Member Info for Shedulike

If Bitsa is around I'd be interested to know if there is any activity at KRT-45? I haven't been able to locate it despite being close to 39, perhaps as they never produced from it the pad has just weathered back or been restored to farmland? Anyway if it is the next ST well shouldn't civil works be visible? Possible new wells from existing pads so could be harder to spot. Anyone with live satellite images?

As I'm desperate to defer a hedge cutting task another thought about attracting new investors. Once we get comfortably solvent I would like to see some progress on the geothermal asap. No need for eye rolls at my tree hugging tendencies but just like the big boys we need to need to show we're serious about the energy transition. O&G is going to be around for a long time yet but the ESG profile of the company is important if, as we grow we hope to court the fund managers. Georgia is also a signatory to the Paris agreement so has its own commitments which we need to align with to be consistent with our in-country relationship. Should also be lot's of free money kicking about for it also on a cynical note!

Interesting BR, I wonder if further farm-in partners might want to see the completed seismic at Dido Lilo & South Samgori from GOGL. Would be good to know where they are with that though their 'News' page doesn't inspire much confidence with the last entry being Nov 22, hopefully all going on under the radar....

I have to admit I would also be surprised if we get two more PI wells in before the years end, BLOE have a terrible record with timescales. This time last year we still thought PIII was starting before the year end. Or look at the PI CPR dated March 22 "Block Energy plans to drill a further five wells during 2H 2022 to 1H 2023". Hopefully WR-34 is indeed a result and they have the confidence to press on hard, my hope is that we get results soon with news that "Civil works are underway at.......", maybe I'm losing it :) I have a funny feeling we may not drill KRT-45, just a hunch but it lies outside of the area of "greater fracturing", had water at 1600m and didn't go on production. Maybe they'll go for a new well with the multi-lateral technology that Chesh mentioned yesterday, weren't these planned from existing pads, so a bit of streamlining there? So while I agree that we need to crack on we do need to caution that what BLOE is implementing is pretty much the antithesis of wildcatting, as we all know we're dealing with part depleted fields and can only have success by utilising the best technology accurately. Oh last thing while I'm on one someone mentioned farm-ins on P IV, as I understand we already have a 50% deal with GOGC in which they have $US3m spending commitments on seismic so that takes care of itself for now I believe. As ever just the musings of an O&G layman so open to differing views, constructive preferably (lest I awake the Harpy!).

WR-B01Za was on extended testing for 12 days but that was after we had preliminary results. Sounds like this well went like clockwork so perhaps they're going straight into the full test. My guess with WR-B01Za was always that they were duty bound to announce the complications and changes to the well design but wanted to put the positive production indications to offset the worrying news. The net result was still negative in the market if I remember correctly with the extended test later rewarding those who didn't panic. Events unfolded differently at JKT-01Z with different timescales so my layman's conclusion would be that every well is different - bleeding obvious etc... etc :)

Yes Astec I was about to say the comment "The well will now be tested before being brought into production", says all we need to know for now.

I agree Hepseal though I also see a fair to good result as a gateway to the much anticipated multiple front strategy, that's why I'm a tad nervous about a negative result leaving us in limbo and no doubt at the mercy of the Directors hatching another self serving loan arrangement. To be honest I'm not expecting that as logic would point to the likelihood of a commercial well based on the evidence of our past performance in this formation. Something tells me it would take something remarkable for us to break the shackles of the current range but the market generally looks forward and if this well does provide the foundations to launch PII in tandem and importantly they communicate the potential effectively then some sustained growth in the mcap looks probable in the success case with WR-34Z. We also shouldn't forget that the companies valuation won't only be moved by production as reserves will also increase if WR-34Z hits the spot, as an earlier RNS pointes out the next well will also be more ambitious in this respect, not sure when we can expect this to be independently evaluated though.

Guess we have to hope it's a tight ship at WR-34Z as there is nothing in the market to suggest a positive leak. On the flip side it doesn't appear that bad news has leaked either. Feels a bit like a stalemate where bad news could mean further deferral of the multi front strategy and a decent result while shoring up the strategy of incrementally growing income would still see transformational results some way off? Discuss :)

Delboy for me it depends whether you use WR-B0IZ or JKT-01Z as a guide for timescales. JKT-01Z was about 5 weeks from spud to initial results, WR-B0IZ quite a bit longer. As an optimist it feels like the current well has gone smoothly so I'm leaning towards the JKT-01Z case. They might announce TD and clean up ops before we hear about initial production though.

Hi Mailgirl hopefully the news will continue to flow, last environmental report for the MLA is due by the end of the month so I assume they'll announce when the MLA is actually lodged with the Junta.

Hi Buzzcoin - those results do indeed make great reading and will substantially contribute to our new JORC. We actually reported them on the 4th though. I had assumed that Denarius were waiting for the assays from the final hole 051 before announcing but they haven't been returned yet so that will likely be the next RNS here if they decide to report the findings from one hole.

Sorry Rock I did write something saying that the only 100% certainty is that we are indeed inevitably getting closer to news unless the clocks stop and the world stops turning but then I thought it might look sarcastic and I thought better of it. Now look what you've made me do :)

Good to see some new interest in Bloe. I've never hidden my frustration at the seemingly perpetual deferring of the 'multiple front' strategy but if this drill gives them the cashflow to finally launch it then all will be forgiven, possibly.

As a similar amount of time has elapsed as it took to drill JKT-01Z things should start to get interesting soon. WR-B01Za took a bit longer but could that have been because of the wellbore issues I'm guessing? So perhaps something on TD soon and a couple more weeks for preliminary results judging by past timescales on the PI programme.

Oldlogger that all sounded quite convincing - what are you doing here? :) Given your field experience is there anything you can see in the video to suggest we're on the horizontal section?

Better from BLOE, as Guram says nothing is guaranteed in O&G drilling but going to plan. Exactly what PI's want from non regulated statements, clear and as informative as they can be without being price sensitive.

Good spot Piscator - I do find it amazing that a ministerial field tour hasn't been posted on our own social media. I realise the success of the actual drill is of more material importance but how long would it take to post this. They seem to have a near complete sense of torpor on the most basic comms. Do we actually pay that financial pr company or just stick it on the bottom of RNS's for appearances?

Would be interesting to know if we're in the horizontal section yet. Hopefully no wellbore issues this time but reassuring that they overcame the challenges at WR-B01Za to complete a successful well.

.... sorry should have been clearer - a NEW PEA appears not to be a requirement for the MLA to go in. They could of course make the application with the old PEA on the understanding that a new one is pending.

I've never been sure about that to be honest. In the last presentation it doesn't say that the MLA requires a PEA simply CAPEX and OPEX figures close to a PFS level of detail. In the last RNS it says that the only pending requirements before sending the MLA is the final environmental report so on the face of it the PEA isn't needed for the MLA it turns out.