Block Energy plc said that SLB (formerly Schlumberger) had decided not to exercise its right to acquire 108 million ordinary shares in the company. ACQUISTION In 2020, Block granted 120 million options as consideration for the acquisition of the Schlumberger Rustaveli Company Ltd (SRCL), which held Georgia’s most productive licence, Block XIB. Of these, SLB assigned to Jindal Petroleum […]
Tag: Block Energy plc
Block production and revenue fall in Georgia
Block Energy plc reported a fall in production and revenue during the third quarter from its operations in Georgia. FINANCES Revenue was $1,833,000 (Q2: $2,228,000) while the cash balance was $1.1m (30 June 2022: $1.4m). Block Energy said the decrease in cash reflected the cost of drilling well JSR-01, ordering of long-lead items associated with […]
Block Energy appoints new auditor
Block Energy plc has appointed PKF Littlejohn as its new auditor, and current auditor BDO LLP has resigned. The appointment was authorised in August 2022 at the company’s general meeting and followed a tender process led by the company’s audit and risk committee. Any proposal to re-appoint PKF as auditors of the group will need […]
Block completes deepening JSR-01 in Patardzeuli
Block Energy plc has completed deepening the JSR-01 well in the Patardzeuli oil field in Block XIB in Georgia. PROJECT II The company began drilling JSR-01DEEP in early September, marking the start of Project II, one part of a three-project strategy. Block Energy aims to evaluate a contingent resource of 200 MMbbls of oil and accelerate near-term […]
Block CFO William McAvock resigns to improve company’s efficiencies
Block Energy plc’s chief financial officer William McAvock had agreed to resign as part of the company’s drive to improve efficiencies. REDUNDANT The company has also made the position of CFO redundant as part of its “continuing efforts to improve efficiency across its oil and gas business in Georgia”. “During his service of over three […]
Block starts drilling well extension to test 200 MMbbls in Patardzeuli oil field
Block Energy plc has started drilling on the JSR-01DEEP well, an extension to the JSR-01 well, to test contingent resources of over 200 million barrels (MMbbls) in the Patardzeuli oil field in Block XIB in Georgia. PROJECT II The start of operations marks the beginning of Project II of the company’s three-project strategy in Georgia. Block […]