Member Info for Shedulike

It is odd particularly with the talk months ago of accelerating PI. If there is a credible reason for the silence good or bad then so be it but if it is just poor comms then it is unforgivable to give the impression of inactivity. We should have kicked on from 2p not slipped back.

You couldn't ask him to get on with it could you? :)

Perhaps someone's poached Guram :) I'll check the Tbilisi Evening Post later to see if we're advertising for a new Operations Manager.

Perhaps 'disagreement' was the wrong choice of word Chesh. I was just trying to understand why we haven't heard more about the next target and wondered if data from WR-B01Za has altered plans on KRT-45_ST, or perhaps lead to a re-think. Maybe I'm overthinking it myself but I noticed that the 28th Feb 'Initial WR-B01Za test results' specifically says that data is being reviewed to optimise the KRT-45_ST but in the 3rd April 'PI Update' and 17th April general 'Operations Update' they don't mention KRT-45_ST. As I said earlier they raised the money to accelerate PI three months, over two months ago they were reviewing data to design KRT and yet here we are none the wiser as to what's happening. I realise they have to be absolutely certain that they're embarking on each well with the maximum COS but this does seem slow. Guess it could be something as simple as new parts or equipment delays.

Haha thanks Hepseal honoured to be on the 'looking to the future' list, you haven't got one for 'eternal optimists' as well have you? Not feeling the acceleration of the Project I development programme promised three months ago just yet but on your initial theme there's always tomorrow.

Interesting read Hepseal, I have zero interest in posts that clearly only have vexatious motivations so won't comment on them but as you suggest I suspect there isn't a shareholder here that would claim that the management have been infallible over the years. Having said that IMO it would be ridiculous to think that this means there isn't an opportunity to make huge gains from a mcap of £9m. Sure the Directors have feathered their own nests but did I invest expecting saints at the helm, of course not. By means foul or fair (probably a bit of both) their interests are aligned with PI's - yes the senior loan facility will be handy compensation if things do go badly but the really big bucks for them is in growing the mcap and that is what we want also.

I know Chesh, I just can't see what the motivation could be for not swiftly cracking on. Could the exploration team be in disagreement / waiting for more data before going again? If not why they holding back from updating. Even just in terms of SP management after the run of positive RNS's it feels a bit like they've missed an open goal.

I agree MR, looks like a solid base to launch on multiple fronts. Just a bit perplexed that we haven't heard more to that end already. Tomorrow will mark a full calendar month since the extended test results came in at WR-B01Za and the well was handed over to production and yet we're no clearer on next steps. Curious.

Let's hope so, I know this steady as you go accumulation of income has been frustrating at times but I think they've done well not to put in the position of so many junior O&G explorers that get backed into a corner where one drill can be a 'do or die' situation. Don't get me wrong I'm not a fan of everything (not least the self serving debt facility) but I think we're in a strong position now to get leverage off a relatively cautious strategy to date and hopefully step up the workflows on multiple fronts.

Props - difficult to say as they're conducting 7000m of drilling before the new JORC. However they're going at it hammer and tongs with 2 rigs operating on a 24 hour basis. I'm not certain but that suggests to me they might want to get the new JORC into the MLA which is due by the 31st July. Whether that is feasible I don't know, depends how much they have done since starting back in March. Generally we need a clear month for assays and another month for the JORC to be independently calculated. Looks tight to me but I don't think the success of a MLA is necessarily dependent on these drills.

I would have thought GOG do.

I'll be a little disappointed if the next op update is only KRT-45_ST spud. The suggestion was that we'd open up on multiple fronts, perhaps I'm just getting impatient but this from PH on 28th Feb:
"Meanwhile, the Company is reviewing the data gathered during drilling and testing WR-B01Za to optimise the KRT-45_ST drilling programme, the second Project I development well. The Company continues to work on Projects II, III, and IV, and we look forward to updating shareholders as we progress."

Looks likely the Magical Mystery Tour continues into next week, though I wouldn't rule out Friday. I don't think that Fridays only being for bad news really applies in the digital age. That was when retired Colonels couldn't get hold of their brokers on a Friday because they were already in the pub and the first they knew that their stocks had bitten the dust was when the Financial Times was delivered the next day. Possibly...

Haha yes definitely a positive that a Director uses precious ISA space for BLOE but but might look a little 'convenient' if a big one landed tomorrow, particularly after the retrace. As PS says also rather handy being able to put shares for salary in a tax free wrapper, not sure if you're taxed on the value of the shares deemed to be replacing salary when they're awarded though. I suspect our Directors and their accountants will no doubt have found the optimal route as they have with the 'loan facility' with its generous interest plus associated warrants. Still waiting to find out how that has instigated the promised accelerated work programme.......

Sure I agree largely Gary et al and was careful to say that posts on here are "Far from the most important thing" but I do feel Bloe could do much better on the comms and really should have outlined specifically the next steps by now. There could be a good reason which isn't yet apparent, let's see.

I think they need to market the company better, sell the story, promote the upside. If you look at the website and find the latest presentation it isn't too bad as at least is compartmentalises PI, II, III & IV, but if anyone new just looks under 'Projects' it's likely to be pretty confusing. There's also only so many investors looking at this sector and we have competition for interest, look at MATD with over 300 posts today. Sure posts on a bulletin board are far from the most important thing but it illustrates the point, even when we were getting the big daily rises we weren't attracting that sort of interest. Must admit I know very little about MATD but a quick scan suggests they don't have the gas prospects of BLOE.

...... and nothing. For the record I don't think they're all suddenly on sabbatical but however industrious they are behind the scenes bad comms can give the impression of being asleep at the wheel. That always gets punished on AIM and for me is why we're seeing recent gains seep away.

While I wonder if we'll finally be updated today it's interesting to note that the SP is pretty much where it was at the start of December. That's obviously before the success of WR-B01Za, completion of farmout, termination of shares for salary and signing of MOU with Georgian Ministry. Illustrates the point that the stock market is far from being the perfect weighing machine for a company's value, if it was there would never be undervaluations for investors or indeed overvaluations for the shorter to exploit. So are we undervalued? Well I think so for what it's worth, a detailed update across all projects would be a start to putting that right.

I suppose they've got to dismantle the thing, transport it 1K or so and put it back up but it would still be nice to know that's what happened. Ever since WR-B01Za proved challenging (but ultimately successful) they seem less keen to Tweet operational matters.

Given that they said this after announcing the loan facility "The funds raised provide the Company with additional headroom to accelerate its Project I development programme. This includes additional wells and side-tracks, following completion of well WR-B01Za, which is currently being drilled". Either they have just knocked off for three weeks :) or could they still be learning from WR-B01Za before committing to a well design for KRT-45_ST? That might explain PI but how you account for the apparent inaction at PII is beyond me.