Block Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas
19 November 2018
Block Energy Plc ("the Company", "Block" or "the Group")
ExxonMobil Enters Georgia
Block Energy Plc, the exploration and production company focused on the
Block's directors believe the Agreement, which follows the entry into
As announced on the Ministry's website (https://goo.gl/58fq7f) Exxon has agreed to build an integrated database of west
In May 2017 Schlumberger gained a 100% owned position in
Block Energy Chief Executive Officer Paul Haywood said: "The Georgian Government's Agreement with Exxon further validates the country's credentials as a secure and stable place to do business, and an emerging hydrocarbon jurisdiction in terms of naturally occurring oil and gas. Thanks to our positioning and excellent relationships in
Roger McMechan, Technical Director, has reviewed the reserve, resource and production information in this announcement. Mr McMechan has a BSc in Engineering from the University of
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
**ENDS**
For further information visit www.blockenergy.co.uk or contact:
Paul Haywood Chief Executive Officer |
Block Energy Plc |
Tel: +44 (0) 20 3053 3631 |
Neil Baldwin (Nominated Adviser) |
Spark Advisory Partners Limited |
Tel: +44 (0) 203 368 3554 |
Craig Fraser (Joint Corporate Broker) |
Baden Hill, a trading name of Northland Capital Partners ltd. |
Tel: +44 (0) 20 7933 8731 |
Colin Rowbury (Joint Corporate Broker) |
Novum Securities Ltd |
Tel: +44 (0)207 399 9427 |
Frank Buhagiar / Juliet Earl (Financial PR) |
St Brides Partners Ltd |
Tel: +44 (0) 20 7236 1177 |
Notes:
Block Energy (BLOE.L) is an AIM quoted oil and gas company with a growing portfolio of production, development and exploration assets in the
The licences currently hold estimated net proven oil reserves of 1.5 million barrels plus 61 million barrels unrisked contingent oil resources ('2C'). Furthermore, the West Rustavi permit has estimated gross unrisked contingent gas resources (2C) of 608 BCF. Multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the Licence and lie on trend with the same play currently being targeted by Schlumberger on neighbouring licence, Block XIb. The estimated cost of gas development and production at West Rustavi is c.
Appraisal of West Rustavi is being conducted contemporaneously with the rehabilitation of the producing Norio (100% WI) and Satskhenisi fields (90% WI) which provide immediate production uplift on commencement of field operations in Q4. The near-term target is to raise production to 900 bopd from 15 bopd within 18 months via a low cost, low risk workover and sidetrack programme, and then to utilise the cash flow to drill horizontal wells and sidetracks to raise production to c.2,000 bopd. Oil production on the fields offers excellent netbacks, with the current cost of production of c.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the