Share Name Share Symbol Market Type Share ISIN Share Description
Block Energy Plc LSE:BLOE London Ordinary Share GB00BF3TBT48 ORD SHS GBP0.0025
  Price Change % Change Share Price Shares Traded Last Trade
  +0.65p +5.16% 13.25p 5,972,890 15:59:45
Bid Price Offer Price High Price Low Price Open Price
13.00p 13.50p 13.75p 12.15p 12.65p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.13 -1.36 -1.20 36.1

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Date Time Title Posts
24/5/201914:28Block Energy - Oil&Gas in Rep. of Georgia3,641
25/4/201921:23Georgia oilfields. 1

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Block Energy Daily Update: Block Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker BLOE. The last closing price for Block Energy was 12.60p.
Block Energy Plc has a 4 week average price of 9.80p and a 12 week average price of 3.20p.
The 1 year high share price is 17.80p while the 1 year low share price is currently 2.55p.
There are currently 272,281,892 shares in issue and the average daily traded volume is 15,810,020 shares. The market capitalisation of Block Energy Plc is £35,941,209.74.
sea7: barnet... since 3.47pm today in five trades £133k share sale at 11.50p after hours - 1.1m shares £81k share sale at 11.62p - 700k shares £60k share sale at 11.50p - 524k shares £32k share sale at 11.50p - 280k shares £31k share sale at 11.50p - 274k shares Thats £337k or over 2m shares dumped on the market this afternoon in five trades only. I am guessing that these and the other, in excess of £10k shares sales shown today, do not share the same confidence that those on this board seem to, regarding the ability of this stock to show share price appreciation in the medium term. This will be wading through those placing shares for ages and as the company has put back drilling on w38, it has lost momentum as well. Probably be below that placing price next week and into single figures.
mad foetus: BLOE may look like a typical AIM pump and dump except it is actually producing oil and gas in sufficient quantity to justify a share price at least double the current price. It doesn't need a huge contract or massive new find, though the latter is likely and would be welcome. But over time it will generate money and the share price will rise, whereas the typical AIM stock burns money and declines. The distinction is fundamental
cpap man: Reference the recent pull back for the BLOE share price my observations are as follows: 1]. Conforms with previous short lived pull backs @ BLOE 2]. Low volumes traded on the BLOE retracement from O/B levels 3]. Despite all the de-ramping rumours in the world including massive dilutive placing the BLOE share price has at all times remained very orderly
tim000: I stated there would likely be a placing a few weeks ago. I continue to believe there will be one. I don't think that's a bad thing at all for investors. The company has to finance a great deal of capex in drilling and infrastructure. It could wait for maybe a year to raise the cash internally from operations, or it could speed up the process by issuing new equity. The latter is much more sensible imo. Witness BIDS. The share price fell back sharply prior to a smallish placing and is now rebounding very strongly, because of the very strong fundamentals of the business. BLOE is no different. If there is a placing, the share price should rebound quickly. And the company will then be in a position to finance most of its short-term objectives this year rather than next. The consequences for the share price on a 12-month view would be overwhelmingly positive.
spangle93: ha ha, was it a good night out, lastoneout? ;-) There are quite a few examples of oil stocks that have fantastic rises. My best was MATD in 2010-11-ish I think, which was about a 9.8x bag from 20p to 194p, but others like CAZA, IAE, etc have had meteoric rises and then gone out of business losing all. I think your strategy sounds much more mature than a novice in this sector, NicholasC, and molatovkid gives good advice. You've more than taken your stake out, so the rest runs for free. One strategy would be to invest your "pot" in a number of shares, because it seems that for every one that "does a BLOE", another 5-10 dilute themselves out of existence or crash and burn. If you are looking for a long term hold, tne one that doesn't give me sleep problems at night and that I think I'll be holding over that timeframe is JSE, but never go on advice from an unknown person on a bulletin board. With BLOE, we await their revised plans, because those published at IPO have now been superseded. The other sidetracks and the gas test offer a clear sight to how the share price might move in 2019, but after that the should be a cash-generative company, and I don't know what way they plan to grow - sink further wells, acquisition, more licences...
wester1: Hayward felt that a share price of c 10-11p just now did not include anything else they can develop. This field is massive, the drill bit is hitting black gold so we could conservatevely say that a share price of 40p is prefectly reasonable in the near term. What is remarkeable with that is that it doesnt include further development of the field and their further assets!
dearg doom: Block Energy #BLOE Share Price 10p Feeling rewarded for spacing out the doubling of my position over several trades, regardless of the final outcome. Yes, paid a premium price for a small quantity at yesterday's morning open. However, each succeeding multiple purchases have been lower with two purchases today at 10.5p and 10p. A full position now established given difficult sector and market cap size. Unwise, now to add regardless. Time to halt and let the story play out itself. Sellers are taking the fact the news was in reality known and simply repeated. The only real piece of news for them was the near term sale of future gas. Often a large spill in expectations occurs between the initial great-sounding RNS and the follow-on RNS. The fact the RNS did not disappoint was crucial to my decision to add. My view was the de-risking of the project with a realistic increased ambition on Block's management other plans and targets. Block management team have executed in a timely fashion their well thought out strategy. I liked the shares at 4p, but I much prefer them now with the W Rustavi well 16aZ news. A few keywords CEO Paul Haywood from April 17th RNS gave comfort. "happy to confirm exceptional test results" "from strength to strength with a steady increase in pressure" "expected to deliver gross monthly free cash to the Company of US$1m" "switch from flaring to swiftly commercialising its gas at little to no cost" The next update RNS will contain.... "detailed operational market update that will cover its planned oil and gas development. The update will include the scheduled spud date for the sidetracking of West Rustavi's well 38, a neighbour and analogue to well 16aZ, plans for the appraisal of the field's existing gas discoveries, the acquisition of a 3D seismic survey and, a revision of the CPR consequent to the performance of 16aZ." Keywords "revision of the CPR consequent to the performance of 16aZ." Expect shares to start creeping higher early next week. Otherwise, why would I buy? The next spike in the share price on news won't see shares acquired from any willing sellers so easily. Regards Dearg Doom
buffskins: Novum Securities Block Energy’s investment case represents a low- cost entry point into an early-stage reserve backed producer with significant exploration/appraisal upside. The fully-funded development and appraisal work programme is seeking to establish early-stage cashflow through a low-cost development programme in its Norio oil field and expose shareholders to the substantial upside contained within the discovered West Rustavi field. A benign fiscal and operational environment in Georgia allows for low-cost oil and gas operations and substantial netbacks; with the CPR seeing c. USD 15/bbl on an NPV basis. Strong reserves (of 2.5 MMBbl, gross 2P), and substantial contingent resources (73 MMbbl oil & 626 BCF gas, gross unrisked 2C) provide a strong baseline for the Company’s valuation. The presence of Schlumberger in the neighbouring licence area, as well as historically meaningful analogue fields (Samgori and Ninotsminda) within close proximity with the same basin plays, validates the Company’s geological concept. With a current share price1 of GBP 0.029, and an estimated valuation of GBP 0.092 based upon the 2P reserves, and the Company’s fully-funded 2018/9 work programme commencing, we believe this is an inflection point and the activities and near-term news potential should lead to meaningful short and long-term share price appreciation. In addition to the 2P reserves, upside potential of GBP 0.46 from the relatively low-risk (75% chance of success) contingent resources from the Company’s West Rustavi and Norio projects, Block Energy represents an excellent potential investment with compelling upside across its three assets
edgein: 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.
spangle93: Edge - ref 588 indeed, totally agree that small land rigs can do those type of operations... but genuine workover rigs lack the means to rotate the drill string. And yes, I remembered that FRR had many well problems, sorry if you lost out as a result. Finally, third sorry if my initial post was taken as criticism - that wasn't the intent. Two of the things I've learned in this fascinating industry are 1. There are many risks and uncertainties, most of which can be identified and mitigated to a lesser or greater degree, but some are not, or can not, be recognised beforehand. That's why given the choice, if risked economics are similar, drillers would prefer to start from surface 2. There are many generalities but few absolutes! Ref strategy: One of the reasons that I followed BLOE from IPO without investing until a month ago was that the program they embarked on was riddled with industry-proven trip hazards, from re-entry of wells for which they had limited data of variable quality (see Gustavson), through use of new technology, customs regulations, new operators with no experience in the area, and so on. Plus the CEO looks so wet behind the ears in interviews that there might be mushrooms there, and isn't in the same league as some at inspiring confidence ;-) By the time they got to the point of drilling the first sidetrack, they had established a good enough track record and reduced risk remaining sufficiently to warrant confidence. By then I had to pay 20% more than their lowest point, but I think that was well worth it. They've done very well to be less than 1Q behind the schedule they set out with; it's a credit to their technical and operations leaders. While as you note the Eocene behaves very much like a carbonate in having dual permeability, it's actually tuff/volcanics/sandstones - the natural fractures possibly arise from all the tectonic activity over the millenia (but that's my interpretation). And yes, it would have been nicer if PANR had demonstrated flowing oil from the Ugnu and West Sak, as then double-digit share prices would have been left far behind. But it is what it is, and the Brookian results surpassed pre-test expectations and created sufficient reserves to make the entire deal worthwhile, let alone the derisking of other plays. The share price response is more disappointing, as it implies the net value of the tests is nil. Best of luck
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