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Come off it LB28, there is no need for that. People can interpret what is said in the RNS differently, especially when there is a lack of details. The test production was stopped I assume because they were waiting for the extra storage.
*** RNS 08.07.2019
Last week, we announced an oil storage leasing agreement with Georgian Oil and Gas Corporation, Georgia's state-owned national oil company, allowing us to resume constant production at well 16aZ
A little bit more detail from proactive investors. There is a distinction mentioned over 'test production' and online production
https://www.proactiveinvestors.co.uk/companies/news/224554/block-energy-brings-impressive-16az-well-into-production-at-west-rustavi-224554.html
360 boepd (295 bopd plus 390 Mcf/d) means that the gas when converted into barrels of oil equivalent, is 65 boepd.
I calculated 25% extra is another 98 barrels of water/drilling fluid per day not included in the figures.
The wording of the RNS was pretty scant on detail regarding initial flow, current flow, choke variations, percentage of water to drilling fluid in the cut. I know it can vary day to day but after 15 days, they should now have a good idea of what they expect the stable production rate is going to be.
The lack of detail has called a lot of panic sells.
The average rate of 295 bopd plus 390 Mcf/d over 15 days leaves a lot of unanswered questions. What did it start at and what is it now? What is the expected stable production rate?
If the water cut is 25% extra to the 295 bopd, then that should be around 90+ barrels of water/drilling fluids being produced every day on average. So after 15 days, 1350 barrels of should have been removed. The RNS said 'A minimum of 1,200 barrels of drilling fluid were lost to the Well during drilling and completion operations'
Wressle appeal. Event date 05 Nov 2019.
https://acp.planninginspectorate.gov.uk/ViewCase.aspx?caseid=3221694
https://acp.planninginspectorate.gov.uk/ViewDocument.aspx?fileid=32092015
I doubt it will be about Wressle. The appeal was announced via RNS with a date of 5th November 2019.
***
The public inquiry will commence on 5 November 2019 with the hearing expected to last up to six days at a venue which has yet to be confirmed. The Planning Inspector will be Mr. Phillip Ware.
Mark Abbott, Managing Director of Egdon Resources plc, said:
"We look forward to a QC presenting our case for the planning merits of the Wressle development to an independent professional Planning Inspector away from the influence of local politics. We believe that we have a very strong case, supported by detailed evidence and agree with the conclusions of the Council's own professional planning officer, as reinforced by an expert third party review undertaken on behalf of the Council, who recommended our revised application for approval ahead of the November 2018 decision."
YL, the Directors have options to buy 3.1 million shares each at 2p (£62,000) WHEN the share price reaches 4.25p.
Patrick Clanwilliam bought shares at 1.65p just 10 days ago and Carlos Fernandes bought at 1.829p, 9 days ago. Directors don't buy if they know a placing is coming.
The Company has been informed that Patrick Clanwilliam, Chairman, on 16 July 2019 purchased 1,515,152 Ordinary Shares of 0.002p each ("Ordinary Shares") at a price of 1.65 pence per Ordinary Share. Lord Clanwilliam's total shareholding in the Company is now 1,515,152 Ordinary Shares representing 0.28 per cent. of the Company's issued share capital.
The Company has been informed that Carlos Fernandes, Finance Director, on 17 July 2019 purchased 1,080,109 Ordinary Shares of 0.002p each ("Ordinary Shares") at a price of 1.829 pence per Ordinary Share. Mr. Fernandes' total shareholding in the Company is now 1,080,109 Ordinary Shares representing 0.20 per cent. of the Company's issued share capital.
Of course, they know nothing eh?
They released all the positive news with short gaps to pump, like this>
RNS 21 June 2019 "The business opportunities for Westminster's products and services within Saudi Arabia are substantial and the formation of Westminster Arabia will represent an important strategic development for the Group."
As a result of this the SP rose from 6p on the 17th June to 17p on the 5th July. Then a steady drop as forward selling into the placing perhaps?
RNS 28 June 2019 "Westminster is pleased to confirm that it has a team on the ground which has already undertaken the initial phase of recruitment and training, and that scanning trials have been undertaken ready for commencement of scanning operations."
RNS 05 July 2019 ""I am delighted to be able to announce this Strategic Alliance with the Gulf Aviation Academy as they are an impressive and highly professional aviation training organisation and their wide range of courses is complimentary to and further expands the extensive range of courses already offered by Westminster."
Just to clarify, the 'ISA Shares' only are to be sold in the 'Investor Sharing Agreement' as stated in the RNS . YA have half and Riverfort have the other half, well Riverfort got 1 more share than YA to make up the 11 at the end.
Total 109,331,011 shares.
All the placing shares are now accounted for. Issued on Monday 22nd July, so selling the shares will start 30 days from this date on 22nd August. I am looking forward to see what happens from then.
***
The Investors have covenanted to the Company:
· That they will not dispose of any ISA Shares for a 30-day period commencing on the date of Admission;
· Not to participate in daily trading which represents more than 19.99% of the daily trading volumes of trading in the Ordinary Shares at any time during the term of the ISA;
· Not to forward or short sell any interest they have in any Ordinary Shares during the term of the ISA;
· Not to lend the legal and/or beneficial ownership of the Ordinary Shares they hold during the term of the ISA;
· Not to use the Ordinary Shares they hold as security during the term of the ISA; and
· Not to acquire more than 29.99% of the voting rights in the Company during the term of the ISA.