Block Energy Share Discussion Threads

[skif] 23/5/2024 08:18

Revenue was flat.

The results are a mirage as Gaywood stopped drilling to save costs.

[faraweigh2] 23/5/2024 07:59

EBITDA increase nearly 10 fold.Excellent work by our team!!

[cal57] 23/5/2024 07:16

Block Energy plc's Chief Executive Officer, Paul Haywood, said: "2023 stands out as a pivotal year for our Company. Bolstered by solid production, a focus on costs and a supportive oil price environment, we have seen a strong improvement in our financial position. We were also able to focus on advancing our high impact projects, in particular Project III, and the generation and independent verification of a carbon capture storage ("CCS") project.As we look forward, we're excited about the Company's prospects. The farmout of Project III is already underway and we're seeing continued momentum in developing Projects II and IV, supported by production and cashflows from Project I and disciplined capital management. The Company remains cashflow positive and financially stable at current oil prices and production levels, and I look forward to continuing to deliver on our objectives throughout 2024".

[avsome1968] 23/5/2024 07:08

Block Energy plc, the development and production company focused on Georgia, is pleased to announce its audited results for the year ended 31st December 2023.

Highlights:

Block made good progress in executing its four Project strategy:

· Delivered 299,824 operational man-hours with one Lost Time Incident ("LTI"); (2022: 382,542 with no LTIs).

· Significantly increased EBITDA to $1,469,000 from $158,000.

· Reduced cost of sales and administrative costs (excluding depreciation and depletion) in the year from 2022 by $549,000.

· Maintained a disciplined approach to capital allocation across the Company's portfolio.

· Successfully and safely drilled wells WR-B01Za and WR-34Z.

· Increased oil production to 151,184 bbls (2022: 120,359 bbls) and gas production to 283 MMCF (2022: 267 MMCF), resulting in an average daily production rate of 543 boepd (2022: 452 boepd).

· Raised $2.0 million via a secured loan to undertake drilling operations on Project I.

· Completed the Project IV farm-out, achieving a carried work programme valued at over $3 million (gross).

· Completed the internal evaluation of Project III, covering the Patardzueli-Samgori, Rustavi and Teleti fields at Lower Eocene and Upper Cretaceous level. This work was subsequently (on the Patardzueli-Samgori field) audited to Petroleum Resource Management System ("PRMS") standards by a leading technical consulting firm and forms the basis for the farm-out campaign.

· Signed a Memorandum of Understanding with the Ministry of Economy and Sustainability covering, amongst other items, the strategic importance of Project III

· Commenced work on the CCS opportunity with the independent evaluation being published in 2024.

[andyalbi71] 22/5/2024 15:11

Some tasty buys in

[dealer55] 21/5/2024 16:11

Forgiveness is yours 😂

[andyalbi71] 21/5/2024 15:25

Apologies for spelling .... Typing too quickly on iPhone lol

[andyalbi71] 21/5/2024 12:47

Dealer , you haven't been on here for 2 minutes , don't of us have been here 4 years and longer , p3 and ccs along with p2 and p4 aren't all going to come on line in weeks , they are all massive projects , p3 jv should be announced from any day now to couple months ... the annuals are due within a month , some say end June as that's the very last day ... p4 is on going , unsure when next news is due , but it's been a while ccs has only just kicked off , that's the one I am very excited about , thats now the game changer and will bring the big numbers , you could leave and come back, but at what price? down where you got in is where you are likely to see the biggest returns , if you are looking to make a quick 50 bagger, this may not be for you ... with oatience .... absolutesly , whuch is why i am hapoy to jeep buying

[dealer55] 21/5/2024 12:29

I’ll give it longer. But it’s not playing out as some predictions out there.

[andyalbi71] 21/5/2024 11:51

All that backed up on wild guesses, you have zero evidence of that. Here's a wild idea ... why don't you wait till the facts are printed on black and white

[skif] 21/5/2024 10:48

It's a good bet that there has been a significant decline in production over the past few months.

No wonder Gaywood is reluctant to issue an update. I suspect the next update will include plans to resume drilling in P1.

[dealer55] 20/5/2024 21:43

Wouldn’t mind seeing the red rot stop and a reversal.

Still can’t see what’s driven us this far back of attacking the 2p zone.

[andyalbi71] 20/5/2024 11:44

Average of 1.1p actually, at least we have shares you deramping idiot

[andyalbi71] 19/5/2024 23:27

https://amp.theguardian.com/world/article/2024/may/18/georgia-president-vetoes-foreign-influence-law-protests

[faraweigh2] 18/5/2024 10:15

It's your phraseology and timings that raised eyebrows on here.Fair play if what you printed below is factual.For me, surpassing the IPO valuation and leaving that behind us should hopefully be a game change in play.Time will tell.

[haff1] 17/5/2024 23:57

I'm sitting on a healthy profit. I've also taken profit when this was at a high and reinvested that successful elsewhere. But I'm being realistic about the current indicators and not making up fantasy about it: just seeing it as it is .. . I note quite a few here are not doing this....

[faraweigh2] 17/5/2024 19:19

Your glass is half full then, obviously.Let's see what happens to the chart upon next news.Those newly invested within the last 12 months are mostly sat on a tidy profit.Bring on the news.

[haff1] 17/5/2024 19:04

That doesn't change what the graph clearly shows ... It didn't break through the 2 as I pointed out at the time and since then we have seen the expected decline and lot of sales today..

[faraweigh2] 17/5/2024 18:33

An awful lot has developed and changed since 3 years ago.The last 6 to 12 months chart proves that.A quantum leap is imminent too.Buckle up and enjoy the ride as newsflow is set to commence.If you can't beat them, join them ; ))

[haff1] 17/5/2024 18:21

The downward trend since it hit the resistance at 2 and failed to break through it....look at the 3 year graph!!! It clearly shows a repeat of the wider trend...for all to see.

[andyalbi71] 17/5/2024 18:17

The late buys appear like clockwork... the patient will reap the rewards .... And hopefully the derampers will miss out huge

[faraweigh2] 17/5/2024 16:26

.... the 50 percent up over 6 months trend or the 20 percent up over 1 year trend?Oh and look out for the late reports (Buys) ; ))