Member Info for Spudsoil

MP I share your concern. I got burnt with FRR and I’m sure that’s changed my mindset irrevocably in terms of fearing a bad outcome. That combined with transparency issues with Block previously. If you ignore the share price (I know impossible to do!) and look at the fundamentals everything is falling in to place. But the key to the door is tied to the current well test results (and to a lesser extent the q3 ops update - personally I’m not expecting anything earth shatteringly positive in that as think we would have heard if 16 was now churning out a decent amount). Everything else is just noise. Funny how that same sell caught my eye but in the grand scheme of things it isn’t huge money and we all know people who trade on AIM are possibly those more likely to buy/sell swiftly as they sniff out an alternative bargain. Might also be to do with the update we got in the week. I read that as results not before the week after next, so maybe we drop further next week before the results. Any drop now now is largely irrelevant if the results are good as we will rerate much higher.

Not wanting to sound like a drama queen but I think the next 2 weeks are the most critically important in Blocks lifetime. If the q3 ops update and flow results are both positive then we are in a great place. If one is great one isn’t we probably won’t budge much, and if both are poor we will tank. Don’t mind admitting I’m a little anxious given the price action in recent weeks although the volume is so low I hope this is just traders or the impatient, rather than a leak. I thought we’d be way north of here as we approach a critical reporting period, but we aren’t so no point whinging. Two weeks could change much in terms of sentiment, confidence and share price but that can work both ways. Good luck all we sure deserve some.

What demand destruction are you referring to? Every report and analyst write up I read is predicting oil prices oscillating around current price or moving higher, in to 2022/23.

Intrigued to find out what our production numbers are when we get the q3 ops update. 80 dollar Brent puts us on track for mega profits at 1000 bopd per day - if we work on newly drilled well meeting the 500ish expectations that doesn’t mean we need an awful lot from the work over programme to hit four figures. If my maths is right that would generate just shy of 30m pa in gross revenue.

Well said mjs, couldn’t agree more. I’m getting increasingly excited and nervous about the pending results - these results set the scene for the next well so in some ways the result is worth more than the sum of its individual contribution.

Undoubtedly a big flow of news is due and by the end of October we will have the q3 update to digest as well as initial flow results from the current well. A huge period in the life of Block and hopefully a huge turning point.

Agreed. by the time of the next ops update/via the update we should know 1)initial flow results from this well, 2) details on next well and timeline, 3) details of success of remediation programme. That ops update is due October so we have a massive flow of news ahead - if 1 and 3 are positive we are in serious business, finally.

There’s no way BLOE delay any bad news on drill until straight after GM result. That would ruin all credit and likely lead to a new resolution being tabled and dare I say it, more likely to be supported by a higher number of shareholders. I think the reality here is that the company is (sensibly in my opinion) trying to separate the GM/audit issue from the drill results. I suspect TD has been or will shortly be reached and results are being finessed so they can be released after the GM result. I don’t think the company will survive in its current format if they release bad news on drill immediately after a majority ‘against’ GM result. It would look awful and very manufactured.

So we should all be happy when the RNS turns up tomorrow confirming TD was reached in August, and signalling healthy oil flows? Right?

Tomorrow likes ideal for a drill update. Mal - can you provide a bit more detail on why you think the gas drill has the potential to be the game changer? I’ve put that to the back of my mind but it’s interesting to read your comments and perhaps I had underestimated the excitement it could bring! All good stuff and finally we may start to build momentum now going in to q4 and next year.

Best guess is that we get an update of sorts - either an interim one via a Twitter video or even better confirmation of TD. Anyone know an approx timeframe between reaching TD and testing programme commencing? And how long that test will be?

A strong rebuttal and one that I am pleased to read. Ironically I actually thing this airing of dirty laundry in public might work out well in the long term. My hope is that Dimmock stays as chairman and the board reflect on the mandate they receive from shareholders to focus on delivering shareholder value - through a combination of operational success, strong corporate governance and transparent and regular communications

All PR is good PR as they say. Summary of the current issue is detailed in the Times newspaper. Interesting to see if that brings renewed investor interest

Great discussion today - what l love about these boards. Info sharing and ideas.

Thank you for confirming.

What a load of rubbish. We are making huge strides forward but as with any early stage oil e&p - success will be dictated by flow rates. If wr- b1 flows at anything north of (take your pick but I’ll go for) 500 bopd we are laughing. And if at the same time we can continue to prove that existing wells can carry on producing at a healthy rate then what isn’t to like?

Said it before but so far we have played 3, won 1 (38), lost one (51) and drawn one (16).

Change that to won 2 (38 and b1) and that’s a game changer. Change it to won 3 (next drill) then we are in a different plAce altogether. Add in any form of success with 16z and suddenly our record looks good and we have BH onboard to improve it further.

Can anyone shed light on why our avg sale price for oil in q2 was 62 dollars but the price of oil didn’t drop below 65 dollars for more than a few days during the qtr? What am I missing?

Really pleased with the update today. Production at a healthy rate, clear route to market maintained for sales, busy intervention programme ahead, and all going well with new drill. So much stuff happening that is positive. And whatever challenges we had or are having with existing wells clearly Baker Hughes can help us overcome or prevent for future drills. If we can put the chairmanship issue to bed then focus can return to where it should be. Happy investor, patience required.

It’s in the RNs: A sale of 11m barrels didn’t complete until 1st week July so missed cut off for q2. It’s a timing issue. If we see similar production and sales in q3 we will be in region of 37m sold in q3 (c26m plus the sale that completed last week- the 11m mentioned above).

Not sure I buy the similarities with Hope and FRR. Hopes appt was linked to debt, we don’t have any.

Thanks AJ. So what is the benchmark price we should compare it to? I’m clueless when it comes to gas. We benchmark to Brent minus 10 I think don’t we for oil with the minus 10 being the water and transportation costs. Is there an equivalent comparison with gas?