Member Info for SEA7

your call takeyourbets.

but andrea does have history in this area....

recurring theme...From October 1999

Pex's chairman, Count Andrea Cattaneo della Volta - once dubbed the King of Socks by an Italian newspaper - confirmed the three Leicester factories were to close and wages had not been paid.

http://news.bbc.co.uk/1/hi/business/492722.stm

takeyourbets... we all said exactly the same about the likes of AJ and co, when they were deramping on here endlessly about zenith and azerbaijan.

I sold up when they walked away from azer, as it was why I Invested and i couldn't see why the suddenly left especially with that gusher at z21..until I found this article....

https://www.contact.az/ext/news/2020/3/subsc/economics%20news/en/122437.htm

Baku / 17.03.20 / Turan: Employees of the Zenith Aran Oil Company Limited since January this year have not received wages. At the same time, oilmen who produce oil onshore do not apply to government agencies for fear of losing their jobs.

“Zenith Aran Oil workers, who have not been paid wages for the third month now, are contacting me. Neither the company nor SOCAR, the Zenith Energy partner in the block of Muradkhanli, Jafarli and Zardab fields, gives a clear answer on this matter. SOCAR, no matter how the side of this case, only reminds the oil workers of their right to sue to protect labor rights, and no more. We, as a public organization, turned to the Executive Director of Zenith Aran Oil Company Limited Andrea Cattaneo with a warning letter, in which, referring to Article 172.5 of the Labor Code of the Republic of Azerbaijan, it is reminded that on behalf of the oil workers we will seek not only payment of salaries, but also demand payment for each day overdue in the amount of at least 1% of the monthly wage,” Mirvari Gahramanli, chairwoman of the Organization for the Protection of Oilmen’s Rights, told Turan..

Moving - 8.3% up

buys at full offer into close - bodes well for tomorrow onwards.

schlumberger options in the deal....

The Options are exercisable between 12 and 24 months from completion of the transaction, unless there is a change of control or general offer in respect of the Company, in which case they are exercisable immediately.

.......

Guess they must say that "just in case" eh!!!

and

Exploration Block IX has an area of 1,925 km2 and is covered with 454 km of 2D seismic acquired in 2010 and 960 km of vintage 2D seismic. Block IX has 38 legacy wells, with two wells drilled in 2013 having oil and gas shows. There are several oil seeps in the block and numerous prospects and leads with hydrocarbon indicators identified on 2D. The addition of Block IX creates a balanced portfolio of significant exploration upside. Block IX allows the Company the option to evaluate and farm out some high-risk/high-reward drilling, offering scale for potential farm-in partners.

and what he and the rest of us are expecting to complete....

Block XIB covers 615 km2 and is the largest ever-producing asset in Georgia with over 180 million bbls of oil produced. It is located in the Kura Basin and is charged by a well-proven petroleum system. Production to date has been predominantly from the Middle Eocene. Only four wells have been drilled since 2009, three drilled pre-2017 by a former licensee and one, PAT-E1, in 2018/2019 by Schlumberger. Schlumberger's focus was appraisal of the natural gas in the Lower Eocene and Upper Cretaceous.

Block XIB benefits from 3D and 2D seismic coverage. The 3D seismic was recently reprocessed by WesternGeco and will be merged with that acquired by Block over West Rustavi in 2019. The Company's interpretation and understanding of the merged set will use production data and vintage and modern well logging information gained from the 233 wells on the block. The PSC has no remaining capital expenditure obligations and a remaining term of 14 years extendable by five years. The approved cost recovery pool at 31 December 2018 was US$103 million with a further US$30 million of expenditure incurred during 2019 to be added, subject to audit by the state. The PSC has attractive fiscal terms especially in the current cost recovery phase. We are inheriting an appraisal and development plan targeting gas initially-in-place of approximately 600 BCF, following the drilling and testing of a deep appraisal well completed by Schlumberger in 2019.

A state-owned underground gas storage project is located within the boundaries of Block XIB and is in close proximity to the 600 BCF structure recently appraised by Schlumberger. The Baku-Tbilisi-Ceyhan pipeline ("BTC") and South Caucasus Pipeline ("SCP") pass through Block XIB.

looks promising for blue finish

I got a quote of 2.22 to buy and I now see a small trade at 2.22 then the bid drops - hmm

yes - any opportunity to trigger a few stops.

yep - buy of 1.36m shares yesterday - is most likely mr ferugsons buy

alistair ferguson increases from 20,514,243 as at 31st august on website to 21,874,242 which would have been 5.17%, however, with the recent uplift in shares, is now 5.01%

his holding has increased by 1,359,999 shares in the last two weeks.

yes - new website, new shareholders, with larger stakes, bigger trades on the buy side going through... things are looking up.

1.3m share buy gone through -

yes bobby - O and G is an unloved sector as is the travel sector - O and G is likely to move up as demand returns to more normal levels - take china for example... they are getting much closer to being back to normal and opec will curtail production to balance demand and ensure prices move up to a level that means their societies benefit from increased revenue, as well as not too expensive oil

the shelving of explo projects and replacement barrels is going to have an effect sooner or later and inflation will rear its head soon enough with the change to average inflation targets and not fixed 2% from the feds and C Banks.

the professionals buy when the volume and price are low, then wait .

sell prices at 2.305

my buy of 100k shares at 2.394, dwarfed by that 900k share buy moments before at 2.40p

http://saog.gov.ge/show_news.php?id=405

https://www.gogc.ge/en/article/jindal-petroleum-georgia-limited-has-started-oil-extraction-form-a-newly-drilled-well/279

https://www.rigzone.com/news/oil_gas/a/11070/canargo_acquires_stake_in_block_xib_in_georgia/

re the comments in my previous post.

Canargo acquired it from Georgian Oil Samgori Limited ("GOSL"), a company wholly owned by the Joint Stock National Oil Company Georgian Oil ("Georgian Oil") in 2004

and then...

reported in 2013...Jindal Petroleum Limited is an Indian company conducting oil and gas exploration and production works in Georgia on five license blocks - Vll a, lX, X, Xlll a and Xl b through the off-shore subsidiary Jindal Petroleum Georgia Limited since 2009.

may 8th 2017...

On May 8, the Agency and Jindal Petroleum Georgia Limited signed amendments to the production sharing contracts concerning blocks IX, X and XIB providing for the assignment of shares from Jindal Petroleum Georgia Limited to Schlumberger Rustaveli Company Limited (Schlumberger). Schlumberger has committed to a schedule of investments in those blocks and has assumed 100% interest in the production sharing contracts.

what horizon petro, that roger mcmechan is or was involved with back in 2016 said about block x1b...

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

Permit XIB: one of the best PSC’s in Georgia contains 5
producing oil fields and multiple stacked reservoir
opportunities.
• Total area: 601km2
• Samgori-Patardzeuli is Georgia’s largest field, cumulative
production > 170 million bbls since 1974 and continues to
produce 400 API crude
• Current production: 310 bopd from Block Xib. Significant
potential to increase production through workovers,
recompletions and development drilling
• Multiple untapped structures have been identified on 388 km2
3D seismic survey
• Huge upside potential for gas production and sale within
Georgia with gas price of ~$8 per mmbtu. Gas infrastructure
transects the Permit area. Multiple gas tests throughout the
permit with initial well rates as high as 10 mmscf/d
• Attractive PSA terms with large cost recovery pools (~$100M)
• Motivated seller looking to exit oil and gas business entirely
and refocus on core businesses: steel, power and mining
• Asset has under-performed due to inexperienced operator
• Large exploration upside in 3 PSC’s