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 […]
Tag: Block Energy plc
Block appoints Ken Seymour as chief operating officer
Block Energy plc has appointed Dr Ken Seymour as chief operating officer with effect from today, 10 January 2023. Dr Seymour has more than 40 years’ industry experience as a drilling engineer, drilling superintendent, drilling manager, asset manager, director and adviser. He has worked in various parts of the world, including the UK North Sea, […]
Block testing proves unswept oil in Patardzeuli field
Block Energy plc said that the JSR-01 DEEP testing programme had proven oil from a previously unproduced zone in the Patardzeuli field in Block X1B, Georgia. RESULTS The company began drilling the well in July 2022 under Project II comprising the full redevelopment of Patardzeuli. Block Energy today reported that results demonstrated the company’s concept […]
Block issues 12m shares to Jindal over X1B acquisition
Block Energy plc said it issued 12 million shares to Jindal Petroleum (Georgia) Ltd which once owned licence X1B in West Rustavi, Georgia. TRANSACTION In 2020, Block Energy granted 120m nil-cost options to SLB (formerly Schlumberger) for the acquisition of Schlumberger Rustaveli Company Ltd (SRCL), which held XIB in Georgia. As part of the transaction, […]
Block spuds sidetrack well at West Rustavi field
Block Energy plc has started drilling WR-B01 sidetrack well at West Rustavi oil field in Georgia. PROJECT 1 Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi. The well is targeting a fracture system on the west side of the Krtsanisi anticline […]
Block agrees farm-out for licence XIB
Block Energy plc has signed a farm-out agreement with Georgia Oil and Gas Ltd (GOGL) for 50% of its XIB licence in Georgia. LICENCE XIB The licence covers a total 614 km2 and includes the Patardzeuli, Samgori, Teleti and Rustavi fields which Block said had produced more than 180 MMbbl of oil. The company added that the portions of […]