Block Energy Share Discussion Threads

[edgein] 04/4/2019 12:11

Tim,

True but also they'll want to manage the VWAP as much as possible. The most of the last 30 days VWAP will have come on 1/4/19 when the volume was over 40m. Some of that was at prices above 7p too for a brief time. So the VWAP is likely to be close to or just under 6p, perhaps higher when they get these next share issues. Subsequent days has also had relatively high volume too compared to the last month. So when they're due another two VWAP based payments in shares they'll want to manage the share price to an extent. But then sell too many that are being hoovered up and they may miss another rise and have a VWAP potentially much higher still. If the PTA comes in very strong, good pressure recoveries and the reservoir can handle strong rates and the IP rates are closer to those test rates, these will jump again as its only capped around £16m and that has implications for the recoverable volumes and immediate cash flow and share price too of course. They've already said what a well with IP rates of 325bopd will do to cash flow, lets see what happens after this 72hr pressure build up test. We'll know IP rates shortly after that, will they exceed pre-drill estimates? I'm certainly hopeful of that and another VWAP boosting high volume day. Then on to well 38.

Regards,
Ed.

[deanroberthunt] 04/4/2019 12:09

1100bopd is worth $50m.

[toogood4me] 04/4/2019 12:04

Ok back to blue seller hopefully is done for now

[tim000] 04/4/2019 11:49

GOG were issued 9.55 mn shares @4p on 13 March, taking their holding to over 42 mn shares (over 15%). At 4p, these were valued at £1.7 mn. They have since sold 14 mn shares (one third of their holding), probably at around 6p each, at a 50% margin to the issue price. Their new holding of 28 mn shares (over 10%) is still worth £1.7 mn @6p, but they now have a net cash gain of £280k. That seems sensible portfolio management. I doubt they're in the least disappointed with the positive operational news this week, which has netted them £280k profit within 3 weeks!

[johncasey] 04/4/2019 11:47

here we go..offer price above the screen buy price again

[greatfull dead] 04/4/2019 11:23

Ta for enlightening me...

ATB,
GD

[bad gateway] 04/4/2019 11:23

If they're getting a fixed amount of cash and having to use that cash to buy shares at vwap it must have.
Its normally the pi's that are stuffed in this situation. Not today though. GOG must have hated the better than expected flow.

[toogood4me] 04/4/2019 11:19

The price has prob risen too quickly for GOG

[toogood4me] 04/4/2019 11:19

The Terms of the AgreementThe acquisition of the remaining 75% WI in the West Rustavi Production Sharing Contract ('West Rustavi PSC') from GOG is to be settled in three stages:-- Stage 1 increases Block's WI to 71.5%, payable on completion of the Agreement of US$250,000 cash. Additionally, within 30 days therefrom Block will pay a further US$500,000 in cash which shall by applied by GOG to subscribe for new ordinary shares in Block priced at the 30 day Volume Weighted Average Price ('VWAP') calculated as at the day preceding the day of issue, subject to a minimum issue price of 4p per new ordinary share.-- Stage 2 increases the WI to 90%, through the payment of US$250,000 in cash, payable on the earlier of the date of commencement of new additional operations in the West Rustavi PSC and August 31 2019.-- Stage 3 increases the WI to 100%, through the payment of US$500,000 in cash, which shall be applied by GOG to subscribe for new ordinary shares in Block, priced at the 30 day VWAP calculated as at the day preceding the day of issue, subject to a minimum issue price of 4p per new ordinary share. This payment shall be made on the earliest date on which one of the following occurs : (i) the farmout of any participating interest in either the West Rustavi PSC or any other production sharing agreement in which the Company or any of its subsidiaries is interested, (ii) the date falling 3 days after the date on which Block notifies GOG of its intention to make such payment, (iii) the completion of a placing of the Company's shares by Block pursuant to a fundraise; and (iv) the 90th day following the payment relating to Stage 2 above.

[neo26] 04/4/2019 11:19

They have reduced 5%.They are our jv partner who we are trying to get 100% acreage from.They are due another $250k for us to get 91% of rustavi and to get remaining another $500k worth of shares..

[johncasey] 04/4/2019 11:16

alot of big buys in ukog this morning...just erected a bloody big viewing platform with cabin on top of it...wonder what that is for? VIPs? or keep an eye on protesters?

[greatfull dead] 04/4/2019 11:10

neo,

Expand on partner please.

All I have is a name Tevzadze Nikoloz. Google give a number of references, a Uni professor, a football player, a Uni professor even a 10 year old chess player and so on...

ATB,
GD

[toogood4me] 04/4/2019 11:08

Think those rns have made some people question why they are selling before results are known.

[toogood4me] 04/4/2019 11:08

They were coming at time of writing.....

[toogood4me] 04/4/2019 10:52

Here come the buys

[neo26] 04/4/2019 10:40

Our georgian partner reducing...

[toogood4me] 04/4/2019 10:32

No trades since 10.03. Maybe seller is finally done. The IIS haven't completely sold out but taken some off the table which is understandable. We need now to see some heavy buying and or a update rns on results

[toogood4me] 04/4/2019 10:22

New seller

[toogood4me] 04/4/2019 09:56

Bid still at 5.9 Looks like people are jumping on char at the moment I've got 20k to go in here next week Brilliant

[gregpeck7] 04/4/2019 09:50

6.3 and above..

[toogood4me] 04/4/2019 09:47

What are the rest on

[gregpeck7] 04/4/2019 09:45

1 mm left at 6.1