Block Energy Share Discussion Threads

[lastoneout] 12/3/2019 17:31

Ah it was from yesterday. Some confidence though!

[lastoneout] 12/3/2019 17:24

Thats odd. A million share delayed trade at 3.80 showing from 14.27hrs. Didn't budge the share price though?

[croasdalelfc] 12/3/2019 12:35

No Placing according to CEO on Vox markets podcast

[spangle93] 07/3/2019 17:22

Thought I'd better write this week's post.

RNS issued - workover increases flow rate from Norio wells from negligible to not very much. Just hope the capital cost of the operations pays back at a reasonable IRR; I guess it must, because the rates achieved are higher than pre-drill expectations, presumably on which the investment is made

[lastoneout] 26/2/2019 16:59

Yeah another down a bit up a bit down a bit dayProblem with this news - great as it was IMV - is that the market can't quantify it until we get news from the WR sidetracks and there's a couple of weeks before that lands I reckonCloser news obviously is Norio and I reckon it's likely to cover all 5 of the wells perforated so far. Could be big and finally push us past 4p. Lets hope

[spangle93] 26/2/2019 16:28

Well, by the end of the day, it's not gripped the market's enthusiasm :-(

Maybe 4p is going to be an increasingly hard barrier to cross?

[lastoneout] 26/2/2019 10:34

Sorry yes for clarity I was talking of the original development phases

[spangle93] 26/2/2019 10:23

OK, so it's $500k to GOG in cash and $1MM in new shares. Thanks

Not sure the phases in the RNS align with the original phases of development, but that's not a problem.

[lastoneout] 26/2/2019 10:10

I think the $4m was what they would have needed for Phases 2 & 3 which they weren't funded for and although they obviously still have to compete them this deal means they can do them in their own time rather than to a timetable. More flexibility and they can fund it from the predicted 900 bopd revenues so Norio and WR will be self funding. I believe they will still need to raise at some point in the future as they are actively seeking new licenses which will need paying for but so long as it is a quality asset then all good. All IMV

[lastoneout] 26/2/2019 09:44

The cash outlay consists of $500k which will be a nice bonus for the lads and lasses at GOG plus $1m which comes back to BLOE via a share placing ( < than 10% dilution at a worse case scenario of 4pps). We save $1m in not having to upgrade facilities which are already fit for purpose by the sounds and we get 100% of revenue. If memory serves the work program for Phase 1 was done at a fixed cost - we've got the rigs for 6 months I think. It sounds a good deal for both sides to me. All depends on results of course but the company are obviously confident WR is going to produce the goods

[spangle93] 26/2/2019 09:25

Curious - on reading the RNS, it seems that they will have to pay more than before just to get to 75%, because they are still paying for the sidetracks, right?

However, the way it's written is that it's a bargain cos there were a load of other costs ("production and reserve bonuses") that they would be liable for, which I don't remember reading about before.

Moreover, according to the RNS they aren't now obligated to spend $4MM on sidetracks and workovers, but surely they'll have to do them anyway if they want to grow production, and now they'll have to pay 100% of the cost instead of 75%. The saving on production facilities looks fair dinkum though.

It also brings closer the need to raise cash to fund development. There's $1.75MM to pay GOG, they've already spent $1.5MM on preparation for the sidetracks (i.e. prior to start of drilling), plus the $0.5MM to get the 25% in West Rustafi. How much is left of the original raise?

Finally, it means they take on higher risk for higher reward - GOG gets its cash upfront, although its risk is through its increased shareholding in BLOE.

We'll wait for the almost obligatory spouting by the CEO on Vox markets, hopefully that will make it clearer why this is such a great deal.

Please will someone help me out.. :-)

[lastoneout] 26/2/2019 08:39

100% of West Rustavi. Thats a nice surprise

[burtond1] 20/2/2019 13:24

https://total-market-solutions.com/2019/02/20/block-energy-financial-review/Financial Review Of Block Energy

[spangle93] 19/2/2019 22:40

So much for this board getting busier - I'm just back after an 8 day holiday and I didn't miss 1 post here.

Still, at least the share price has roughly maintained a level around 4p

[burtond1] 11/2/2019 07:55

Our very recent guest with Bonnie Hughes is CEO of @BlockEnergyplc Paul Haywood...During the interview, Mr. Haywood discusses the workover program which is intended to produce 900barrels per day which in essence delivers #BLOE biggest impact well...https://total-market-solutions.com/2019/02/11/block-energy-ceo-interview-2/

[lastoneout] 04/2/2019 23:02

Haha true. But we'll have plenty to talk about over the next month or soStabilised flow rates from Norio 441st sidetrack at WR3 further workovers at NorioSuccess or otherwise of new perforation toolPlenty to go atHoping for good news to kick us on!

[spangle93] 04/2/2019 22:17

A post every day would be busier than it's been .... 263 posts in 238 days

[lastoneout] 04/2/2019 21:32

Hope so Harry this is a beltin little company (soon not to be so little!)

[harrytuesday] 04/2/2019 20:47

This board is about to get considerably busier. Watch this space.

[georgie pie] 31/1/2019 12:21

My view is it wont be at these levels for much longer its way to cheap.

[spangle93] 31/1/2019 09:07

So, the big question... Will it push on beyond 4p, or will the IPO price act as a brake/resistance level?

[georgie pie] 30/1/2019 13:45

Good to see another solid day here, looks like trades are starting to pick up and rightly so, current share price very cheap indeed.

[bad gateway] 29/1/2019 13:46

12:54 29 Jan 2019
Paul Haywood, director of Block Energy PLC (LON:BLOE), updates Proactive London's Andrew Scott on the sidetrack operations at the West Rustavi field, in the existing 16a wellbore.

It's the first of an initial two well programme there as Block aims to increase production up to 650 barrels of oil per day by the end of the first half.

The drilling follows a successful oil test in December which confirmed it is in an active hydrocarbon system, and, the previously producing reservoir retains reserves and is still pressurised.

Haywood describes the sidetrack as a “high impact well” for the company.

[georgie pie] 24/1/2019 13:15

From Big Bench on LSE

Nice Snippet to end on...






Q7. Having raised £5m at the IPO in June at 4p, what do you make of the market sentiment relating to Block Energy and do you feel the current share price of around 3p is a fair reflection of where the company is at?

We believe we are significantly undervalued relative to our peers. This is primarily for two reasons: the value for oil companies through 2018 has been soft for many reasons, and the market’s perception of Georgia has been distorted due to the poor corporate governance and performance of some companies in the past.

Confidence in Block is now starting to rise, indicated by the increase in our trading activity and the number of investor meetings being requested.

What can Block Energy shareholders look forward to over the next 12 months?
Lots of activity in the field. We expect good results to bolster confidence that will unlock value for our shareholders.

[burtond1] 23/1/2019 12:03

https://twitter.com/tmsreach/status/1088028884342312961?s=21TMS welcomes guest blogger and financial commentator @EliasJones01 to the platform where he shares great insight from his latest interview with @BlockEnergyplc #BLOE an AIM listed exploration and production company focused on the Republic of Georgia...