Member Info for SimonT

Time will tell Mike, I will very surprised if there isn't news by the end of the month.

AJW, your posts never fail to make me smile :-)

My point exactly djm1

Quote; the company are determined to do anything necessary to regain confidence in the company the share price.

So if it has improved or is still at 295bod why don't they say so??

Thinking a step further, if they change the drill program and choose a different well to do next instead of 38 then panic!! But that would make sense if 16 is being a big problem. If they continue with 38 then there are positives to take from that.

Quote
It would be fair to say that recent communications with shareholders and potential investors has been somewhat patchy and the company are determined to get back any lost ground. Today’s RNS starts that process and it is worth noting a new IR comp on the ticket, other plans such as hiring high quality industry specialist consultants is also in progress. Finally, Wi th it’s placing above the current price the company are determined to do anything necessary to regain confidence in the company the share price

If they are determined to get the SP back above the placing price and improve investor relations then surely any news on an improvement at 16az would be released and not sat on?! The lack of this news says to me that the flow has declined which is not unheard of with Georgian geology! If this is the case and well 38 is very similar to 16 then releasing lower flow rates before the spud would take the shine off the potential at 38? So if the spud news comes before a well 16 update it will be very worrying!
Also hiring specialists for what??
My spidey senses are twitching!! This delay is not good in the light of what Malcy has said about them being determined to get back any lost ground.

He is a mouth for hire in the energy industry amongst other things, advisor etc.

And when it comes to Aim, patience isn't holding long term but waiting for the right time to buy!!

AJW, if they drill successful wells and issue good news I will be in, and if they don't, I wont be losing money or sleep over it.

P1, some reading for you;

http://www.searchanddiscovery.com/documents/2014/20273nibladze/ndx_nibladze

Production from the entire country once reached 70,000bod back in the 30's. But in 1994 it dropped to below 1000bod then below 400bod in 2015 which is where it was still at earlier this year. Hence the doubling of Georgia's output!

The easy oil may all have been got out, historically out of 200 drilled wells all of them declined flowing and required pumps.

Bloe have their work cut out even with modern methods to make a success of Georgia, I don't see it as being nailed on like some, where they get the confidence that it is is beyond me? If 16 ceases to flow then it is likely subsequent "analogous" wells will do also, at that point I don't see any value in storage facilities or a funded drilling plan!

I think the correct description is he is on the cautious side which is where anyone with a rounded view probably is? Bad news from 16az could have a 50% down side which might have a knock on effect on the probability of success at 38? Where as good news from 16 would be very positive for both wells. Having researched Georgian oil for many years I am holding out for the 16 news before going large in here.
And easy on the liar comments AJW, you have been guilty of that yourself with your saturated domestic oil market comment, or maybe just unresearched?

There will always be someone who needs their cash back for some reason, I also get the impression the MM's are encouraging selling with scare tactics by dropping it on low volume, I am thinking they want to be holding a few knowing what is coming?!

At the current price of $3/1000cf it roughly equates to $1m per annum for every 1 million cfd. With no SPT I would agree that is a step change!

Photo, Boed Barrels of oil equivalent, is a way of measuring gas in a unit that more people can relate to.

8 Million cubic feet! Paul said he was excited to see how much the additional pay zone would add to that as this well encountered a greater pay zone than the well that tested at that rate!

Another point to remember if the gas produced is being measured in Boed is that there is no SPT on produced gas so 1379 Boed is probably equivalent to nearer the profit from 2000 Barrels of oil per day?!

One of the first oil fields developed by Georgian Oil was Mirzaani, which is located in the southeast region of Georgia. It was this field where the first deep (540 m) exploration well was drilled which flowed oil. In next two decades more than 200 production wells were drilled, and productive zones thickness was identified as being as much as 30-40 m. Mostly oil was produced from 500-1200 m depths and daily production varied from 4 to 100 bopd. All producing wells initially flowed oil and after the initial rate dropped, they were produced for decades by pumping. Total production from Mirzaani Field is 7.9 MMBbl.

http://www.searchanddiscovery.com/documents/2014/20273nibladze/ndx_nibladze

http://georgiaoilandgas.ge/georgian-oil-gas-industry-history-and-highlights/

Jrlomax, Miton acquired their first 8m+ shares when Block listed on Aim at 4p.

https://www.lse.co.uk/rns/BLOE/block-energy-plc-tr-1-notification-of-major-holdings-vidjvhysc9rk93y.html

I remember hearing in one of the interviews that no sales had taken place yet of WR oil, it was all going into storage for separation with the intention of selling it in larger quantities when they have sufficient on the international market. They did also say that specialists had been employed in relation to 16az.

So RRL sold the Trinidad licences for their field which was producing 501Bod average in the last quarter for $95m, or more accurately did a deal with a face value of that figure! It is encouraging that the asset was valued at that.

AJAYE, that's right, 0.4 x 1k =400, I am not the numpty here!