Member Info for Shedulike

Heps - I notice that KRT-45 ST wasn't mentioned in the Op update or Haywood's interview so perhaps the plan has changed. Bit annoying that it's a guessing game but they're receiving data all the time so if the target priorities have moved I won't be too concerned. If it is used as an excuse for a delay it will certainly be disappointing though. In the interview of 8th June these were PH's exact words "In fact the rig is within a couple of clicks of our next drill location whilst the civil works...... a drill pad, is being completed". The last time I sat in an English Language class was in black and white so thought I'd double check :) .... "Is being" is used to describe an action that started in the past and continues at present, on this evidence I'd be very surprised if we're still waiting for concrete to go off but I concede I am taking the words at face value and this hasn't always been advisable with BLOE, for me most notably that PIII would kick off before end 2022 and more recently PII going missing in action.

Maybe they have been preparing the new PEA based on the Nov 22 JORC upgrade. Bearing in mind our own PEA had 3.8 Mt of indicated a new one will have 7Mt indicated even without the latest drilling. Add to that the ore sorting and improved grades and we should see the numbers going in the right direction.

CHRI5P are you thinking that the new PEA will be needed for the MLA? That was my thinking originally but I now think that Denarius will want results from the initial work programme to go into their PEA and clearly now that won't come in time.

Interesting that Jesús Montero is kicking around. Luis is the exploration and JORC expert but JM is the mine planner and what is that on his screen? Good to see visual evidence that Myles has raised himself from a supine to vertical position at least.

Milnrow the way I look at is to think what our % of the JV might be worth on completion of each of the two phases. In other words what would 49% be worth after the MLA, increased resource and new PEA? For a start we were worth more than double where we are now when the last PEA was issued and that had a much smaller resource, no completed metallurgy and no completed hydrology, geotch etc. Then think what 20% is worth with a PFS and $2m cash. We'll have a better idea what the resource is going to look like after we get the final JORC or at least the JORC applied to the PFS but IMO 20% of Toral with a PFS should be multiples of where we are today. On top of that we have the enlarged mining area but until we hear something definite on that it's difficult to factor it in.

Err.... it's a mining exploration company, that's what they do, if you don't like drilling then perhaps you invested in the wrong sector. Even if they enter a development stage they will still be drilling, likely beyond the block model.

Only if you simply judge a companies activities by posts on a bulletin board but the fact is we're drilling 24/7 with two rigs on the license so "Lights out"? Not so much, quite the opposite. I would add that I am slightly perplexed that 044 assays haven't emerged yet. For me it's inconceivable that EUZ are not in possession of those drills results.

Crikey how did the pronoun come out in lower case, I grovel at the feet of the grammar police :)

i contacted the nomad as i was finding it impossible to contact anyone at bloe. they gave me an email which i put some simple and pretty uncontroversial questions to but didn't get a reply. because i'm annoyed about that i'm posting it on here. the nomad recommended the first point of contact as f.robson@blockenergy.co.uk . whoever this is if they can't be ****d to reply to me perhaps collectively bombard fergus robson at block, treating pi's with utter contempt.

"The production decline means they are always going to be robbing Peter to pay Paul". More research required.

Maladoni I don't entirely disagree with your post, particularly as I am in the camp that gas is the obvious bridge fuel in the energy transition. However it appears to me that BLOE have executed a strategy that is to create revenue before going for moonshot gas exploration wells. If they went for the gas prior to these incremental but low risk increases in oil production there would have been a significant risk of being insolvent IMO. Time will tell but the income from these well designs that are now proven should enable us to go for the bigger prize soon.

Ha ha yes it's wearing a bit thin isn't it Jed. Much as I recognise the importance of local engagement I want to see that reflected in local support for EUZ starting with the grant of the Antonina IP plus a successful MLA for the JV. Also 044 assays are way overdue, never known them to take this long.

Perhaps more bang for your buck with PI? Quite possibly, however it's a numbers game and they had 15 PII candidates lined up for low cost deepening. As recently as May this was to happen in parallel if that is no longer the case I would still like to know why.

Cheers bitsas perhaps they could clone Guram. You're probably correct re. funding, though while I think that might account for PIII not getting off he ground they were talking about funds being secured to accelerate PI & II as recently as the May Final Results. Perhaps as Chesh says the A80 will get fired up and we'll all be wondering why we ever doubted them :)

Well there's no getting away from it this is certainly a disappointing reaction to the update. I do think the management has a lot to do to restore trust and it doesn't help when they don't deliver on promises. This time last year they were supposed to start PIII before end of 22 and now PII which was supposed to advance in parallel to PI has gone off the radar. The market doesn't change my opinion that the update represents progress but the Board need to think carefully about what they promise and if it can't be delivered explain why, it isn't good governance to just not to mention it, do they think nobody will notice?

I'd imagine yiann mainly because they finished testing WR-B01Za early in April, but also I hope because there was generally less maintenance and shut-ins across the licences. At least this wasn't mentioned as it has been before. I see Guram Maisuradze got promoted, I had wondered if he might have pulled a rabbit out of the hat with WR-B01Za as it didn't really go to plan but still got completed as a success.

Good steady progress, interesting that they might use multi-lateral drilling later in PI. Would like to have heard more about P's II & III.

I haven't commented on a certain persistent theme on this board yet as in my experience genuine investors can't win a debate online - consider two scenarios - BLOE struggles = poster gloats - BLOE succeeds = poster disappears. I would gently suggest that other posters recognise that the motivation is obviously vexatious and devoid of real analysis so why get involved? All I would say on the daily assertion that the SP tells you all you need to know about BLOE is that I strongly disagree. The stock market makes it's judgement on the current valuation of any given company but it is not infallible, think about it, without undervaluations there would be no investing opportunities and without overvaluations you wouldn't have shorters in the market - it's an imperfect weighing mechanism that creates chances. I'm not saying the current SP is entirely unjustified, there are short fallings with the company that I'll happily face up to but it isn't the whole story and personally I think the potential upside is massive. Anyway don't take my word for it, “I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices.” (George Soros).

I can't imagine anyone defending the greed of our Directors but by various means they've stuffed their satchels full of BLOE stock and as such have a strong incentive in improving the SP. Despite what I think about the remuneration and other win win mechanisms they've set up for themselves I am a firm believer that the strategy of gradually building production is currently being vindicated and that we're at an inflexion point in terms of valuation.

Haha enjoying this while we wait but I guess the most important thing about the location of KRT45 is whether there are any commercially extractable hydrocarbons underneath it :) Still as we have two distances quoted from BLOE from two separate known locations it should (as Chesh says) with the right map, be possible to triangulate the exact spot. Hopefully we'll be talking about the actual drill soon.