Member Info for SEA7

When Block listed on AIM, its corporate advisor was Gneiss Energy, headed up by none other than John Fitzpatrick.

what is Gneiss speciality.....asset acquisition and divesture/M and A and accessing capital/debt.

Georgia:*Acquisition*Opportunity*

Roger Mcmehan was on the board of Horizon - obviously Horizon didn't get it from Jindal - schlum did.

Permit XIB: one of the best PSC’s in Georgia contains 5 producing oil fields and multiple stacked reservoir opportunities.

Multiple untapped structures have been identified on 388 km2 3D seismic survey

Gas infrastructure transects the Permit area. Multiple gas tests throughout the permit with initial well rates as high as
10 mmscf/d

Asset has under-performed due to inexperienced operator

http://horizon-petroleum.com/files/Horizon_presentation_April2016.pdf

they are talking about block x1b - that we now hold re schlum

Block's three licences lie in the heart of the Schlumberger's 100% held position in the Kura basin, which at its peak produced ~70,000 barrels of oil per day ('bopd') in Georgia and is estimated to hold over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus (Russia).

The estimated cost of gas development and production at West Rustavi is c.US$2.00/Mcf which equates to operating netbacks of c.US$2.6/Mcf (assuming a 75% working interest) - Georgia currently purchases its gas for c.US$5.5 /Mcf (c.US$600m project value to the Company).

19th November 2018...

posted on another board by another poster....

“At current oil prices this [inventory] is worth in excess of US$1.1mln, which given the company’s ultra-low cost of operations is significant (this sum would, for example, fund 50% of a new development well),” said Mirabaud analyst James Midgley”

nice to see healthy pullbacks - means the market is functioning correctly. traders will be out by 4.30pm and stock should position for possible monday rns.

Market still hasn't woken up to the fact that schlum will be working with block to handover this asset - not just walking away and they will retain an interest via their holding in Block - schlum are going to be block energy's largest shareholder.

Lisungwe plc from 2005 to 2010
Rare earths and metals from 2010 to 2013
Goldcrest resources from 2013 to 2017

Goldcrest resources

yep - great start - up 15.8% ...straight out of the traps.

This is the bit of news we have been waiting for - and the 29k barrels of oil to sell is a nice "cherry on top"

Listed at 4p on Aim

4p became resistance up until march 2019 when the stock smashed through it. 4p became support and this was validated when it touched it back in October 2019 and bounced off. Support was broken in March 2020 and then 4p was confirmed as resistance again.

we have gone through 4p again and are now looking for confirmation of 4p being support again, as it is retreated to touch the 4p level this morning.

Staying above 4p (except very short term volatility) is key to show that market confidence has definitely been regained by Block.

malcys view....

I am beginning to feel a good deal more optimistic about Block, after its rather mixed year, the share price continues to recover and the word on the street is that powerful influences have been at work behind the scenes. Although the shares have quadrupled since the April low the market cap is still only £15m which could be seen as pretty low if the operations in Georgia kick in as planned.

AJ definitely

- now that block have completed their part of the pipeline, they have indicated in the RNS "focus on supporting Bago to ensure the safe and efficient installation of the sales pipeline"

that means to me, that rather than just wait for BAGO to do it, Block are actively doing it with them, to accelerate the completion date.

schlum isn't going to be far off as I see it and that gives another 245bopd straight away.

block learnt from that period rock.

news is solid and not over hyped now. They have undertaken a step change in the way they do things and have worked hard to restore credibility.

this rise today is on the back of solid news and provides a better footing going forward.

yep - they are trying to encourage the weaker holders into selling....make em worry about their gains evaporating and trigger a few trailing stop losses.

chunky buy at 4.39p gone through

rerating on solid news.

the market is realising that this is the real deal now and rerating it accordingly.

thanks elias