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The Market cap is higher now than when this was at 17p due to the fund raise dilution so why do you believe it will hit those highs again without further wells or other major news?

Thanks Ajw, that explains it better.

Djm, thank you for a sensible reply, the fact that this was the best well in Georgia for 50 years is also worrying, it shows that this result is not the norm for wells drilled in Georgia and there are many big companies drilling, if they can replicate it then Block will be onto something!! If they can then that will be the time to get in here. Presuming any future wells will flow the same is not nailed on!

Nige, Maybe you could explain why they don't just sell it and need to transport to another rented storage facility which all costs money and reduces returns?

I am aware of the need at the well head to act as a buffer so it can flow continuously but not why they need an off site storage facility, surely just selling it would be preferable??

interviews and presentations are full of BS, ways to sucker people in with nods and winks, I don't watch them!! It was the increase in these at FRR with no new news that caused me to sell and saved me from being locked in when they delisted!!

I am struggling a bit with why they need an oil storage facility? Surely the oil should be loaded and shipped to the point of sale rather than loaded to transport it to a rented storage tank, why???

I think this well is already factored in to the SP which is why we have not seen a substantial rise today. They need to show that the new tech they used can replicate the success of 16az now and get the gas contracts signed with gas take off infrastructure in place before this will move significantly.
They have been less than transparent and devious over recent months about the production levels which has no doubt hit share holder confidence.

AjamesW, the term shut in relates to stopping a test to measure the rate of increase in down hole pressure, this can provide data on porosity and also help with establishing the wells reserve volumes. Closed for good would be described as capped or plugged. I see you use the word "possibly" to describe another fantasy theory! Stick to the facts to base your investments on, stick around a few more years and you will get the hang of it!

Morning, I see the well was shut in for a period then. I can see why some people thought otherwise but experience had my senses twitching and when the wording was examined it brought even more doubt, onwards and upwards!

Toploader, I hope you are right and we get to see exactly what is being produced at the moment when they are released in September, if we don't get a detailed update before then?

No, I am just disputing the assumptions made by some about the production and income levels, I have based my own opinions on the facts that the company has presented. It is sensible debate about what could be going on rather than the normal ramping only posts that have cost so many people a lot of money by holding from previous highs or buying in based on the rose tinted brigade's narrow view.

quercusrobor, a good post on the whole but there is some supposition in there, It could be argued that the choice to change accounting date was so we didn't get to see the lack of income from well 16az, and there is also evidence to support the suggestion that it is not producing, no mention of it contributing towards production in the last investor presentation and previous mentions of its flow rates all relating to production testing. So I will err on the side of caution and not presume anything that is not supported by solid evidence!
Also you mention the well going into full production as soon as Bago get their permits sorted when they have said it would take approx 8 weeks from then to get the infrastructure in place, I apologise if that is what you meant by "as soon"? We seem to be in a period when they don't want to tell us exactly what is going on which to me says share holders wouldn't be happy if they knew!!

I don't think they will tell you anything, it will be the std response of we will update the market through the correct channels when there is news they need to share.

April 17th RNS, there have been no operational updates since this one.

Subject to contract, Block has now negotiated terms on additional storage facilities, and is also negotiating new oil sales contracts with local and international purchasers, which are showing strong interest in supporting Block's future development plans.

The Company also confirms that associated gas production from the well will be sold to Bago Ltd, one of the largest private gas suppliers and purchasers in Georgia. Block signed a Memorandum of Understanding ('MOU') last year for the offtake of West Rustavi's gas (RNS: https://bit.ly/2Y4Pj2n). Under the terms of the MOU, Bago will acquire the total amount of gas produced from West Rustavi, subject to a minimum of 1,000 m3 of gas per day, and will fully finance all gas infrastructure the field requires, including pipeline tie backs to local infrastructure and gas processing plant solutions.

Bago is sampling the associated gas being produced from the Middle Eocene this week and, subject to the contract, will immediately begin the process of acquiring the necessary permits to develop the site's gas export facilities. The agreement opens up an additional annualised revenue stream of around US$1.0m to the Company through the sale of the well's 14,000 m3/d of associated gas. Bago is expected to start purchasing the gas within eight weeks of signing of contracts.

So Gas take off is 8 weeks away after signing of contracts which we have not been told has happened yet, I imagine Bago if they intend to proceed are still waiting on permits?
I will go read the production sharing agreement again because I cant remember there being a mention of gas and how proceeds from gas are split with the Georgian government, maybe this is what is holding up the permit situation?

That link was well worth a read Sunday, thanks for that! Exciting times are coming!

If the presentation they are giving today to one of their institutional investors is after market hours then they can release new information but would also need to RNS it before the market opens tomorrow, no RNS in the morning and we can be sure they didn't have anything new to say to them.

I think he meant flaring is only allowed during testing, having been around Georgian oilers for many years this has been mentioned many times, Gas take off infrastructure will be needed before full scale production from a well can begin.

$10k LoL, Buying for 11p and selling for 11.1p would make $1k when I was at school. You might be right about it being the tail end of the placing though. Massive difference in the volume totals now!

And yet again there are undisclosed trades, 2.8m missing from the buys or sells according to the traded total, 2m each day on Thurs and Friday, something is going on that they want to hide?!
Knowing how everyone piles in here as soon as it turns blue I suspect they are hiding sells and the SP rise was to initiate buying to off load them? A continued downward trend might confirm this, but I may be completely wrong?

There is still over 2m displayed trades missing from the days total, as there was yesterday too, the MM's are hiding something!!

At least half of the 100m issue were flipped, a large short was opened when the placing was announced which was obviously closed with the 11p shares issued so some of the institutions will be happy with a quick 10% in a week!
The sticky fingers comment clearly doesn't apply to all of the institutions involved.