Member Info for SimonT

26 June 2019
Block Energy PLC
Change of Accounting Reference Date and Second Interim Results for the 12-month period ending 30 June 2019
Block Energy Plc, the exploration and production company focused on the Republic of Georgia, announces that, in order to bring its financial reporting into line with peer companies and to carry out its year-end work when there is a seasonal reduction in operational activities, it is changing its accounting reference date, with immediate effect, from 30 June to 31 December.
Accordingly, the Company will release a second set of unaudited interim results for the 12-month period ending 30 June 2019 (which will be reviewed by the Company's auditor) by 30 September 2019; and the Company's final (audited) results for the 18-month period ending 31 December 2019 by 30 April 2020.

There is your missing trade Dana, due to the difficulty to buy early on I would agree it was a buy order placed first thing this morning but the time displayed might have been used to cast doubt on that?!

Yes but there might be a bit of dodgy reporting going on there,, 500bpd, but with a 90-95% water cut if you look a bit harder, now who else was who tried that trick?

I am confused now James? You have said for the past year that the"Group" was an organised short bashing crew? Now it is a pump and dump operation?? Seems a bit odd when there is nothing here to pump at the moment! Block have spent a fortune on side tracks and processing plant etc to get to a position which will still be below break even, yep they have a sound business model!!

That should read 60mmcfd, been a long time since I used Roman numerals!!

We already know the numbers are huge, a several hundred billion cubic feet reservoir (calculated from the first zone recordings) and extractable from both zones combined at rates of 60mcfd ish, it is just how huge we are waiting to hear!!

You could be right Terrier, they may have their ear to the ground?! The threshold date on the RNS is yesterday, there was several million discrepancy between the buy/sell totals and total traded yesterday which the TR1 explains, there is another 3m discrepancy today so maybe they are selling more and the price was spiked to get the FOMO's to mop them up and turn a profit for the MM's?

I think many of us were expecting news this week too Trek. We can be as sure as it is reasonable to be that the recorders are out, I am hoping the delay is the data has been sent for external analysis as that would be worth more to the market.
Quite a bit of volume yesterday, looks like the drop was to fill some large trades, positioning for the news no doubt!

Groover, install AdGuard, no more adds anywhere!

With the bottom having dropped out of the Oil market, although I don't know how the micro economic climate on the island has been affected by this and what they might find at Chinook an unknown I wonder if they will change the program order and drill a second well at Cascadura next instead? They have everything in place to do this should they wish. It might also enable them to get those 2 piped up and revenue earning sooner? Coho coming into production will be a priority now too if the oil income is suffering. At least TXP have a very bright light at the end of the tunnel, many oilers must be in dire straights right now!

Some news would be very welcome!!

AJW, you still don't have a clue do you?! I was advised to buy this when I first posted at 14p, I said at that price I had it as a sell and got slated! Who was right?? And you say following the advice of those you call bashers will seriously damage your wealth?? Just the opposite has turned out to be true! You are totally clueless!!

This time last year the rampers on here were posting messages presuming that every well Bloe drilled would add another 1000bod to the income and projecting figures that everyone would have liked to have been reality sucking new money in on wishful exuberance! So to bring some sensibility to the board I posted the links that I have included again down below (found during my own research) showing the countries total oil output, these were also in response to AJW posting lies saying that Bloe were shipping their oil out of Georgia to sell internationally to get a better price as he wrongly claimed Georgia's market was awash with domestic oil!
It shows Georgia's oil production as a country has now been at a total of 400bod for many years even though better men than PH have come thrown hundreds of millions at projects and gone!!
https://tradingeconomics.com/georgia/crude-oil-production
http://georgiaoilandgas.ge/georgian-oil-gas-industry-history-and-highlights/
I hope they do hit a good well just so those sucked in by the rampers can get their money back! But the info has always been out their showing that Georgia is not an easy nut to crack, do your research before buying!

Totally agree, it is amazing how many people don't know the basics of what they have "invested" in!

Sorry, got that wrong, it is 75/25 during payback and 70/30 after. I should have re read it instead of working from memory!

The PSA terms are the first 50% goes to block, then the other 50% is split 60/40 during the cost recover phase so Block get 30% to add to their 50% so the actual split during cost recovery is 80% 20% in Blocks favour. After the costs have been recovered the second half (profit oil) is split 50/50 so the split becomes 75% to block. It is all in the admission document!

I believe Royston is further away from Casadura and Chinook which are only 1km apart, so the next drill maybe a second well at either of those locations so that they can be tied together and connected to one line to the mains network completing that part of the field before moving to a new area ie Royston. Makes sense in the grand scheme of creating income sooner.

Cheers Hustler, if that is the case it's a big positive.

I have taken my finger off the pulse here in recent months, does anyone know whether Bloe have any work contractual commitments in the next 12-24 months to comply with licence conditions?
If not they could get production up and running then hibernate on a skeleton staff for while to aid recovery!

I imagine the missing money is the cost of the field processing facility required to enable production. I have been wanting to ask if anyone knew the cost of this for a while but refrained as I knew the resident ramper and his followers would have seen this as me being negative and no doubt one of those shorting bashers!! I am surprised no one else asked this question, and also surprised Bloe didn't announce how much it cost! Had they done so the cash level revealed yesterday would not have been a shock, so you cant help feeling bad communication has yet again caused further problems than being up front would have done!!

My trading is all done in either a Sipp or ISA with A J Bell, I have no complaints, it works great, no delays on fund availability to rebuy after selling etc.