Member Info for Shedulike

JKT-01Z stabilised at 310 boepd so I guess that's the benchmark in this field. Just knowing it's commercial will be a start but if they can demonstrate an ability to replicate that result it will be a massive boost to the concept of sweeping up remaining reserves in the Middle Eocene reservoir IMO.

I haven't got a clue whether the well will be a success or disappointment but I can't see how the presentation is indicative of it being below expectations anymore than it looks like buying them time. Seems that understandably low sentiment is leading to some unusual interpretations of what is simply an updated presentation. Like I say I don't know what's going on but this is O&G exploration and of course the well might not flow commercially.

Eyebrow raised on first line, "Currently producing from 35 wells across six fields within four licenses", I had no idea there were so many legacy wells producing hydrocarbons.

Not saying everything is great and understand that bonuses stick in the craw somewhat given the SP but as Rock says they are evaluating op's and the market sets the SP. Some might say the SP is indelible proof of where we stand but I believe the market is often an imperfect valuing device, if it was there would scarcely be opportunities to invest in the undervalued or short overvalued, there are a litany of quotes from the worlds greatest investors to that effect. Going back to op's JKT-01Z has been producing decently from January 2022, WR-38Z is doing something like 630 boepd according to Q1 update (not sure if that is inc JKT-01Z), yes JSR-01 DEEP is only producing 45 bopd but it was an appraisal well and has proven the concept in that field. Not sure how I feel about WR-B01ZaST, silence can so often prove not to be a good thing but the 16th Jan RNS said they were still drilling so there could be an extended horizontal section for all we know. Overall I'm confident it will produce given what they have already learnt on that Project but sentiment is low here and I feel it will need a strong result to turn that tide. Time will tell.

The new PEA will definitely be much more impressive than the 2020 version, just think what has to be fed in - two resource upgrades (plus D's DD drills I assume), completed metallurgy, effect of ore sorting analysis. I do think the impact of Antonina and an enlarged mining area hasn't been priced in quite reasonably as they haven't confirmed that we have the licence and what is there. I'd like to see that tackled asap.

As I understand it Teaye, Denarius will undertake their due diligence drilling, deliver a PEA and make the MLA all at their own expense. One think I'm slightly confused about is I thought this had to be done by July and I thought they wanted to get three drills in - looks tight to me unless they have started. Denarius then have a three year period (from signing the Option Agreement in Nov) to complete the US$4m spending commitment in order to execute Option 1 and get 51% of Toral and wider district. Until then we are still 100% owners of Toral, I don't think this has been emphasised strongly enough.

WHI reiterate 11.7p target. Interestingly seem to suggest funds have been allocated to the acquisition of Antonina. Really need that cleared up - have we made the application and what do they think is there?

Ah sorry didn't recall that there were two lots of drone footage. Your co-ordinates work for me I'm just not certain when the satellite image was taken. For instance if I look at my own home I can tell it was probably from summer 21.

Piscator I just noticed that drone footage is still up. If you're interested Jan 3rd. Best, S.

In terms of the time between drilling commencement and announcement of preliminary production rates I reckon we are just over two weeks behind JKT-01Z. Can we read anything into that or is it simply that there must be multiple factors that could impact the timescales even if the wells have been described as analogous?

Don't want to be the killjoy but I don't think Google Earth updates on a continuous basis. As the well is a sidetrack to WR-B01 I assume there was a well there before, could we be seeing legacy equipment associated with that? Also I believe they expect the well to produce oil and gas like JKT-01Z. One things for sure this is taking longer than JKT-01Z.

So thoughts turning to possible results from WR-B01 ST. Call me an optimist but I'm really not expecting 'plugged and abandoned'. I suppose the top side would be an improvement on JKT-01Z (310 boepd) but O&G well intel is notoriously leaky and the market doesn't suggest that there's a great amount of excitement around this one. My best guess is that it's going to be a producer but not knocking the ball out of the park. Complete speculation so don't read anything into my musings, just feel that the mood music suggests things are going to be just... okay.

Agreed, I wouldn't quite go with Chesh's "Boom" :) but good to see a bit of buying this afternoon following a disappointing day yesterday. Surely WR-B01Za news next week.

What I don't understand is why the loan facility is specifically ear marked for Project I, not Project I & II (to support finance from existing cashflows) which would make more sense to me. I did wonder if they may have been concerned that flagging project II in the RNS might have been bad timing with a crucial Project I well nearing completion. Allocating the loan to Project I looks like a strong endorsement of that Project so far but that's open to interpretation obviously. Hopefully data from WR-B01Za is encouraging them to go harder at Project I but again I happily admit that reading is subject to optimism bias :)

Isn't the farm out for Project IV?
"None of the existing fields, current production and future development plans associated with Projects I, II and III within the XIB licence are subject to the farm-out ".

Yes more than one well delivering:
"Q4 production of 34.4 Mboe (Q3: 37.1 Mboe) or an average of 374 boepd"
Plus JSR-01 DEEP as far as we know is adding 45 boepd to that (as mentioned I now see) which is a modest bonus as it was an appraisal well.
Yesterday's RNS seems to have shaken confidence in the current well, for me there is a glass half full interpretation but I accept there is some speculative merit in the glass half empty version which won't be dispelled until we hear that WR-B01Za is flowing.
For now negativity is holding sway but given the discount MATD had to concede in the capital markets it may be that our loan facility was the better option, though very generous to the Directors.

I believe they did at the step out well TE-8. Who could forget the Tweet "Party in the Paleozoic".......

Promising that they mention more headroom to accelerate Project 1, suggests data from the current drill supports the strategy so far. Also noted that they say they are still currently drilling not testing, could be semantics but perhaps they're going for a much longer horizontal section, like what they're finding or 500m not cutting it? Take your pick I guess. Certainly the Director participation suggests great confidence on the overall projects whatever this well brings and fairly soon Bloe shareholders are going to have exposure to four separate projects, news should start coming thick and fast.

Just had a quick read of the Project IV Farmout Agreement with GOGL. Seems to me that Block have secured a decent deal here. GOGL have received funding from the state O&G company (GOGC) to push these deals forward in a drive for energy independence and we have 50% exposure to this one with limited costs as our cash liability is capped at USD 50,000 per annum.
"Under the terms negotiated, Block and GOGL will each have a participating Interest of 50% in the respective areas. As consideration for the farm-out, GOGL is to complete a work programme, across Didi Lilo and South Samgori, which comprises:
- The acquisition and processing of 210 km of 2D seismic data
- The reprocessing of 1,000 km existing seismic data, within and around Didi Lilo, South Samgori and the remainder of XIB.
The cost of the work programme is estimated at USD 3.0 million, comprising USD 2.5 million for seismic acquisition and USD 0.5 million for seismic reprocessing".
The potential upside from all that expenditure must be huge and we're in to the tune of 50%, looks like good business to me. On a more immature note 'Didi Lilo' - there's a spoonerism waiting to happen if ever I've seen one!

Thanks for taking the trouble bedex - some interesting points to digest.