The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
On 13th October 2022 Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"Q3 saw the Company deliver robust production, good cashflows and end the period with cash and oil inventory that will support the ongoing and self-funding development of its three-project strategy. The successful deepening of well JSR-01 saw the progression of this strategy and reflected the Company's technical and operational excellence. Block is better placed than ever to progress and realise the value opportunity that exists across its portfolio, whilst testing JSR-01 DEEP and preparing for drilling the next well in our multi well drilling programme.
What happened to the self funding course set out by the big chief.We now owe him and his associates about $2,0million and he is granting himself a few million shares after failing on his promises.
Gary 1960,
agree with you 100%
Anyhow hopefully the WR34-ST will be successgul and the oil price will be above $90 by the time they announce the results.
Personally I will sell out given the opportunity as I cannot trust PH and the BOD.
GLA
Bullish sentiment has been building for weeks in oil markets, and it seems most analysts expect supply constraints to push prices higher.Most analysts expect the price of Brent crude to be around $86 per barrel in the 3rd quarter and $92 in the 4th quarter 2023. In such a case BLOE will be cash positive in the next two quarters irrespective of the outcome of WR34-ST.
GLA
Hopefully with the experience gained by the drilling team over the last several months and based on the time frame required for drilling and testing of JKT-01Z we will get news of reaching TD in mid-August and testing results in early September .By that time hopefully we will get concrete news for the other projects.
I wish to express mine and other LT Holders appreciation to Bitsas004, Shedulike,Hepseal and other contributors in clearing the everlasting fog created by the agressive boss of BLOE regarding current and future operations.No concrete plans for the near future announced with this RNS apart from the promise of an agressive drilling plan for the next 18 months .
Bitsas004 may be you should start looking via satellite for the upgraded A-80 service rig which has gone missing after deepening the JSR -01 well many months ago.
GLA
Well I think we should all pray that GOLDFISH PH will regain his voice before the end of the month.
Shed,
"Two new wells will be drilled from existing pads of Wells JKT-01Z and WR-34 respectively".
This suggests that there is an existing pad at the location of WR-34. That is why I think KRT-45 will be spud with a newly constructed concrete pad.
As i said previously at this moment in time we need concrete news for all projects from a goldfish named PH.
GLA
Based on The latest satellite image provided by Bitsas004 I am confident we will get an RNS to-morrow or Thursday.I think it is immaterial whether we spud KRT-45 or WR-34 first.
Best of luck LTHolders
Hepseal,
May be you are right but i am not so much concerned about the location as both KRT-45 and WR34 are existing wells waiting for the big boss to side track them.
I am worried by his possible motives of driving the Share Price into the ground.In early April the SP was 1,95p and with proper management and PR could have easily gone above 3p.
God knows what is in his mind but after the loan he arranged for the company I do not trust him a bit. I wonder what other means he will contrive to milk the company.
GLA
We will need it
After studying in depth ERCE`s competent person`s report and the associated maps I have come to the conclusion that Bitsas004 original location is actually KRT-45 location which is 350m from the other well compound.(41.593743,44.887087)which seems to be the KRT-39 compound.Please delete my previous post which was inadvertently posted while editing.
Hopefully they will communicate next week and evrything will be clarified.
GLA
After studying in depth ERCE`s competent person. This is the well location.About 350m from the other well compound.(41.593743,44.887087) I am not sure when the satellite image was uploaded but it seems that we will be lucky if we spud by the end of the month.
Thanks Bitsas004 for the info.
Please note that the concrete pad will need 7-14 days to cure once cast.
Well we need to be patient because the boss is too busy to communicate with the shareholders.
He is still counting the interest he received lately for the loan he arranged for the company.
GLA
Bitsas 004 you are right. This is the well location.About 350m from the other well compound.(41.593743,44.887087) I am not sure when the satellite image was uploaded but it seems that we will be lucky if we spud by the end of the month.
Hopefully PH will not lend us another million $ because of the delay due to his incompetence.This well could have been spud in May or mid-June the latest.
GLA
The SP will rise when there are concrete news about operations moving forward.As usual Block failed to give the market concrete information on all four projects.Even the spud date is still in the air .It could be the end of July which is not good enough.
No mention of Project 2 and the famous upgraded A-80 contraption .Is it rusting waiting for PH which of the 5-6 canditate wells will be deepened? Hopefully there will be a proper update next week.
In simple maths end of quarter daily production circa 685 boepd
I wonder why operational man-hours by staff and sub-contractors were so low.
Bitsas,
It is 1500 metres from the WR-BO1 ST. See RNS dated 12 May. This is not of course material.
It took them ages to study and finalise the target.
You need to have a bigger than a donkey`s ... patience with PH.
Well at least we will get the 2nd Quarter Operations update on or about the 7th of July and hope for the best.
Sorry Shedulike,
My mistake. The RNS was on 8 April 2022 No.7255H
https://www.lse.co.uk/rns/BLOE/directorpdmr-shareholding-5ntg9eji5z1yen0.html
According to the RNS of 8 April 2021 about 12 million bonus shares were granted to PH and the board for their excellent performance (2,537,037 to PH)to be excersiced on 30/6/2023.
I am sure PH will appear on tweeter on the same date on top of the drilling rig opening a Moet &Chandon or at least a Veuve Clicot celebrating his achievements especially the excellent shareholder value as promised.
GLA
If anybody will attend the AGM can you please ask PH the following 2 questions:
1) In December he promised to progress low-cost drilling using the Company's recently upgraded A-80 service rig for an initial well-deepening programme across the field (with average costs per deepening operation anticipated to be in the USD 100k region). An opportunity set of 15 existing vertical wells is being ranked to define the optimal deepening candidates.What happened to the rig?Have they rented it to a third party?
2) For the last 2 years he has been promising that Non Diluting Financing was progressing and was a matter of time to be concluded.Which banks did he approach? Instead he has arranged a loan with terrible terms in favour of the lenders (including himself) and attached warrants which will dilute the company shareholders.I am sure a lot of banks would love to lend us money at much better terms.
As expected no formal update on operations via RNS prior to the AGM. PH and company want to keep the SP subdued for the next couple of weeks hoping that resolutions 5 and 6 will be passed.
If the shareholders hopefully vote against resolutions 5 and 6 to protect their holding, I am sure the SP will rise accordingly.It is a shame that by the lack of communications and their infamous additional financing they managed to drop the SP from 1,95p after the news of the successful latest drill to below 1,15p
Hopefully some people including myself took advantage to buy in at these subdued price as there is a very good chance that despite all BLOE will rise substantially by the end of the year.
Good luck to all LTHolders and still hoping for a good outcome of the AGM.