Member Info for Shedulike

Heps I'm sure the majority understood what you meant as obviously Google Earth doesn't update live. If bitsas does have access to live satellite feeds then it would certainly be interesting to know what stage the pad is at currently. We seem to have two descriptions of location in relation to other mapped wells so if anyone can collate the two it should be possible to put a 'fix' on KRT45.

In the Feb presentation PI map it looks like approx 500m NW of KRT39.

Oh that's interesting astec I was a bit sceptical but remember now it was a poster including 'Tbilisi' in their name (not Rustavi) who told us that JSR-01 DEEP was only producing water. Not saying the 'Tbilisi' poster was being deliberately misleading, could have had some bad information or it could have been problematic completing the well, I don't think they've posted since though.

I suppose it depends whether the pad is prepared and rig assembled or just civil works complete but they still have to do the Meccano bit. PH did seem to be suggesting that the rig was in the vicinity on the 8th so it seems feasible that they could be ready.

Ah yes that makes more sense, thanks.

Don't quite read it like that yianna, the 8th April 21 announcement is related to options granted in lieu of 40% salary, are we looking at the same RNS?:

https://www.lse.co.uk/rns/BLOE/issue-of-options-and-shares-and-pdmr-dealing-zxfx645h73km6hg.html

Don't get me wrong I'm not happy about everything here, particularly the remuneration which is just ludicrous given that we are still only on the cusp of profitability but I feel we could soon start seeing the rewards for the cautious but also canny strategy. I thought PH's recent comments on the later PI wells having higher impact on reserves was interesting. So often you see junior explorers approaching things the other way round going for the moonshot drills with the aim of hitting big reserves with a view to selling the assets. The BLOE approach of incrementally increasing production with low risk interventions and thus cashflow has made us a stronger company despite the executive greed. It has been a frustrating journey particularly with the shut ins and maintenance but it seems we're getting there and could soon be in a position to go for some more eye catching targets. The gas plays are likely where transformational discoveries lie and with gas being the obvious bridge fuel in the energy transition action on this front can't come soon enough IMO.

Guess there's not a lot to be said until Bloe report some action on the ground or perhaps Q2 results first? Even a Tweet of the civil works at KRT-45Z would be appreciated while we wait. I tried to get in touch by phone (doesn't seem to work) and email (no reply), has anyone ever got a reply from 'info@' before? Even tried their Communications Advisor - let's just say the response was ironic in so much as it amounted to zilch. Good to see a decent buy yesterday is about all I can muster.

Thanks Heps - got my 39 and 45's muddled up! Hopefully some op's news soon and perhaps some clarity on PII.

Sure makes sense, is the next PI a re-entry of KRT-39? Can't find where I got that from now. If it is that could be 30k's from the SW area of the Patardzeuli field where PII is concentrated. So yes I also can't see any benefit from deliberately running them in parallel. Why it has to be a guessing game though.....

Heps as I mentioned the other day do you think there might be beneficial synergies in having the two projects running in parallel? In other words are they in fact waiting to start the latest drill on PI before kicking off PII. As an O&G layman I can't think what they might be, for me logic would suggest there is zero disadvantage to cracking on with PII before starting PI but the fact is they haven't - is there a logistical reason? Simple question really, wish there was someone to put it to.

Just a thought wouldn't the AGM minutes have to be published, or at least made available on request. Perhaps someone attending did ask about PII. Still if they don't reply to emails how you get them I don't know. Might get somewhere with the Nomad or Communications Advisor - yes they have one apparently - Snailspace & Obfuscate Partners :)

MR I can accept that the civil works are a reasonable explanation for the wait for progress with PI. What I find utterly unfathomable is what is going on with PII. Back in December they proved an effective well design to progress the project. Early this year they confirmed they had identified and prioritised the targets for the 'Patardzeuli full-field redevelopment' and yet we wait. I do think given these statements we deserve an explanation for the delay, it's perfectly possible that a problem with delivery of parts (just as an example) could have occurred. I actually tried the phone number on the website - guess what.... it doesn't work. Have emailed also, not hopeful.

Assays tend to take one month and it's a month since we were told the cores from 044 were already sent for lab analysis so hopefully some encouraging data imminent.

Six weeks until ML application deadline. Will we get the Denarius' new PEA before then? Suspect we will as the conditions include a near PFS level of economic report. That could be very interesting as a lot of work including JORC upgrades have been completed since our own PEA.

I get the thinking there folks though PH did say as recently as last month that "Project II can advance in parallel to planned drilling under Project I". I guess if you take their intentions specifically from what he has said most recently then for some reason they want them to 'advance in parallel', therefore PII hasn't started because PI hasn't started. If that is the case I'd love to know why, seems to defy logic to me.

Have to agree with thoughts on PII. As Yian says JSR-01 demonstrated the concept of lifting the unswept oil in the Patardzeuli field back in Dec, why on earth we're still waiting to implement the techniques is beyond me. There could be any number of reasons but it would be great to hear a straight answer, it's like we've done all the painstaking build up play but don't want to get the ball across the line.

Well what a deeply disappointing SP. With 044 assays due I hope it's nothing to do with that, the field performance has been so consistently good since 021 that it's almost become a given that we hit the target. We could also do with knowing where we are on IP's for the enlarged mining area. For me that was an important element of the upside of the JV but over 6 months on and no indication yet that it will be granted or what it might be worth.

Crikey Chesh you know that they can afford expensive lawyers don't you :) ? Particularly when certain individuals receive interest on their loans, which ironically they can afford to make to the company because the same company pays them so much lol! On the Geothermal I know we can't run before we can walk, but just like the majors are doing we do need to plan long term for an energy transition, Georgia is a signatory to the Paris Agreement so I'm sure there will be grants in it though I haven't a clue what opportunities there actually are on our licenses. I'm sure there used to be something on the website.

Heps I agree, I think the strategy is finally working as we are on the cusp of profitability. So often O&G juniors are tempted by moonshot high risk / high reward exploration plays and end up in all or nothing situations. The BLOE approach of incrementally adding production and revenues is perhaps not so eye catching but we've built a solid base from which we can hopefully go for the big gas reserves soon. In addition I believe we should also be kept up to date on the progress of GOG work where we have a 50% interest. Putting my tree hugging trousers on for a moment I also think we need to think well ahead and not ignore the geothermic, I note it is in the MOU so hopefully not just paying lip service to renewables, on a more cynical note I would be surprised if it wasn't a likely route to government grants.