Block Energy Share Discussion Threads

[gregpeck7] 01/4/2019 13:01

Exactly this Ed... one of the big reasons I bought in here today was the gas not the oil.. the oil just de risks that investment significantly.

[edgein] 01/4/2019 12:57

Smr,

A x100 bagger might be a tad optimistic, however since the well is currently far surpassing their modelled flow rates there may be some upside to that contingent above the 38mmbbls. Initital flow rates are above x3 the expected. That contingent alone could more than x20 the current 2P (1.6mmbbls) not including the huge gas potential of the block. No mention of what the gas spikes did in terms of GOR but researching the Ninotsminda field suggested it was oil with a gas cap from the middle Eocene. I guess when they report after the 72hr pressure build up test they mention any gas per bbls produced then before they tie into infrastructure.

Regards,
Ed.

[topranking] 01/4/2019 12:55

Stocking up now, ready for the after lunch surge.

[edgein] 01/4/2019 12:51

Looks like they were on the money with their analysis:

From the proactive article from the middle of last year.

"2-D Seismic Programme

A further 20km of existing high quality 2D seismic data has been obtained across the West Rustavi permit, providing an improved understanding of the structural faulting throughout the licence area and validating the Company's preferred well locations. The lines provide excellent quality and pass key wells, 16a, 30, 38 and 51. Line L4037 includes discoveries and horizontal side track candidates 38 and 51. The Company plans to drill two horizontal side track wells in a potentially undrained fault block containing the Middle Eocene ('ME') formation. Based on nearby vertical well performance, the Company anticipates that the ME formation will be naturally fractured and hence, very productive."

Regards,
Ed.

[smraynot] 01/4/2019 12:48

Love the statement "better than any well drilled in Georgia in 50YEARS".This could be a 100bagger from here with more finds to come. Happy days ahead.

[costax1654x] 01/4/2019 12:45

By Friday morning we will get another RNS who might be even more impressive

[toogood4me] 01/4/2019 12:38

In auction

[euclid5] 01/4/2019 12:36

its a initial rate only - further testing required

shaaq, are those figs of gross or net figures?

[katsy] 01/4/2019 12:36

Thanks guys.

[gregpeck7] 01/4/2019 12:31

The test was limited by the facilities. One of the many reasons this is so impressive.The flow, limited by the capacity of the testing facilities, quickly stabilised to a rate of 1,100 bbl/d through the 2" inch tubing with a well head flowing pressure of 590 psig. The well is now shut in for a 72 hour period. On recovery of the downhole gauges pressure transient analysis will be performed and reported by RNS.

[neo26] 01/4/2019 12:31

Katsy initial rates was 1500bopd, then for 11 hourse 11bopd.Pressure is good, looks like good well, they will move rig to well 38 to do sidetrack.Company is cheap now...

[shafaq] 01/4/2019 12:30

Initial rate was 1500bopd

[muddyfox0151] 01/4/2019 12:28

Read the Report 8:20am and watched this rise rise rise lol

[lastoneout] 01/4/2019 12:28

Next well was already fully funded before today and is very similar to 16a. Company breaks even on 100 bopd at $60 per barrel so will be throwing of cash as of today. There are 2 or 3 further wells they can go at after well 38. And then there is the gas. You wont be seeing 4p again

[katsy] 01/4/2019 12:28

Is the 1100bopd a sustained rate or an initial rate in the first few hours. Has an EWT been done?

[shafaq] 01/4/2019 12:28

Don't forget gas flows too.On 1100bopd =£24m per annumGas?? Still to come!!!

[muddyfox0151] 01/4/2019 12:27

Happy too hold on this :)

[toogood4me] 01/4/2019 12:26

No hype results speaks loud you donkey

[toogood4me] 01/4/2019 12:25

Gas discovery as well325 bopd was expected at 3.6m income and well paid for in 6 months It is now 1100 bopd therefore re calculate the above you donkey Can donkeys add up

[mrjackpot777] 01/4/2019 12:25

Look at the spike and now think all the ones posting last 3-4 weeks no longer posting.

[mrjackpot777] 01/4/2019 12:24

Should be going back to 5.0p today. hehehe

[mrjackpot777] 01/4/2019 12:24

Should be going back to 5.0p today. hehehe

[toogood4me] 01/4/2019 12:24

Go away donkey

[toogood4me] 01/4/2019 12:24

It's a producing well you clown Cnt you read Pmsl donkey