jaytee41
31 Oct 2019
Operations update Well the sp has closed at 7p having spent a lot of the day below. Hopefully it will move north now as everything seems in place. Fingers crossed
jaytee41
31 Oct 2019
Operations update Final post on the AGM by madrob - lse Buy out not ruled out and got a big smile on that . Had a lot of small talk and reminded of fully funded programe. Philip says that most shareholder are not selling. No more finances needed . Climate is okay in winter but rain makes the roads muddy at times and hence the need to connect to main pipeline . Georgian gov are surpportive . Next drill getting underway . That’s about it !
jaytee41
31 Oct 2019
Operations update More from madrob - lse There was some drilling fluid lost it well but normal. The amount of oil they will produce will be dependant on the pressure as too high and water will start to come out as well. They also want to have a stable constant production . So Bopd will be a combination of decided on . 300bopd will give pay back in one year . All wells have water and over time can effect output. 16aZ they will continual to look at improving but have not ruled out a new pipe
jaytee41
31 Oct 2019
Operations update more from madmanrob at lse Miton are still a major holder . Gas flaring: It is blocks intention to start selling the gas ASAP they have to get I think a refrigeration unit and pipeline in place . They want to sell the gas and Paul say that Xmas time should see the start of gas sales . Philip says that the long term plan is to connect the oil directly into the main pipeline . This would then have a meter in place at the storage unit . At the moment they would have to load to tankers .no oil sold yet .
jaytee41
31 Oct 2019
Operations update Update from LSE poster MadmanRob who was at the AGM today Had a very long chat with Philip Dimmock and a short chat with PH . Told him I had to arm lock him as get info. Got a smile on that . I spoke to all directors and the PR man. Told them we felt let down over info on 16aZ . They admitted that they need to improve on that side hence the new PR department . Ok will report but remember I may not be entirely correct as it was a lot to remember
the_old_trout
31 Oct 2019
Operations update Well nothing to stimulate the market in that presentation, so down it goes for now. They should have got through the voting and the presentation at the AGM by now and be on the Q&A - where there will no doubt be some serious questioning about the current state of play with 16 az. I’d take any significant increase in buying around 11.30 ish as an indication that some positives have emerged. Otherwise it’s tin hats time until well results are reported. ATB, Tot
jaytee41
31 Oct 2019
Operations update I really do hope this is not another FRR. Otherwise I shall break my vinyl of My Eyes a Georgia
the_old_trout
31 Oct 2019
Operations update Well the buying didn’t last long jaytee, and I think the traders have left the room for now, but it seems we have a presentation to look forward to at 10 am as per the second RNS. Let’s see what the market makes of that.
jaytee41
31 Oct 2019
Operations update I hope so, it’s now at 7.20p
the_old_trout
31 Oct 2019
Operations update I see some sold on the initial spike up but looking at level 2 there are currently four market makers on the bid and only one on the ask with buys now coming through, so they are clearly competing to buy stock at these levels and possibly hiding larger buys for now. Tot
the_old_trout
31 Oct 2019
Operations update All as expected. Take some time to test the well and then release VALID flow rates, unlike 16az where they jumped the gun. No mention of 16 az today but that could well be covered in an AGM statement which some companies put out at the start of the meeting i.e 10 am. Strong hold for me until then and watch for a true trading pattern to emerge once the AGM has concluded.
EyesonHawk2
31 Oct 2019
Operations update Operations Update RNS Thursday: RNS Number : 7106R Block Energy PLC 31 October 2019 (“Block†or the “Companyâ€) Operations Update Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce the completion of drilling at well WR-38Z (“WR-38Z†or “the Wellâ€) at its flagship West Rustavi field (“West Rustavi†or “the Fieldâ€) following the reaching of planned total depth (“TDâ€) and installation of a slotted production liner. A final TD of 2,634m was reached with the successful drilling of 646m of a highly-deviated, horizontal wellbore section into the Field’s primary oil-bearing Middle Eocene formation. Drilling operations were completed with the subsequent installation of a slotted 4½" production liner. Field observations at the wellsite indicate multiple natural fractures, and oil shows were encountered during drilling. Direct measurements of WR-38Z’s productivity will be available when the Company’s planned well test is complete: Block will provide further guidance on the Well’s test results over the coming weeks. As the Company announced on 21 October 2019 WR-38Z’s design has been informed by valuable data gained through operations at the first West Rustavi well that the Company drilled, the appraisal well WR-16aZ. WR-38Z’s design includes the use of swellable packers that guard against possible fluid incursion from formations beyond the targeted Middle Eocene zone. WR-38Z is the second in the multi-well programme Block is pursuing to realise West Rustavi’s oil and gas potential. The Company plans to sidetrack three other wells, and is currently acquiring a 3D seismic survey to provide a comprehensive understanding of West Rustavi’s subsurface to facilitate the identification of optimal locations for future drilling. Paul Haywood, Director of Block Energy, said: “We’re delighted to announce further significant progress in our multi-well campaign with the completion of drilling operations at WR-38Z. We look forward to announcing the test flow rate as soon as we are able to do so.†Roger McMechan, Technical Director, has reviewed the operational, reserve, resource and production information contained in this announcement. Mr McMechan has a BSc in Engineering from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta. This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
Norris107
30 Oct 2019
Operations update Up she goes Tot - there’s no substitute for being on the ball, well done and hope you get to see those mountains. Norris
the_old_trout
30 Oct 2019
Wednesday RNS - Gas Sales Agreement I think it’s a good deal for both parties jaytee, with no up front costs for BLOE. Ignore the reference to associated gas, that is rarely monitised. The important bit is that free gas i.e in a separate formation from the oil, is being produced. This could be massive if they have a series of gas discoveries during the current campaign. ATB, Tot
the_old_trout
30 Oct 2019
Operations update Thanks Norris, Georgia is fortunate enough to be positioned between two large seas which must have a strong moderating affect on the weather. It was quite balmy out there in October when I visited along with many of my countrymen for the football but it was more like Wales with drizzle on the day I visited FRR’s Mtzare Khevi field. Have to say I was very impressed with the capital city though and would love to make a return visit sometime, perhaps with a trip to the mountains too. Nice to have some news here about the monetization of the gas resource. Thought it would rise higher on that news but it wouldn’t surprise me if the market makers are short of stock and up to their usual tricks of concealing large buys until later. I’m holding my ground here. ATB Tot
