Block Energy plc reported field gross 2P reserves of 1.07 MMbbls in a competent persons report (CPR) on part of the West Rustavi and Krtsanisi oil field in Georgia. PROJECT I Chief executive Paul Haywood said that the CPR had independently verified the company’s work and plans for the initial phase of Project I. The CPR, […]
Tag: Block Energy plc
Block starts Project II to deepen existing oil well in undrained reservoir
Block Energy plc plans to deepen an existing oil well in Block XIB as the company begins the second of its three-project strategy in Georgia. PROJECT II Project II involves the re-development of the Patardzeuli Middle Eocene reservoir. The company will drill well JSR-01DEEP by September using cash generated from operations. Project II will run […]
Block secures block XIF in Georgia until 2043
Block Energy plc said it had secured until 2043 the production sharing contract (PSC) licence for block XIF after completing the minimum work programme (MWP) across its oil and gas assets in Georgia. REQUIREMENTS The company received confirmation from Georgia’s State Agency of Oil and Gas (SAOG). Block added it had now completed all MWP requirements across […]
Block Energy production rises and revenue falls
Block Energy plc reported a slight increase in production and fall in revenue during Q2 from its oil and gas operations in Georgia. PRODUCTION The company reported production of 47.2 Mboe (Q1: 46.1 Mboe) at an slightly increased average production of 519 boepd (Q1: 512 boepd) Production was supported by a consistent performance from well […]
Block revenues rise and losses narrow in Georgia
Block Energy plc recorded a near five-fold increase in revenue and narrowed losses from its oil and gas operations in Georgia. FINANCES The company’s audited results for the year ended 31 December 2021 showed revenue of $6,114,000 (2020: $1,255,000) and other income included $5,000 (2020: $100,000) for sales of materials. Losses for the year narrowed to $4,783,000 (2020: $5,512,000). Block Energy added […]
Block looks at financing options following ‘robust’ Q1
Block Energy plc said it was looking at “non-dilutive financing options” to accelerate production at its gas and oil operations in Georgia. PRODUCTION The company included the news in its report for the three months ended 31 March 2022. Production was 46.1 Mboe (Q4 2020: 34.6 Mboe), comprising 32.1 Mbbls of oil (Q4: 24.9 Mbbls) and 14.0 Mboe of gas (Q4: 9.7 Mboe). […]