Block Energy plc has started drilling its third Project I development well WR-34Z in Georgia. AGGRESSIVE PLAN Project I is the development of the Middle Eocene oil reservoir in the West Rustavi-Krtsanisi field Well WR-34Z is part of the development of the 3.01 MMbbl gross 3P reserves, with a net present value of US$57 million. Block […]
Tag: Block Energy plc
Block to spud next project I well following record production
Block Energy plc aims to spud the next well this month for Project I of its onshore oil and gas operations in Georgia. WELLS The company’s Q2 2023 report added that back-to-back drilling resulted in record production with an average rate of 664 boepd (Q1: 400 boepd). The success of wells JKT-01Z and WR-B01Za has […]
Block appoints Guram Maisuradze as COO
Block Energy plc has made new appointments including promoting Guram Maisuradze to chief operating officer (COO). Mr Maisuradze has worked for the company for five years, holding the role of operations manager. He has been responsible for planning and executing the drilling of new wells and for the overall management of production operations. Outgoing COO Dr Ken […]
Block increases loan to $2m for Georgia drilling
Block Energy plc has increased its US$1.06 million loan, secured in February 2023, by $940,000 for its oil and gas operations in Georgia. DIRECTORS’ DEALINGS The funds will maintain scheduled liftings and accelerate procurement of materials to drill its next project I wells, the first of which is KRT-45Z, in the West Rustavi/Krtsanisi field. The […]
Block’s increase in revenues helps cuts losses
Block Energy plc’s revenues rose 35% based on increased production, helping to reduce losses “significantly” from its oil and gas licences in southeast Georgia. FINANCES The company’s audited results for the year ended 31 December 2022 showed revenue of $8,262,000 (2021: $6,114,000), with other income including $281,000 from an insurance claim. The total loss for the […]
Block sees ‘robust’ start to 2023 from West Rustavi
Block Energy plc said it had a “robust start” to the year from its onshore oil and gas operations in West Rustavi, Georgia. OPERATIONS For the three months ended 31 March 2023, the company produced 36 Mboe (Q4 2022: 34.4 Mboe) or an average of 400 boepd (Q4: 374 boepd). Th total comprised 26.8 Mbbls of oil […]