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SwearingNige... not sure who you are pointing the 'vile' statement to but as far I would like to defend myself all my comments are from 'actual statements to the market" and PH's interviews.
I'd like to add to your 'facts about where this company is going and what is happening...
£12m raised to accelerate our program.
…Because we suspended 16az after telling the world it was 1100bpod!
Possible further acquisitions.
…YEP..POSSIBLE!!! But just another statement.
Currently making a profit at this very early stage.
…AGREE…
Spudding of WR38 possibly this month / early next month.
…But not probably …going by this last few months waiting for 16az!
Gas off take deal signed shortly….
…Why no mention of Gas since announcement of 16az discovery???
3D siesmic survey of 80 sqKM when we only lease 40 sq KM!
…Another statement…Let’s See.!
Updated CPR…
…Another statement…Let’s See.!
Update on WR16Az shortly.
FFS… what have you missed…? We got an update after waiting months ...1100 down to 360 (OH SORRY we have a Clean Up…)
And previous statements said...
01 April… 2019
“that production testing at well 16a ('the well') at its West Rustavi field ('West Rustavi') delivered a test flow rate of an average 1,100 bbl/d versus the previously announced target production rate of 325 bbl/d”
17 April 2019…
"is pleased to announce that well 16aZ ('the well' or '16aZ') at its West Rustavi field ('West Rustavi') continues to produce, as the limits of crude oil storage allow, at rates consistent with the average test flow rate of 1,100 bbl/d ('barrels per day') announced on 1 April 2019
2 weeks of continuous flow, then I guess we stopped because we could not store it.
We were never told it was stopped/suspended and then told we RESUMED on 26th July!
So in reality if this does not go back to 110bbl/d.. then we are without doubt being told porkies!!!
I am posting facts.. I am in a loss with this share and not shorting (because I don't no how to).
I am trying to show that we are being fed a degree of buls**t by this company.
And if it makes you more confident that anyone is happy to announce he/she has invested £x amount into a share... AH!
Mike31... just seen some of your previous posts regarding 'Block before Block"..LOL
I had posted before that I thought PH had to be knowledgeable about "flow rates". "Clean ups" etc, because he had Norio, blah, blah blah...! I had questioned his continuous presentations about the tremendous scope for these wells. I have done all possible research about Block... BUT I never knew about Goldcrest... So I am a complete KNOB HEAD....
I can now see this is a potential hook, line and sinker 'DUD SHARE'... Paul Hayward is beginning to look like a proper 'Arfur Daley'.. 'drag em in and sink em fast'! he has spun a scary yarn and everyone has fallen for it.
This share will never see 20p... If I get to my 15p break even.. I will be Viv and Clarke (look it up) out of here...!
I see some poor comments about your posts but yet I do not see anyone condemning PH about his 'false statements on April".. From April 1 RNS:
‘The well is completed in a horizontal section, 522 metres long, in the Middle Eocene formation with a 4½ inch slotted liner. It was opened on 26 March 2019 and, after a short period of swabbing, began flowing naturally, producing a combination of oil and returned drilling fluid at average rates of 1,500 bbl/d through a ¼ inch choke. During the initial six hour clean-up phase stable wellhead flowing pressures of 500 to 550 psig were observed.
NOTE the six hour CLEAN UP PHASE... OH DEAR it's been a week and we don't have a CLEAN PHASE for the pathetic 295 bopd since Mondays RNS.. .. can we equate that please.. Six hours.. at 1000 bpod (roughly)... 1 WEEK AT 395 bopd.. DOH!!!
And there will be no RNS next week JUST WATCH!
OH... just at add to may last comment.. am I right in saying that a well flowing at 1000bopd taking six hours to clean up... means a well flowing at 360bopd will be approx 2.7 times slower.. (because of less pressure or is that irrelevant?
If so..lets call it 3.0..OMG that's 18 hours we have to wait till CLEAN UP...!
OH **** now I'm really worried.. was this some sort of 'Curry Presentation meeting'? I'd like to think not as there was Tomato Ketchup present! But why on earth is PH doing that 'presentation'???
https://www.youtube.com/watch?v=Z2fcfdMTAVQ
I stopped watching after 5 mins... this is just another HYPE (by him) I GUESS!
This just adds to the overflow of interviews that has been a forefront of this stock since 16az was announced.
PH has come the media with all guns blazing about the staggering prospects of the future... of Oil, Gas and prospective wells to be drilled.
When you are told to DO YOUR OWN RESEARCH when investing what more can you do than see the history of the wells that have been drilled at this location, listen to the interviews and analysis that the CEO is giving, establish the credentials of licenses that have been acquired while researching the sites and see the increase to 100% working interest by Block in West Rustavi etc,.
Only to have a statement full of ****e that had no relevance to the the original mind blowing gusher over a month ago?
I have invested decent in my budget situation, however not as big as some “make out” and some “point out” …
BUT my relevant point is ... If we all back track to the original announcement that gained all interest in this (Company) Well 16az .. there were NO NEGATIVES! No bad water and no doubt about flow… OH AND had an "initial six hour clean-up phase THAT gave a stable wellhead flowing pressures of 500 to 550 psig !!!
So we cleaned up in six hours with a well flowing at approx 1000bopd... Let’s add to that...
"Following the current build-up phase the well will be placed on production using the field's existing test facilities, and the oil trucked to a nearby oil storage facility where it will be stored until sale."
WHAT... ??? they know they have probably 1000bopd.. and state they will ship it for storage... BUT we shut the fckr down without telling anyone (for a month) then bring it back online at diddly **** capacity while we CLEAN UP... that only took SIX HOURS PREVIOUSLY at 1000 bopd...!
HOW can you foresee you have 1000bopd one minute to realise you actually don’t have storage then bring it back at 360 bopd after securing more storage?
I am not a short seller.. I don’t have funds to short sell, so I am not trying to run this stock down.. I just SEE THE TRUTH as it is.
I have invested here all my spare money… I feel I have been shafted because I have DONE MY RESEARCH.. and been fed BULL **** LIES.
PH is not new to Oil and production is he?
Block has Norio and Satskhenisi licences, producing!
So he knows the score when stating flow rates, oil production etc.
So he CLEARLY did not tell the truth (on ‘valuethemarkets’ 2019/07/09 16az) when stated that …
“We have been running lots of pressure test studies, we’ve been running down hole gauges, for some time…just to get a feel on exactly how we should or should not produce this well…The current expectations we will bring it online anywhere between 800-1000bopd. In fact that’s one of the lowest production rates available to us because if we choke the well back any further is just becomes quite unstable! Because the choke size is not large enough to enable the oil molecules to flow”
I don’t give a hoot how many people say you cannot evaluate real time flow rates and bopd rates “till the hole is clean”… It’s a blatant, misleading statement.
And there is absolutely NO WAY on this earth that 16az will reach 800 bopd… (let alone 1100) because in my opinion now.. I am beginning to think it was never even there in the first place.
Today... I am going to win the lottery tomorrow... and I will give all the posters on here £1000.
Sunday... I didn't win the lottery last night because some of my numbers didn't come up... I will give you all £1000 pounds next week, when I win the lottery (after the clean up).. PH
"He hasn't been proven wrong yet has he"...
Which bit are you missing STARBUCKS???
..."The current expectations we will bring it online anywhere between 800-1000bopd. In fact that’s one of the lowest production rates available to us because if we choke the well back any further is just becomes quite unstable! Because the choke size is not large enough to enable the oil molecules to flow".
SEA7.. I can see you would like to give him the benefit of the doubt ... however, make that statement in interviews that there are more tests to determine this "POSSIBLE" rate... there has been no negatives from him whatsoever.. he even mentioned somewhere 1400 bopd.. !
Keboo, I agree, we can do all our research and check all available information to enable us to invest and when we are 100% MISLEAD then there is a case for someone to look into what has been stated to the public regarding misleading information.
It is very obvious that the expectations that PH led everyone to believe was well and truly a fabrication and ultimately MISLEADING to the market and all investors. In the 'valuethemarkets' podcast https://www.valuethemarkets.com/2019/07/09/valuethemarkets-podcast-011-with-paul-haywood-ceo-of-block-energy-bloe/ on the 9th July he states clearly the following statement.. "We have been running lots of pressure test studies, we’ve been running down hole gauges, for some time…just to get a feel on exactly how we should or should not produce this well…The current expectations we will bring it online anywhere between 800-1000bopd. In fact that’s one of the lowest production rates available to us because if we choke the well back any further is just becomes quite unstable! Because the choke size is not large enough to enable the oil molecules to flow".
He has stated that they have been testing the well and has NEVER mention any problems with water etc...
There is no reason for anyone to say he has NOT mislead the market whatsoever becasue he has actually stated that this was probably minimal expectation... and again has not outlined ANY problems despite 'TESTING FOR SOME TIME'!
pawnsacrifice... I just listened to the audiboom podcast and I also have not heard the 1400bpd before... not sure if this just getting a bit vamped up and that worries me. He has now done a presentation and two interviews in a few days that just unsettles me. The stats look amazing but why the over hype?
Notes from the interview ‘valuethemarkets’ 2019/07/09
Q. What to expect from 16az…
800-1000 bpd Lowest production rate available as it becomes unstable.
Iron out wrinkles, see storage and selling issues and may adjust that.
Declines rates P10 =1% per month… P50 the (most likely), =1.5-2% per month.
Sample well in similar field has exceptions, one well from the late 90’s still in production
Another producing 2-3000bpd lasted only 1/2 years.
Payback on 1000bpd =1 month to 6 weeks for free cash.
Q. Spend on raised cash…
Summer drill first well 38, step out from 16az, similar depth 500/600mtr.
Expecting a successful well to increase oil production and P90/P50.
Following on is well 30 on western side should yet again have a significant impact on reserves/resources.
Exploring Gas reserves first… deeper and re-test gas discoveries that historically flowed at 1.5-2mil cfd.
Horizontally back into well 30 and bring on as a producer.
Well no. 51 NW of 16az and well 50 to be drilled in 4 well programme.
Agreement to move to 100% interest in West Rustavi before end of August.
Also New wells will be tested.
3D seismic campaign ongoing parallel to drilling programme.
Building a central processing facility in West Rustavi to serve production.
Profiles on the wells..
Not stabs in the dark, from historical drilling these are established oil discoveries.
BLOE are not explorers and are applying technology that was not available before.
Staying focused in Georgia for now no need to look elsewhere.
Happy with all agreements with Georgia Government and never known PSE’s being revoked.
Well designs and programmes have had permits retuned within 10 days.
Q. Where are BLOE in 2/3 years time.
Expected to be in region of…
Oil… 8-10000 bpd… Gas… 15/20mil cpd
Not in Georgia to be producing 1/2000 per day .. will be disappointed if not circa 10000bpd in next couple of years.
P50 development case is 15-20 Wells in West Rustavi.