SEA7

have a good xmas bobby.

yes - others selling out and someone has just scooped up nearly half a million quids worth of shares at 2.9p - says it all really

I see someone bought 15,250,000 shares at 2.90 - showed up after the bell.

https://www.hilldickinson.com/insights/news/hill-dickinson-advises-block-energy-schlumberger-rustaveli-company-limited-acquisition

Commenting for Hill Dickinson,Sam Hudson said:
“It was a pleasure to work with Paul and the rest of the team once again, this time in respect of a major acquisition. We wish Block Energy every success in integrating the SRCL assets with their existing operations, which provides them with an opportunity increase production and to take advantage of the significant increase in prospective resources available.”

rns september 2020

Directorate Change

Following the successful commissioning of the EPF, Mr Roger McMechan has expressed his intention to stand down from the Board on 30 September 2020. The Company is pleased to announce that Roger, as a consultant, will continue to make his extensive expertise on the sub-surface and operations in Georgia available to the Company.

Block continues to give significant focus to its internal corporate governance standards and has initiated a search through a leading energy executive search firm for a senior independent director and an independent non-executive director. Block will update the market further when it has appointed suitable candidates for these roles.

Block has recently consulted with its major shareholders, who have confirmed their continued support of the Company and its directors.

i would say they want more of his type of expertise...

from an rns ....WR-16aZ appraisal well has proved the productivity of the Middle Eocene naturally fractured oil reservoir

from the board appointment rns...In the shorter term, we look forward to Chuck bringing his vast expertise in the exploitation of onshore naturally fractured reservoirs,

yes hep - although no point dwelling on it!!! we have moved on ..pipeline about there, gas sales soon to commence, fundraising almost complete, lessons learned, new faces involved and the company positioned for a better future.

Mal - yes, there are many vested interests that need to see the share price do what they want it to do, to simply validate their decisions or allow them the exit they want at break even. The short term price is a reflection of the sentiment today and not much else. As long as PH and co, deliver this time, then we will see the steady improvements in mcap.

If your investing horizon is longer than ten minutes, then gas sales in jan/feb of 2021 instead of tomorrow, is irrelevant.

once they have completed phase one in my previous post, we move to phase 2..

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

hep - thanks

PH indicated that we should be getting gas sales by the end of the year - whilst I am not pinning anything on it, I am not too fussed if things roll into january..

I am looking further ahead... over the course of 2021

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.
x Continue base production from existing wells in Block XIB, Norio and Satskhenisi.
x Drill one new well under the West Rustavi PSA ("WR-BA").
x Re-enter an existing well under the Block XIB PSA ("JKT-1") and drill a new horizontal sidetrack.
x target an initial production rate of 550 bopd at each of WR-BA and JKT-1.
x 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.

well - all points that way.

the other doc stated construction of approx 3 months and that doc was dated mid september, so we are three months today.

if all has gone to plan and there is no reason to say it hasn't, then we should be getting an rns at some point within the next and last eight or so trading days left this year.

most of the doc is in georgian, however, scroll down far enough...

https://rustavi.gov.ge/file_manager/1/7b22a4eb6a1e08b7bc89bad6bfa03850.pdf

excerpts..

GAS SALE AGREEMENT
Date:29.10.2019
Agreement (hereinafter - the executed between the following This Gas Sale "Agreement") is parties:

BAGO LLC (the company registered under the laws of Georgia. identification number: 400090897) (hereinafter - the "Buyer") represented by its Director Mr. Gela Bagalishvili (the citizen of Georgia, personal number: 01018006453);

Georgia Nen Ventures Inc. (the company registered under the laws of commonwealth of Bahamas. identification number: 1675428) (hereinafter - the "Seller") represented by the authorized representative. Ms. Mariam Chikhradze (citizen of Georgia. personal number: 01005031021) of its branch in Georgia - GNV Georgia (the branch registered under the laws of Georgia, identifi cation number: 4020920 I 6).

1.1,4, "value of Gas" - $185 (one hundred eighty-five US Dollars) per 1.000 m3 of Gas;

1.1.8. ..Payment Date" - 27th day of every following month after the Effective Date

2.1, The terms of this Agreement will govern the sale of natural gas (herein aft er -'the .'Gas.' ) produced in XIF Block and being sold by the Seller

2.3. The Buyer undertakes an obligation to receive nor less than 3.500m3 Gas every day and the Seller undertakes an obligation to supply the Buyer with not less than 3,500m3 Gas without unreasonable delay if the capacity of the Mining
Devices can provide the above amount

2.4. The Seller is obliged daily to supply up to 20.000 m: (hereinafter - the ..Maximum Amount',) of the Gas exclusively, to the Buyer. the Seller is not bound b1. this clause on an), amount exceeding the Maximum Amount and is entitled to alienate the remaining amount of the Gas at its sole discretion to any Third party.

This Agreement enters into force fiom the Effective Date and is valid until 3l December 2022 (hereinafter _ the "Validity Term")

4.1. Unless otherwise apreed by the parties. the Gas musr be supplied through the existing separator and gas meter located within XIF Block and discharged from the gas dehydration unit located near l6a wellbore (hereinafter - the ..Delivery Point").

4.2. The Gas supply is expected to staff not later than I march 2020 or earlier if Seller,s Mining Devices are ready for gas sale.

4.3. The Buyer shall pay,for all the costs related to construction of pipelines. transportation. in connection with transporting of the Gas from the Delivery Point

7.1. The Buyer will pay the monthly purchase price to the Seller no later than the 27th (Twenty Seventh) day,of each following Accounting Month.

someone bought over a million shares today

yep - maladoni - if its on the order book - they see it

yep - I have never used stop losses ..it lets the market see where you are positioned and allows the market makers a larger edge....they need some stock -they can see your stop loss and just dump the price, trigger it, scoop up what they need and push it back up.

Watch the panicky sales go through now

all the hallmarks of ...drop the price before any news, then the very same sellers buy back at a higher price - a time honoured strategy of the market makers.

Posting of circular on website.

AJW - Block in fact has now recreated the much of the original Canargo PSA

Back in October 2019 Block energy appointed...

Mamuka Kharabadze - General Director BOC

Before managing BOC he was General Director of the Norio Operating Company, Block's Georgian partners,. Mamuka has also held logistics management positions for Canargo and the Georgian British Oil Company, and played senior roles in the acquisition of more than 600 km for 2D seismic surveys and the drilling of more than 25 wells.

.........
seems like somone who knew the canargo PSA inside out, is now at block

sounds great maladoni

thanks V111JAS

It was hard work scrolling through all the posts, to make sure I didn't miss any from posters who actually have something credible to add, rather than just foaming at the mouth.

thanks AJ - i have read those reports !!

jindal did a fair bit and we can see that Block will be going over a lot of this data now, with new interpretations - on other boards there is talk of there being a bit more to this raise than meets the eye and that other players may be circling over block energy. Not heard any truths or rumours though!

with the work done so far and things slowly coming together after a few false starts, it wouldn't surprise me to see block getting noticed.