Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
BLOCK ENERGY HAS COMPLETED THE EXPANSION OF THE WELL, THE COMPANY HOPES TO INCREASE OIL PRODUCTION
AUTHOR: NINO TABATADZE
Block Energy informed the investors about the successful completion of the expansion of the oil well (JSR-01) in Patardzeuli.
According to the information of the company, the drilling was carried out within the planned period and at a lower cost than the specified budget.
The well expansion is part of the launch of Project II, which is designed to estimate the 200 million barrel oil resource and accelerate production. This project is concentrated on block XIB in Patardzeuli, which is considered the most productive oil field in Georgia and from which more than 100 million barrels of oil have already been extracted.
In the license area where "Block Energy" operates, there is probably 16 billion cubic meters of natural gas deposits in the country.
As Giorgi Tatishvili, the head of the "State Oil and Gas Agency" said during his visit to the "Course of Business" in July, the license block requires horizontal drilling, and under the conditions of its utilization, the country will be able to fully meet the demand for eight years of natural gas.
"Block Energy" is one of our prospective projects, in the well drilled in Schlumberger, 16 billion cubic meters of reserves have been confirmed in the surrounding area. If you can imagine this, it is equal to the consumption of Georgia for 8 years.
Block Energy is returning to this project with a confirmed plan, expected to start late this year or early next year. Horizontal drilling should be done here to cover more rock and extract more commercial gas. At the same time, "Block Energy" is doing horizontal drilling in old wells, which has led to an increase in gas extraction by 80%," said Giorgi Tatishvili.
Hi damofarl , completely understand
The company's structure is the issue , as Tax would of been paid on pre-tax profits in the country's origin.
So should not be a problem , also its not STCM problem but the shareholders that was the point of me making.
The key word in the video is we are now carrying out pressure testing , the fact they are smiling is very hard to cover up.
Maybe PH time to payback the pain , also they could of just gone for simple sidetracks on other wells but this was there second biggest asset in terms of oil & Gas.
Waited 3 years what's another two weeks.
Just to add if it was a duster then why has PH put himself in front of the video
Need more information on rentals , not invested but a snap shot
Did look at investing last year , todays RNS is a bombshell.
the problem is Malaysian authorities minimum tax requirement as said earlier , where it appears we have a major shareholder.
Buybacks is not the answer as limited free shares available , but having read the Malaysian authorities minimum tax requirement its regarding Pre-tax paid on company's profits which has been paid in there own country. The Confusion is minor but the dividend will be subject to tax in any country and appears that the main shareholders was except until now with the new Malaysian law introduced , as my shares are held in ISA account then no tax will be paid until a new law introduced as in the case in Malaysian law.
The End point is STCM will not foot any bill , Dividends are personal
Even better news
Be more happy with with dividend , but then it does not matter both ways.
Have to say bought into today , there are issues with Interim dividends but not so on year end dividends.
This is across the globe to stop company's paying dividends then 4 months latter going bankrupt.
Problem is the legislation for this across the globe is out of synch.
So expecting Full year dividend to be announced at full year accounts.
Pumpky where did you imagine revenue as £8 million ; 2021 final accounts is £5.7 Million
Im afraid that all trust gone with management and our loan agreement will run dry within 6 months.
We trusted this agreement with 2nd coffee supplier to be a game changer event , this is not so and no facts of actual projection except we will still be in deficit in debt.
Debt is only good if you make a profit , hence why share price crashed today.
Can only see a white knight that will bring this private or another company to rescue.
magic , not even a positive spin