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The testing programme was designed to evaluate fluid levels and prove commercially productive oil zones - It has.
The final test which has been on pump since the 9th of December, is producing at a rate of 45 bopd and will now be handed over to production.
The Company is now in a position to advance Project II, from both a subsurface and operational perspective.
IMHO this is not a failure, low-cost wells that will incrementally add to production. Some will/may achieve more through side-tracking. (and they only need to hit one big one). Stated on the other side each well should become profitable within around 6 weeks provided oil prices hold up and thus pay for the next one.
Complete mystery to me why people spend their lives posting about a share that they have no investment in but everyone to their own. Been amusing today reading these desperate individuals trying to convince everyone that its all over. Back to filtering them, best leave them talking to themselves.
GLA genuine holders. Don’t let the trolls make your decisions for you.
They proved they can deliver with their $100k deepening and from the RNS once they have the cashflow from same will start the horizontals.
Meanwhile we can start speculating on WR-B01 ST...
This is a huge buy, risk to reward at these levels. They only need to hit one and this will rocket. Slowly and surely and IMO about time the BOD started getting some credit, GLA
scoobyrex I agree totally with your post today 13:24. The longer the wait the bigger the prize in my book. GLA genuine and sane LTHs.
IMHO Strong Buy at this level.
ROCKLAWN Spot on with your post. GLA.
If all this turns out to be a dud then they are going to look pretty stupid with all the Twitter releases. To me they are trying to communicate positively with the holders. GLA I'm keeping the faith and patience.
bobbbyrash Thanks for the update, slowly but hopefully surely.
Chesh the action shot is a vote of confidence in my book, why do it if you don't think there is likely to be a positive outcome. And you are spot on with the colour of the trades. I posted my buy which is showing as a sell. GLA.
Chesh like the footage. I just had to have another top up 62149 shares at 1.268p.
GL all, BLOCK are certainly appearing confident.
"The lasting value of Project II’s JSR-01DEEP, for example, for which results have yet to be reported, may consist in its capacity to inform the effectiveness of future wells rather what itself produces."
For what it is worth I think it all about the NDF and what that will underpin. There was a poster on here a few weeks ago, gave one of the trolls a load of stick. I’ve looked back but can’t see the posts (bloody thread). They appeared from nowhere and were talking about this is all part of a much bigger plan, not just standalone revenue etc.
Things are looking up and I’m more confident today than what I was at 7am yesterday. I believe in BLOCK, always have, and keep adding whenever I can. This could be a huge multi bagger in the coming months especially with the number of shares in issue and current market capitalisation of just 9m! I do think the BOD do deserve some credit for not diluting the company to hell over the past few months or so. Most AIM companies would/do so that tells me they are bothered about the SP in the future.
GLA, the directors have huge stockpiles of shares paid instead of salaries and do not seem to be wanting to offload at these levels.
A strong RNS for me to start the week off. Surprised but pleased with that.
ROCKLAWN I'm a believer in BLOCK. As you say if these wells were duds we would know by now. Lots going on and much of it linked so not surprised with the wait. The BOD must know they have to get it right this time, learning from previous mistakes. I actually think they have done remarkably well not to have had a fundraise, shares for salary noted. I think they are taking a cautious approach to announcements. GLA. Il be checking in at 7am.
ROCKLAWN Certainly getting closer but I think it may not be this week, but before Christmas. Having said that I will be checking for the red dot each morning. And I believe BLOCK will come good. GLA.
Jax over the years I did dangerously near to 6 figures, but got out with a chunk of capital to have a go in other places. Hope the LTHs manage to get out here with something.
LC just never ceases to surprise us. This is the one share that absolutely did my brains in. Wishing the LTHs the very best of fortune.
ROCKLAWN It is painful Rock. I'm thinking the longer this takes the better the news may be. I feel that all of this is linked together. Plus you can sell chunks yet people don't seem to be buying. Work that out. Equally people do not seem to be selling either and if shares for salaries were being dumped by the people in the know you would think we would notice that. For me this is a really strong risk and return investment. Good luck all LTHs, the wait goes on.
ROCK Everything crossed.
Will be checking in first thing tomorrow for the Red Dot!
ROCK You would hope that once all the news is digested, those who want to sell - sell, new investors in then this will go to the middle to late teens, to start. I'm in another share that is producing nothing yet, a fundraise in coming yet the SP is rising. I'm heavily invested here because I believe BLOCK really can be life changing. Good Luck.
Chesh Thanks for the information. The wait continues. I actually think the longer the wait the bigger the news may be. Good luck everyone.
bobbbyrash 10p, I will need medical assistance.....I just believe this will come good. Best of luck to you.