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I couldn’t find it either Lucas! Question why? JP is embarrassed by his naive inexperienced comms or masking his aptitude for the dark arts....

Shedulike - JP should open his web browser and watch back the interview he gave Malcolm Graham wood post TE7. Its embarrassing and either shows his inexperience or an aptitude for the dark arts - truly shocking!

JP have you recently watched the sound presentation event held at the shard in 2016? With hindsight would you agree the language used was irresponsible and why is the video no longer on YouTube?

CRUDE - James has been well rewarded and is a dynamic and direct CEO but inexperienced and this showed in the reaction to encouraging results from the initial drilling. For balance do you endorse his language and terminology with the gift of hindsight? As for BM he has added no value to date other than his initial landing as a marque signing with past association to majors. The team have yet to demonstrate any correlation between the internal model and hydrocarbons! We can’t just blindly believe when evidence to the contrary is stacking fast. I’ll now stop my positing but surely you must see the BOD need to be taken to task.

Lyndon. To my mind a new face would now only add time into the equation and based on our burn rate this is not an opportune time to throw the baby out with the bath water. I know the risks and accepted them on the balance of probability. This is exploration but the nature of the RNSs and the drawn out testing smacks of this team buying time on unconvincing data and sub commercial gas shows - for whom and why? Ill never know.

Agreed on BM - it’s pin the tail on the donkey at the moment and any value brought from the seismic programme and internal model since his arrival is highly questionable. I’m here to the end now whatever the weather but I do expect Brian to take a pay cut.

Will James agree to share options in lieu of salary - NO chance! This is now a binary outcome based on a last chance saloon TE11 results and I don’t want to hear about seismic interpretation delays - mobilise rig and get on with it! The protracted testing and delays on equipment are just exhausting!

We should all know the risks and manage our exposure accordingly - this cannot be disputed. However I do feel for those taken in by a CEO proclaiming that golden tickets are being offered, that the geology is analogous to Algeria and that a 3 digit share price might not cut it without a care in the world. JP has drawn an unjustifiable salary based on results to date and exercised poor judgement but we all knew the risks and on balance took our chances. TE11 - absolute make or break time !

We may not be the operator but 30% of CPO5 could easily be valued at $250-300m very near term.

Regardless of BOD performance the acquisitions and licences takien in the down turn are beginning to reap rewards. I’m with Malcy in the fact that CPO-5 alone could covers today’s Mcap with 2 more appraisal wells. If we had a company listed on the junior market today with no debt and 30% licence stake in an onshore field where characteristics show wells perform at flow rate of 3000 to 5000 with 2 flowing wells and $40m on the balance sheet? Relax and wait - eventually this will pay off. GLA

If there was not a reasonable expectation of a commercial flow rate based on the data post MDT the coiled tubing would never have been ordered. SLB don’t mobilise equipment and allocate resources on a whim. We may fall short of commercial rates but I’d be surprised. Regardless the data gathered from te10 has definite value unlike te9 to any prospective buyer. Patience required but I’m feeling upbeat!

with 2 firm back to back wells and cash to hand for 3 more drills this is not a spud announcement to sell into IMV. However many may be overweight and choose to derisk. The geology next door, 10 strikes from 11 hit rate and hammerhead tail extending onto our licence has already done the derisking. £140m Mcap might seem high for an exploration play but this is as good as it ever gets. Oil discovery tilted heavily in our favour.

Whilst IMO the TE5 Horst provides a solid foundation to underpin the SP at any LE I am bemused at how some arrive at £2.50. With over 1 billion shares in issue TE10 results need to be big prior to a major stumping up £2.5B. Fingers crossed for strong pre stimulation results. GLA

Next news: Confirmation of development plan and timelines for imminent spud of well 38. We can also expect news on Bago gas quality analysis and infrastructure requirements and formal application to begin production which require government sign off. Hopefully within next 2-3 months the gas will be generating revenue and set a precedent for future add ons. The oil production should be hitting the bottom line as we speak. If well 38 can deliver similar results we could be producing 2200 bopd by end of 2019. Market cap would need to be circa £80m at least. I would have no issues with a placing at 9-10p if it allowed for working capital to accelerate a new work program but I just can’t see it being needed given the clear path to revenue from first oil. Strong HOLD for 30p within year

Thanks AJ. Very useful.

Precisely. Average per MCM gas circa let’s say conservative $240. 14,000 cubic metres = 14 MCM. 14x$240 = $3360 per day - x 365 = $1,226 400. Plenty more to come here and a cracking gas result alongside the 1100 BOPD (infrastructure permitting). GLA

If you copy and paste the content into google you should find a ceo interview on total market solution website. Most importantly on the gas front whilst we still need to ink the offtake agreement and associated commercials it is clear Bago are committed. I have noted that when the RNS confirming the MOU it was unclear what percentage of associated infrastructure costs would be born by BLOE. From MOU RNS “Bago is considering financing wholly, or in part, required gas infrastructure at West Rustavi, including pipeline tie backs to local infrastructure and gas processing plant solutions“. However in the recent results RNS it was confirmed Bago will fully finance ALL gas infrastructure the field requires, including pipeline tie backs to local infrastructure and gas processing plant solutions. This might impact commercials in year one but is offset by the low CApex requirements from block. Excellent news!

Q6. With regards to the activity at Norio and West Rustavi, roughly what process do you need to follow and how soon can any potential finds be converted into cash flow? Any production increase will immediately feed into current infrastructure for selling. Substantial work has been done to bring the production facility to industry standard. We currently sell our crude at Brent minus US $10 to a domestic refinery which has capacity to acquire up to 2,500 bopd from Block. Should we exceed these levels the Company will seek to tie back into the BP line, which is also available to us at 2,500 bopd – and much more. This line is close to both West Rustavi and norio.

Pretty sure the cost of 750bbl oil storage tanks are not an issue here when you have FCF of $1m a month... this is the real deal and Bloe have previously made it clear a local refinery have committed to take up to 2500 bpd at $10 discount to oil price. Beyond this a tie in to the BP line would be needed. My understanding is that 2500 capacity has already been reviewed and approved. Can anyone else confirm my thinking?

Difficult to be patient with the timelines in play constantly moving. My thoughts are that Schlumberger wouldn’t just come along for the ride if the initial data suggested this was a 50:50 punt with limited confidence of a material discovery. Regardless of SOU equity stake I’m pretty sure SLB would exert their will based on experience and feedback from those on the ground. I will be surprised of this is not a commercial discovery based on the low threshold of 2mmcf