Posted by Pyrotech on the LSE board. He makes some interesting points…any comments!
"Personally, when different companies are saying same thing i start to get excited
We have Exxon that are suddenly interested in hydrocarbons in Georgia
We have Baker Hughes who have seen more data than any of us and want to have a play in the field
We have a unknown major or supermajor studying data and soon to make its move.
Close to where we are you have Block energy and what they talk about is pretty much what FRR have been telling us. A HUGE GAS SOURCE.
Probably the same structure but i suggest we are better positioned than they are, i feel they are on the edge of a huge gas structure where FRR are sat very close to the sweet spot.
Here is what Block say about it:-
Block Energy Chief Executive Officer Paul Haywood said: “The Georgian Government’s Agreement with Exxon further validates the country’s credentials as a secure and stable place to do business, and an emerging hydrocarbon jurisdiction in terms of naturally occurring oil and gas. Thanks to our positioning and excellent relationships in Georgia, we have already secured a high-quality asset base, which includes multiple low risk development opportunities as well as a huge gas discovery that we estimate is potentially worth US$600 million to Block. Having raised £5 million at the time of our IPO in June this year, we are well placed to play our part in realising the potential of Georgia’s energy industry. Work is already underway at Norio to increase production to 150 bopd by Q1 2019, and we will drill sidetracks and test the gas discovery at West Rustavi shortly. With so much activity on the near horizon we look forward to a high-impact newsflow over the coming months.”
I think timelines are still blurred and it looks like getting house in order is taking priority before the news really starts to flow. I hope the seller is cleared before the second major and flow rates are released. I feel if too early we will see it sold heavily into. Personally i think that seller has been and is Outrider.
I would not be surprised if Hope wanted to cause us problems and then come riding in as a saviour to take over the company. Sooner he resigns or gets removed from the BOD the better. Meanwhile i am sat here quietly waiting and nerves are at a minimum. I think Zaza and SN have this strategy mapped out quite nicely and its in our benefit that this wait goes on, although many of us feel the patience straining at times.
Forgot to add, if Block estimates the gas alone is worth $600m and we had similar which is less than inside estimates, the gas alone makes us worth 2p a share, without oil.
The wording says $600m potentially worth to Block so that would indicate profit.
Just makes it all make sense, and just maybe we are all sat on a winner here."