Member Info for SEA7

one point to note, which is not unexpected seeing as they are taking on more acreage and will need to fund development.....

note 2 interims...

The Group's forecasts, taking into account the applicable risks and the stress test scenarios, show that it may have a shortage of cash to fund its development plans within 12 months from the date of approval of the 2020 half year financial statements.

The directors note that COVID-19 has had a significant negative impact on the global economy and oil prices have fallen significantly, which may mean it is harder to secure additional funding than it has historically been. The global pandemic may also bring practical challenges to the timetables for the construction of the gas pipeline and the consequent sale of oil and gas from its West Rustavi licence. The directors are confident that current capital projects are funded based on current timelines and have a reasonable expectation that they could secure additional funding, if needed, to fund additional capital projects. However, these conditions are necessarily considered to represent a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern. Whilst acknowledging this material uncertainty, the directors remain confident of making further cost savings when required and therefore the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the Group were unable to continue as a going concern.

Block expects to release its interim results for the 6 months ended 30 June 2020 by 30 September 2020.

.........

thought we might have got those this morning - I guess the meeting to sign off and release is today then?

block is holding up well in the market so far.

I note that on a different site, I saw a list of stocks hitting a 52 week low. A few weeks back that list had 5 stocks on it. Today it has 47 stocks on it.

www.proactiveinvestors.co.uk/companies/news/929873/block-energy-plc-counts-down-to-first-gas-sales-from-west-rustavi-929873.html

Block Energy counts down to first gas sales from West Rustavi

researchtree

from a poster on another site....i do not have access, so a straight copy from that poster.

hTTps://*********************/companies/uk/block-energy-plc/research/sp-angel/oil-gas-daily-flow/32ae463b-05e0-436c-9a49-269cd3748b56

"Our take: Another strong update from Block today highlighting its admirable operational progress against unprecedented global events restricting human capital and weighing on commodity pricing. The Company will now embark on a step change in cash flows resulting from the WR-16aZ well, with considerable untapped development upside potential. In addition, the acquisition of SRCL will further consolidate Block’s position onshore Georgia, adding another large mature discovered hydrocarbon province to the Company’s enviable portfolio in our view."

they said they will release the accounts by the 30th September - that is four trading days.

update out

rustavelli was considered part of the SPM unit in schlum - when the new CEO took over a year ago, he had plans to dispense with most of this...

https://pubs.spe.org/en/jpt/jpt-article-detail/?art=5930

Schlumberger plans to leave unprofitable businesses and will try to sell stakes in ventures under the Schlumberger Production Management (SPM) group, which was criticized by some as competing with customers. SPM staff will form a new asset performance solutions group, Le Peuch said.

yep...have a good weekend as well.

thanks bobby for such an offer and I am sure you are being genuine as well, however, I must decline, when the market is offering a slightly cheaper price at the moment.

someone is clearly soaking up those sells - paying a premium and taken 700,000 shares so far

those last three sells have been mopped up - I have tried a buy order and only quoted 3p for anything - no discount to the offer

https://agenda.ge/en/news/2016/1148

In 2015, SCP’s daily average throughput was 18.6 million m3 of gas per day, said BP.

The BTC and SCP pipelines pass through Block X1b that we are acquiring from schlum

BP press release from august 2018

The Baku-Tbilisi-Ceyhan (BTC), Western Route Export Pipeline (WREP), South Caucasus Pipeline (SCP) and the South Caucasus Pipeline Expansion (SCPX) pipelines that pass through Georgia will remain key to future oil and gas development in the region, underpinning development in Azerbaijan as well as across the Caspian, providing the export of production to international markets.

https://www.bp.com/content/dam/bp/country-sites/en_ge/georgia/home/pressreleases/sgc.pdf

i can sell at 2.65p - but only get 2.9p for a buy.

looks promising for news soon.

takeyourbets - it is the individual you should be looking at ...the industrial sector is irrelevant. The words AC says in the article in 1999 have been virtually repeated in rns's about azer..poor performance, faulty equipment..same old excuses..wages not paid and you are continuing to buy stock on the basis that he will have changed...

in my view...he wont be changing his methods any time soon..still he has been taking large consultancy fees without mentioning it, even though it is in the accounts, whilst loudly talking about his salary sacrifice and getting paid in shares - his consultancy fees aren't paid in shares by the way .hard cash only.

the company has no money for any of these plans or his scattergun approach to acquisitions...good luck with your investment.

investverysmart - i would have agreed with you had it not been a recurring theme

12.5% up and moving - orders to fill - leaky ship -?