Block Energy plc said it built its production and development base and maintained a strong financial position in 2020 due to its acquisition of 100% shares of Block Rustaveli Ltd in West Rustavi, Georgia. The acquisition, formerly Schlumberger Rustaveli Company Ltd, holds the PSCs to Blocks IX and XIB. FINANCIAL In its audited results for the year ended 31 […]
Tag: Block Energy plc
Block set for 2021 with $6.8m and two new wells
Block Energy plc announced it had a strong cash position of $6.8 million as it prepares to drill two wells as part of its 2021 objectives at West Rustavi in Georgia. OIL AND GAS PRODUCTION In its operational report for Q1 2021, the company said it was currently producing across all its licences (excluding WR-16aZ […]
Block restarts oil production at West Rustavi
Block Energy plc has restarted production from WR-38Z and WR-16aZ wells at West Rustavi oil field in Georgia. TIE BACK Oil and gas flowed through its new in-field flowline to its early production facility (EPF) in the West Rustavi field at the WR-16aZ wellsite. Gas is separated in the EPF from the crude oil before […]
Block nears Schlumberger Rustaveli acquisition
Block Energy plc said it had made some amendments to the sale and purchase agreement of Schlumberger Rustaveli Company Ltd (SRCL) in Georgia. TERMS The company’s agreement with Schlumberger to acquire its subsidiary SRCL, covering Blocks XIB and IX, had been delayed due to Covid-19. Completion will be next Monday (23 November) and subject to Block […]
Block able to receive gas at West Rustavi EPF
Block Energy plc said its wells could now receive gas in readiness for the installation of the sales pipeline in West Rustavi, Georgia. TESTS The company has on time and budget completed construction of the gathering line between the early production facility (EPF) on the West Rustavi oil and gas field and WR-38Z. “The pipeline […]
Block to start Georgia gas sales before year end
Block Energy plc expects to complete its gas sales pipeline this year and start sales from its projects in Georgia. FINANCES Block’s three current licences are West Rustavi (100% working interest), Norio (100%), and Satshenisi (90%). In its interim results for six months ended 30 June 2020, the company reported revenue from oil sales of $313,000 (2019: […]