Member Info for yiannakism45

After the 2nd of February RNS by which Paul and his associates revealed their personal greed with the Shylock style loan to us shareholders (16% +cheap options in their favour) I feel trapped and angered and the only hope for us LT holders is to replace him and his associates the soonest.
Rocklawn et al, who in his right senses will invest in a company that the CEO and Board members lend money effectively to its shareholders at such self-interest Shylock style terms?
1)I must confess that the two deals with Schlumberger and Georgian Oil Company were smart and they will turn out to be very valuable.
2)It is in his Personal interest to keep the SP as low as possible and will only act otherwise if any of the Institutional Investors question his tricks. By mid 2023 he will have amassed 75000000 nil cost options and shares(about 10% of the company) on the cheap.
For February 2023 he was granted 611000 nil cost options while in November 2020 only 143096 nil cost options. No wonder he is not in a harry to help the SP rise.
Whatever happened to project 2.
Chesh, how many deepenings have they carried out?

It seems that a few Institutional Investors have escaped unnoticed.
The list dated 7 March does not show:1) Hargreaves Lansdown(nominees) previously with 13,53% of the shares
2)Interactive Investor Services(nominees) previously with 12,20% of the shares
3) Vidacos Nominees Ltd previously with 5,34% of the shares
4)Lynchwood Nominees Ltd previously with 4,57% of the shares
5)Barclays Direct Investing Nominees Ltd previously with 3,27% of the shares
Did they abandon ship? Did they sell to others and at what price?
Can the PH supporters give an explanation?

Chess,
I am definitely not selling at a big loss. I would rather wait for the expulsion of this incapable BOD by the next AGM or earlier if the Institutional investors wake up from their hibernation.
I am sure the SP will jump once we get rid of them.

Unfortunately the RNS will land any time and for the next couple of months. Unless they are using the funds the are lending BLOE at 16% +++ and they will make sure they they make additional profit.
Their GREED is limitless.

In my mind the main reason for the delay in issuing an RNS is greed on the part of PH and the BOD .
They want to get additional nil cost options on the cheap. So do not expect an RNS before the end of the month.
This is my conclusion after the RNS of 2nd of February whereby apart from the 16% interest they are charging us (they call this NDF) they are securing 25million options at 1,7p exercisable on the 2nd July 2024.
This is the ethical level of PH and company.
Well it seems we will have to wait until August for getting rid of them unless somebody from the invested Institutions wake up from their deep sleep.
I will try to contact them in the next few days to make sure they know how their investment is being managed.
GLA

Fairy Tale No1-From the audited results for 2021 published1 July 2022.
The directors have prepared cash flow forecasts for a period of 18 months from the date of signing these financial statements. The Group's forecasts are reviewed regularly to assess whether any actions to curtail expenditure or cut costs are required. The Group is in the final stages of preparing to drill a horizontal sidetrack in the WR-B01 well followed by sidetracks of other wells. The forecasts assume the wells will produce oil and gas, which would be sold, and indicate the Group has sufficient funds to complete the drilling of the wells and to meet its liabilities as they fall due until December 2023.-Hard fact- The overheads are excessively high. Hence in the 4th quarter update they did not provide a cash at bank figure nor an oil in stock figure.
Fairy tale No.2- The deepening of wells such as JSR-01 cost about 100k U.S.Dollars.
This figure is discounting Overheads which can be anything between 200k U.S.Dollars each if they drill 12 in a year or 600k U.S.Dollars each if they drill only 5.
Not taking into consideration the new Overhead of punitive interest charges.
GL all. It is the only way out of this trap.

Or perhaps two or three

Well Godot made an appearance after all to lend us money on his own terms despite the original plan of funding from the cash reserves and ongoing cash flows.

From RNS dated 13 December 2022 -Spudding of wellWR-B01 ST
{{Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi. The well is being funded from the Company's cash reserves and ongoing cashflows.}}

Piscator,
I am heavily invested in Block and even if I had more funds for investment in shares i would go for other shares which are more liquid and have similar chances to prove successful in the Oil &Gas sector which I follow.
Hopefully despite the failings of the BOD LT Holders will get a reasonable return on their investment because the assets of Block are definitely worth a lot more than the current valuation. We have to be patient and hope for the best
GL with your investment.

Chesh,
Thanks for reminding us .So 20% of the interest paid on 2/2/2023 (42000 U.S.Dollars) goes to the deep pockets and the rest to the cronies.
In case the current drill is a success and we do not need the money we will pay 2% for the early repayment.
If you have an accountant just ask him how he would describe this so called Secured Loan facility.

Piscator,
I am airing my genuine concerns. In fact I have been buying last year and lowered my average from 3,55p to 2,67p and am here to get a reasonable return on my investment but I cannot turn a blind eye on what looks now very probable considering the actions of PH and the BOD. They are driving the SP down
Edale Capital have bought and hold 3,12% of the capital at 1,85p as you may remember The rest of the funds have bought in at much higher prices. .What a golden opportunity to add to their holding at the current beaten up SP if they would trust the management.
Well based on my thinking I suppose they would not trust the CEO and Board members behaving the way they do.

After the 2nd of February RNS by which Paul and his associates revealed their personal greed with the Shylock style loan to us shareholders (16% +cheap options in their favour) I feel trapped and angered and the only hope for us LT holders is to replace him and his associates the soonest.
Rocklawn who in his right senses will invest in a company that the CEO and Board members lend money effectively to its shareholders at such self-interest Shylock style terms?
It seems that after we managed to oppose the Scottish brigade we are stuck with a CEO and Board that are only looking after their personal interest and pockets at the expense of LT holders.
I would be interested to find out from other trapped and angered shareholders the course of action required to achieve this.
Now is the time to act.
PH will soon be the owner of more than 100 million nil cost options obtained on the cheap through the now infamous cash preservation scheme which I am sure he devised to suit himself.
GLA

It seems that the presentation has been released on purpose in succession to the RNS of the infamous funding provided by the board suited for their pockets.
It now looks certain that the results of the current sidetrack drilling will be below our expectations .
I will be very happy if proved wrong but the lack of news in this instance point to bad news .
GLA

Snouts in the trough galore.
I suspect the SP is being kept low to maximize the number of shares alloted to the beneficiaries.
Additionally 12 947 264 Bonus Options were alloted based on performance.!!!
What performance? May we ask.
Unfortunately we are being diluted Big Time based on very poor performance.
GLA

Sorry,
average for 4th qrt was 374 bopd.

Grower,

Current production must be around 360 bopd (average for 4th qrt was 704 bopd)
Plus 45 bopd from the deepening of JSR-01
GL with your investment .We ill definitely need it.

I figure we will get an RNS on Thursday 26/1/2023 hopefully analogous if not better than the one of 24/1/2022.if not on Thursday then next week for sure.
A bit of luck is all we need at this point.

From previous drills I estimate that the horizontal part should not take more than twelve days. I guess they will want to test for at least one week and then issue an RNS. So I expect an RNS by the end of the month or first week of February.

((The ongoing JSR-01 DEEP testing programme has been designed to systematically evaluate three independent intervals of the reservoir, with different fracture characteristics and, as such, differs from the programmes used in the Company's West Rustavi/Krtsanisi oil field. The primary objective of the testing programme is the accurate definition of the oil-productive zones, to support the optimal design of future horizontal wells in the Project II full-field redevelopment.))From the above I guess it will take 2-4 weeks to evaluate which zone they will side track horizontally to achieve best production.I hope patience and perseverance will be rewarded soon.GLA