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Wouldn't move the needle with Schlumberger as they are merely providing drilling services for a fee. Should have moved the needle for Block energy if real. Maybe it rose when the news first came out in 2022.
Schlumberger stock price has hardly moved recently and Block not at all, so it makes me wonder about the huge gas field find. After all frr had UD2 and what became of that? As far as my memory goes they came round with a begging bowl soon after.
Not disputing the claim there is gas there but extracting it is a different ball game. Couple that with the fact that the CEO of Bloe has a history of being FOS is it just pie in the sky?
don't wanna be friends anymore with the Kremlin.
https://twitter.com/kuma_bhi/status/1616467603341598720?t=6kDyuphbQ4dhlH0lyLotmg&s=19
Thanks Looed. Just the luck of the business, and the vagaries of subsurface geology, FRR operating since the 90s unable to make such a discovery, along comes Block Energy just to the north and finds 160 BCF of gas. At $10 per MMBTU that's worth about $1.6 billion.
High on hope
https://youtu.be/B2A_iXrVEzI
tsbs1, made me giggle that one
if its got anything to do with part of frrs field watch out for a lawsuit from frontera, its all these muppets are good at
Keysersoze / Njames - this project is reportedly being managed by Block Energy. There are a lot of articles from 2022 that discuss Block's involvement. This is one of the more detailed pieces:-
"The head of the State Oil and Gas Agency of Georgia, Giorgi Tatishvili, announced on the air of the "Course of Business" program that the existence of a natural gas field with a volume of 16 billion cubic meters in the country was confirmed.
Natural gas was confirmed by a well conducted by the company "Schlumberger" near Tbilisi. Currently, the operator of the license is the company "Block Energy", whose shares are traded on the London Stock Exchange. The main field of activity of the company is oil and gas exploration in Georgia. The company owns the right to extract resources from Blocks IX and XI (B).
According to Giorgi Tatishvili, head of the State Oil and Gas Agency, the license block requires horizontal drilling, and under the conditions of its utilization, the country will be able to fully meet the demand for eight years of natural gas.
"Block Energy" is one of our promising projects, in the well drilled in Schlumberger, in the surrounding area, 16 billion cubic meters of reserves have been confirmed. If you can imagine this, it is equal to the consumption of Georgia for 8 years.
Block Energy is returning to this project with a confirmed plan, expected to start late this year or early next year. Horizontal drilling should be done here to cover more rock and extract more commercial gas. At the same time, "Block Energy" is doing horizontal drilling in old wells, which has led to an increase in gas extraction by 80%. "Block Energy" has a withdrawal of 30 million cubic meters, which is equal to the consumption of, for example, Telavi or Sagarejo. After this well is mastered, these numbers will be much more important and impressive," said Giorgi Tatishvili."
https://bm.ge/ka/article/saqartveloshi-16-mlrd-metr-kubis-gazis-sabado-dadasturda---navtobisa-da-gazis-saagento/112775 (there is an 18 min video embedded in the article and I assume G. Tatishvili is the person being interviewed)
Shows Block owners (old):
https://www.griffincap.com/wp-content/uploads/2014/05/Jindal-Petroleum-Georgia-Blocks.png
Looking at this map, most of the historical production and discoveries were in Block 12. Some in Block 11, part of which is in Kakheti.
http://georgiaoilandgas.ge/wp-content/uploads/2019/09/License-blocks-with-license-holders-2019-end.jpg
Looking at the two maps, it appears Block 12 is essentially the southern 1/3 to 1/2 of the Kakheti region, so the discovery could be in a non-Block 12 portion. Still, points to the existence of substantial reserves in the vicinity just like company said. 16 bcm is about 160 bcf, nothing to sneeze at.
This sorry saga goes from bad to worse.
This is a great find, keyser, maybe it's been posted here before.
This article shows the area of Block 12 in Kaheti region of eastern Georgia:
https://www.energy-pedia.com/news/georgia/frontera-resources-signs-mou-for-block-12-with-bhge-174999
And this one shows the Kaheti region in Georgia:
https://en.wikipedia.org/wiki/Kakheti
Would be tragic if someone else had a commercial discovery in the old Frontera Block 12.
Was Tarabani and Mitsare not part of the south kakheti corridor ?
https://interfax.com/newsroom/top-stories/81372/
No.mention of block
15 Jul 2022 19:35
Georgia to begin producing own gas at field in Kakheti no later than 2024
TBILISI. July 15 (Interfax) - Proven gas reserves at the field in Georgia's Kakheti region total 16 billion cubic meters, and development of them will begin in the near future, according to the State Agency of Oil and Gas, Georgian Vice Prime Minister and Economy and Sustainable Development Minister Levan Davitashvili told journalists on Friday.
"According to the most pessimistic calculations, gas production at this field will begin in 2024," Davitashvili said.
According to the State Agency of Oil and Gas, the presence of natural gas at the site has been confirmed by a well drilled by specialists with the company Schlumberger . These reserves should be enough to last the country for approximately eight years, it said.
Almost all of Georgia's gas is imported from Azerbaijan, including 2.2 bcm in 2021.
Well I guess that is what we are wanting to find out.
https://uk.news.yahoo.com/could-europe-really-return-russian-000000680.html
Europe will probably never go back to the same long-term contracts of the past with Russia, and likely would need to import less gas as time goes by, thanks to renewable energy,” Blas wrote. “But if it is going to keep its chemical, food and heavy industries competitive, it will need some cheap gas. And there is no cheaper gas for Europe than Russia’s.”
Nice to hear from you Njames. I hope you're right.
SN is a net negative in this investment. The company never had annual turnover of more than $5 or $6 million. Mostly they burned through a lot of investor money, including his own, but never found anything commercial. Theoretically, if he were corrupt, he might have been in a position to benefit from kickbacks from contractors in Georgia, but I suspect if anyone did that it was ZM not SN. He and his family had a huge personal fortune thanks to his dad being CEO of Conoco and Vice Chairman of Dupont. Frontera was his passion and he invested a vast amount of time and personal resources in it, but did not get any sort of return. Yet.
Just wondering how much Nicandros and Co pocketed from the peak of oil and gas prices, will we ever get the truth. At the same time not sure what additional funding was required. Will be annoyed if they need funding now that prices are reducing. Rince d repeat.
Consistent with the last couple of quarters, the Q4 report shows "less than US$5K" spent on lobbying.
https://disclosurespreview.house.gov/ld/ldxmlrelease/2022/Q4/301427956.xml
Drmike - thanks, found and printed, just in case……. Not quite a certificate but that’ll do for now….
I just woke up from my hibernation to check if i am rich yet !!!
Seems the answer is no !
Do people fight over an empty box?
Only thing i hope is that the box has not been dropped and that they are looking at new boxes which may be full in other Countries with another in put of cash from private investors.
Surely they would not rinse and repeat the process again transferring more cash from the poor to the rich.
If they do we would have to be renamed FRC Frontera Resources Conservatives, with a us and them attitude.
FRR was a considered choice definitely.
And if we hadn't backed a winner, then it wouldn't still be running :-)
Pardon !
What was that again ?
:-)
FRR have interests in two potentially transformational countries.
https://www.dw.com/en/will-the-war-in-ukraine-spell-the-end-of-transnistria/a-64363639
To my mind we are just waiting for the iron to be nice and hot