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Well most of the warrants are owned by PH and his pals.It would be advantageous for the company if they decide to exercise them soon but there is plenty of time before they expire.
Also based on PH`s promise of a quantum leap and most probably having inside knowledge of of the progress of the projects I do not think they will exercise them as yet.
For sure they are not going to sell the resulting shares before the quantum leap .
Grower 69,
My exact words were:< it is evident that the 4th quarter was worse than expected> and is based on logic, not speculation. I did not say q4 was significantly down because I do not know. I am not privy to their books .But one must be suspicious .I do not see how the 4th quarter results would affect the negotiations for a farm out.
When PH spoke in March about positive cash flow and profit he was referring to the 1st quarter 2024 and this is logical as they are not spending a cent on opex.
I have an extra reason for not trusting PH because a few quarters back he was saying that all opex expenses were covered y the income from sales but suddenly he arranged to lend us a couple of millions at 16%+++
]Anyhow after the quantum leap saga I was also convinced and bought in again to lower my average.
It remains to be seen if the leap will be on target or under or overshoot it.
Bobby do not count on The AGM results .The outcome is known in advance.The significant shareholders invested because of Paul Hayward in the first place.The value of their investment compared to their portofolio is very small and their success will not depend on the minor investment in Block.Hopefully there will be news sooner than later.
The 2023 results will soon reveal what was actually behind the postponement of the quarterly notification of the progress of the company.Of course it is evident that the 4th quarter was worse than expected. Unfortunately we are trapped into going along with PH whatever the final outcome.
Best of luck to all LTHolders.
Bigboffer you areb right.He is working (part time) for his benefit and the benefit of his cronies.he will make sure the SP will suit his expected free allotment of shares in the next few months.
Well some of us on this board think that with the loan at 16% +++ he is doing us a favour.
I gave up calling for his departure .It seems he is well connected to all significant shareholders
Last time before the AGM I contacted all of them but to no avail.
Best of luck to all LTHolders. At the not distant future we will be rewarded
I am sure the Farm out process for Project III started on or about December 23.From RNS 22 December ''Following continued development during 2023, Project III was declared a gas resource of strategic importance by the State of Georgia, and Block has concluded it is now ready to support a farm-out at the asset level. Until now the Project has been funded organically through cashflows from Project I. The accelerated development of Project III has a good chance of success and promises to have a material impact on its Net Asset Value''.
My estimate is that we will have a relevant RNS before the announcement of the 2023 results (11 May).
Completely agree Bitsas and Bigboffer.
Overpaid for part-time work at BLOE over promising and underperforming.
A few more quarters of waiting for the Quantum leap.
I only hope he rereads his promises regarding KRT-45Z.
Blessed are the poor in spirit for they shall inherit the earth and FRR shares!!!
Good morning Shedulike and best wishes for a happy 2024 to you and fellow blogers.
Based on the Quantum leap promise from PH I placed an order for shares of BLOE worth £1400,00 with a limit of 1,25p.The order resulted in purchasing 112100 shares at 9.00 am UT at 1,12p and 11647 shares at 16.40 pm UT at 1,25p.
It seems that at the uncrossing times those were the best purchases to be made. Unfotunately or fortunately this is the result of an illiquid market for BLOE shares.
Hopefully things will improve in the next couple of quarters on the basis of the CNPC stuff.
Best of luck to all LT Holders.
Hepseal,
i do not think the BOD are in a hurry to repay the loan. On the contrary they would be very happy to extend it or even lend us more money at such favourable terms(16% interest rate +++)
Anyhow it will be interesting to see the 4th quarter results and hope that they suceed in maintaining production levels above 600 boepd which will result in a profitable 2023.
Good luck to all LT Holders.
Paul Haywood
(Chief Executive Officer)
Block Energy plc
Tel: +44 (0)20 3468 9891
Nobody is answering the phone
The sooner he is replaced the better for us LT holders.
My interpretation of his actions is as follows:
1)They want the SP as low as possible until the end of the year because I suspect the allocation of grants of shares based on performance (what performance will be calculated using the low SP.
2)They are spending most of the income on maitaining or upgrading existing wells and not on new wells to achieve a profitable 2023(first ever year in profit..
I am sure that some time in January they will announce when they will spud KRT-45Z.
I e-mailed Spark advsory protesting the complete lack of commmunications and in case they reply i will communicate it to the board.
Bitsas004,
We will need about 36240000.(5% of approx 724000000).
it will be a difficult task. I personally hold more than 5 million shares .
Technically how and where would you register your shares to form the 5% group?
Thanks a lot staypositive.
Hopefully we will get a positive RNS in the next few days and things will change for the better.After all it is probably the fourth time in the last 3 years that the share price dipped below 1p but eventually recovered. Best of luck!!!
Staypositive,
At what price will H&L buy the few million shares you mentioned in your post of the 11th November?
I started losing my patience with this joke of a BOD and probably sell out at a substantial loss.
GLA
Hepseal,
Your comparison table would be pragmatic if you included the No. of shares and options in issue and the relevant numbers for Paul Haywood and the Emploee Benefit Trustee fund.
Shareholder value is dropping rapidly and the reason is that PH policy is to keep the share value low so that he can allocate to himself and his cronies shares on the cheap. The only way to have a decent share valuation is to get rid of PH and friends.
Although I sent e-mails to the major share holders before the last AGM asking them to vote against the relevant resolutions they do not ssem to care.
Best of luck
From 3rd qt RNS.
During the quarter, the Company's financial position continued to improve on the back of strong sales and a higher, relative to last period, oil price.
Sales were worse both volumewise and pricewise.Especially the latter. Average brent price for the quarter was about $85 and they sold at an average of $69,8.
The Big Chief and the chief of Finance should let us know what the hell is happening !!!
Much lower sales at fishy prices and a much higher inventory.
Perhaps another loan from the usual bunch is in the offing.
Best of Luck but this will come if we get rid of the Chief and his cronies
As always the information provided is confusing.On the one hand they tell us that the previous two wells are still performing above expectations and that the overall production is only 20 boepd above the 2nd quarter average.
Fortunately the price of oil will make the difference as far as income.
I estimate this will come to circa $3800000 which will most propably cover the operations cost.
Patience is the key for those who want to make a profit on their investment.
Currently Brent is trading above $93 per barrel and analysts are forcasting it will exceed $100 by year end.
Windfall profit for BLOE, especially if flowrates from WR 34 are good.We wiil know soon.
GLA
Rock,
Flow results of circa 320 boepd will get the SP to 2,50p and any news about the next drill will move it above 3p
I expect news will come in the next 4-8 days.
GLA
Based on JKT-01Z history total depth was reached in about 4 weeks and initial testing results were released after 5-6 weeks from spud date.
I expect that TD of WR-34Z has already been reached and initial testing results will be announced next week.
Hopefully results will be at the high end of expectations!!!
Hi Bitsas004,
Based on current oil and gas revenues, if current production in the 3rd quarter is the same as in the second we will definitely make a profit. I estmate 3rd quarter rvenue to be circa $3200000 and expendture circa $2900000 not taking into account any production from WR34-ST.
By the way,did you spot the whereabouts of the A-80 drilling rig? It will be interesting to know if it is still in our assets or it has been sold to meet the cost of the very aggressive drilling plan of PH and company.