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Presentation from Thursday 6th July 06 can be seen on oilbarrel !


Monterey appraisal well suspended pending Wintershall evaluation. 1/12/06
BLR and Kappa in dispute.
BLR to meet with Kappa within next two weeks 1/12/06

Fantastic! I have just hit break-even at 1.5p!

BLR Bid: 1.5p Offer: 1.65p Change: 0.5

Edgein - 13 Nov'06 - 15:36 - 1070 of 1070


Well the value of Monty could be quite good depending on the economics. There is potential for this well to flow 30mmcfd or 750boepd to BLR. Reserves could be in the region of 165bcf or more depending on the production index of this well. The PI is expected to be high with only two wells to develop the entire field and given the 30mmcfd rate (would be classified as a significant discovery by the DTI if that is the case). The reserves would be approximately 4-5mmboe to BLR, a undeveloped NAV of about 20-25m. Given a modest rate of $5/mcf, you would be talking revenues exceeding 22,500 per day to BLR. the reserves would give them purchasing power or leverage to get developmental funds. Development of monty would be late 07 early 08, we would get an appraisal some time next year if successful. I could see BLR appraising Monty and selling on a confired reservoir size, auctioning monty at the stage of two shut in production wells could fetch in a very decent amount to BLR (25-30m) not small buns to a 8m company. Colombia would fit in there somewhere on top of this. How many other companies have 15% carried on a potential 165bcf target and cash in the bank and a pilot steam production project on an oilfield. If Monty is a goer BLR will be grossly under valued. Derisked monty could be worth 3p on the share price, Arce baul 1-2 etc lets not even get onto Bukhara or La Tolda yet.

Regards,
Ed.

Thanks for that Moneyman could you ask Edgein to do the same comparison on Gold Oil (GOO) for me?
We have struggled to place a price on value.

Moneyman.. thanks for the summary.. was wondering what it all meant...!
onwards and upwards eh!

Onwards and upwards indeed.

The biggest problem for BLR to overcome is sentiment.

The 60m gross column is nice, then we need to know how much will become net.

I have dumped out and I suspect others will have taken this opportunity to do the same without too much damage.

BLR has tested patience with a lot of holders from what I have read, others will be happy to leave.

For those who are now bullish on BLR good luck and I hope it goes well for you.

I am banking cash for a while.

Would be nice to see it break the 2p barrier today!

There seems to be a large spread today -or is this the norm with BLR ?

It's normal!

1 Million purchase just gone though.

Wish it was me

1 mill is only 16500.00 , it's not that much , but it's a positive sign.

Results on Monterey either Friday or Monday! Very hopeful!

Still got ARCE news to come as well.

New research note/report on web site 17 nov

Thanks for that Smiler. Good report, let's hope that ARCE does not turn into a FARCE and makes an ARSE out of us!! I am very positive about this company.
kim

http://www.blackrockoilandgasplc.co.uk/investor/broker/171106_vsa.pdf

Thanks Smiler still reading through but good update will continue to hold long term.

I don't hold any of this company, primarily because I think heavy oils are seriously unsexy ...... that said, my unrequested (as usual!) advice would be to keep an eye on the 200 and 50 dmas, and sps reaction to them ......

Drop today due to fundraising for two other wells. See report on website.