Member Info for Shedulike

Personally I'll be happy with steady Q1 results, with evidence that WR-B01Za will be a good earner moving forward. As others have alluded to it's how we exploit the huge potential that could light the blue touch paper. I'd like to see us partner on PIII, they've been researching multiple gas workovers. Makes sense to it hit that hard, not prod here and there IM totally layman's O :) Georgian government are in a hurry so a widescale accelerated programme on the PIII gas would be good news.

Yes you're both right Q1 is fixed obviously but as Grower says BLOE clearly stated some oil went to market from WR-B01Za during initial testing prior to the well bore intervention and then when they'd sorted the problems there were 9 clear days at 269 boepd before 31st March, every little helps!

I think it's fair to infer from the end of the salary 'sacrifice' scheme that cash must be okay. I also think that they didn't cut it just because of WR-B01Za but that they must have confidence across the assets. If something unexpected went wrong with WR-B01Za there would be a lot of egg on face if they had to reinstate it. So assuming it was a measured decision the portfolio must be looking steady across the board. Really looking forward to hearing how we push on from here - PI & II now looking like solid foundations, III could be huge, IV we just sit back on while GOGC do the graft (and cost). Plus we could have a fifth front opening up if they are serious about the geothermal, hope that wasn't just making the right noises.

Points noted Hep & Grow. I suppose we don't know how long the intervention took between initial results and extended testing. My feelings are anything low 30Mboe will be disappointing, matching Q1 23 fair to good, pushing towards 50 Mboe beyond expectations.

Not today it seems. Just looking more closely at Q3 & 4 last year there were a lot of workovers, maintenance and shut-ins which affected production. If Q1 2023 went more smoothly generally then that with the 50boepd from JSR-01 DEEP plus production during testing at WR-B01Za might polish things up a little.

I am a little wary that we shouldn't expect too much of the Q1 results. In the context of the SP rise (albeit from miserable levels) they could be a little underwhelming. Having said that I think it's reasonable to conclude that the SP improvement is down to the success of WR-B01Za, termination of the salary sacrifice scheme and the market finally looking ahead to what could be possible rather than what Q1 will prove to have delivered. WR-B01Za only had 9 days (post well bore intervention) to contribute in Q1 so the impact will be limited. So hopefully steady with WR-B01Za set up to deliver in Q2 and onwards plus some more detail on next op's.

At least Sarah knew about the South Dome Project :)

Didn't SOU go through £1B mcap with a 0.3 TCF gas discovery? Think that was recoverable rather than contingent but they had much less production at the time. Firm foundations here now and incredible upside.

Ha ha yes I thought I might get derided for that Chesh when, near term our fate obviously rests on the hydrocarbons, but I was a bit dismayed that it disappeared off the radar a while ago. The big boys our positioning themselves for the energy transition so makes sense for us to follow suit.

This just sounds more and more immense, is this the first we have heard about the 'south dome project'? What is it, a storage facility, it's on our licence anyway. I think Georgia will want to push on hard with the gas now, also interesting to see geothermic and hydrogen mentioned so BLOE thinking big for the future. Certainly the mood on here on 28th Feb seems a distant memory.

Don't forget PII 50bopd was from an appraisal well - they should be able to improve on it on development.

Personally I expect production to be steady with recent evidence from WR-B01 promising significant upside going forward. What I'm more excited about is hearing about the strategy to exploit Project III, gas being the obvious bridge fuel and what's happened on P IV which is the nearest thing to an investing 'no brainer' I've ever seen. Looking to the distant future I also hope BLOE don't take their eye of the ball with the geothermic which has been in presentations in the past but seems to have been forgotten recently. Certainly near term success for BLOE and us shareholders is totally dependent on hydrocarbons but they also need to position gradually for the future. That's the tree hugging over, lets hear some good production figures this week for today's energy needs.

We do need to factor in the Georgian government share. Is it 25%? That's from memory and of course I can't find where I read that now. Anyone?

Hope so though we mustn't expect too much as WR-B01Za won't really have impacted Q1. I'll be looking closely to see that JKT-01Z remains strong going into its second year of production. I think we can cautiously assume it has given they've terminated the salary sacrifice scheme. Then we have the legacy wells plus it will be handy if the bonus production from JSR-01 DEEP appraisal has been sustained, though the important thing there is what they have learnt about designing production wells and of course successfully implementing it. More detail on next steps is eagerly anticipated!

Now that the finances are stabilised we should at last be able to exploit the multi layered strategy. I always liked the prospects on four fronts but it was frustrating that we were seemingly restricted to baby steps. Maybe at long last we can have a more ambitious programme on multiple fronts, if the work goes well growth here could be exponential in the near future.

Good news - suggests they expect WR-B01Za to be as reliable as JKT-01Z. Would have been a nice touch if PH had thanked shareholders who have endured the systemic dilution as well as 'employees and directors' who took the shares, but there you go.

Also just for clarity the surrounding permits are being pursued under the JV not by EUZ in isolation, this from a Denarius announcement yesterday :
"A desktop review and necessary application route for additional permits close to the Toral Permit has commenced and will run over the next 3-6 months to identify and complete outstanding questions to enable an exploration application to be submitted to the Junta of Castilla y Leon".

We're not winding down on Toral. Denarius are funding EMI to crack on and complete Option 1 work:
"Accordingly, we can now proceed aggressively with an initial 12 month work programme for Toral alongside the MLA, which will be conducted by the Europa Metals' team and supervised by Denarius' technical team. The programme will progress this high-quality base metals project which benefits from the ongoing support of regional governments and local communities".

I see Denarius have completed their placing meaning they have raised CA$18.7m in total with the RI and disposal. If they're spending US$1.95 in the initial 12 month work programme could they have spent the requisite $4m to complete Option 1 in around two years? So at that point when we go down to 49% we'll have the MLA in, a new PEA, new JORC and a full understanding of the enlarged licence. I guess it will be difficult to judge the full merits of the deal until we know what the new surrounding permits might hold. We also need the 7000m of drilling to be successful. I notice we've changed drilling contractor from SPI to Explomin, wonder if there is any significance in that.

Chesh given that the 45 bopd were from an appraisal well, drilled to optimise the design of future producing wells I think it's fair for us to expect much better when they start developing Project II.