Block Energy plc reported a slight dip in production and marginal increase in revenue for the fourth quarter of operations at its oil and gas assets in Georgia.
FINANCES
The company’s operations report for the three months ended 31 December 2022 showed revenue of US$1,840,400 (Q3: $1,833,000).
Block Energy sold 21.3 Mbbls of oil (Q3: 17.9 Mbbls) for $1,691,400 (Q3: $1,614,000), at a weighted average price of $79 per barrel (Q3: $92 per barrel).
During Q4 2022, the company sold 27.3 MMcf of gas (Q3: 36.1 MMcf) for $149,000 (Q3: $192,000), resulting in a weighted average price of approximately $5.45/Mcf (Q3: $ 5.31/Mcf).
PRODUCTION
Block Energy recorded a fall in production during the quarter affected by increased pump maintenance, requiring production wells to be temporary shut-in.
Production was recorded at 34.4 Mboe (Q3: 37.1 Mboe) or an average of 374 boepd, comprising 27.4 Mbbls of oil (Q3: 28.1 Mbbls) and 7.0 Mboe of gas (Q3: 9.0 Mboe).
The average gross production rate for Q4 was 374 boepd (Q3: 404 boepd).
OPERATIONS
Block Energy began Project II (Patardzeuli full-field redevelopment), drilling and testing the JSR-01 DEEP well and upgraded its service rig.
The company also began drilling operations on well WR-B01Za and signed a binding agreement for the farmout of non-core areas of licence XIᴮ.
FLARING
Block Energy said it tried to minimise emissions in line with commitments, but flared 300,000cum [sic] of gas due to the temporary shutdown of the Bago gas pipeline and electricity outages prior to the installation of the generator at the early production facility.
“The company has implemented a procedure for the recording of Project I emissions and is working to reduce other emissions further.
“In 2023, the company plans to record Scope II emissions and fulfil its intention to reduce those emissions also.”