Block Energy PLC - Operational and Corporate Update
Block Energy Plc
("Block", the "Company" or the "Group")
Operational and Corporate Update
Block Energy plc, the exploration and production company focused on
The Group's EPF, a key component in enabling the Company to process and sell gas from its West Rustavi field, arrived on site from
Construction of the gathering line between the EPF and WR-38Z commenced on
As announced on
Norio and Satskhenisi
The Company continues to produce oil from its Norio and Satskhenisi licences and, during
Acquisition of SRCL
Block continues to work with Schlumberger on completion of the acquisition of SRCL, which was announced on
Following the successful commissioning of the EPF, Mr
Block continues to give significant focus to its internal corporate governance standards and has initiated a search through a leading energy executive search firm for a senior independent director and an independent non-executive director. Block will update the market further when it has appointed suitable candidates for these roles.
Block has recently consulted with its major shareholders, who have confirmed their continued support of the Company and its directors.
Block expects to release its interim results for the 6 months ended
Block Energy plc Chief Executive Officer,
"I am extremely pleased with the progress we are making with our EPF at West Rustavi, despite the challenges of COVID-19 and low oil prices. We remain focused on completing the remaining work in order to commence gas sales towards the end of Q4. Gas sales will not only provide an additional revenue stream to Block but will also diversify the Group's resources and provide a clear path to commercialisation of future gas developments and discoveries. Our acquisition of Schlumberger's Georgian upstream business is also progressing well, opening up a raft of mature opportunities for Block."
Block Energy plc Chairman,
"After the period of restricted operational activity caused by the COVID-19 pandemic, I am delighted we can announce the progress we have made towards being able to turn the West Rustavi wells back on and commence gas sales. I thank Roger for his contribution to the Board and am delighted that he continues to make his expertise available to the Company."
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
Block Energy Plc
Tel: +44 (0)20 3980 6250
Spark Advisory Partners Limited
Tel: +44 (0)20 3368 3554
Mirabaud Securities Limited
Tel: +44 (0)20 3167 7221
Tel: +44 (0)20 3757 4980
Notes to editors
Block Energy plc is an AIM-listed independent oil and gas company focused on production and development in
The Company has a 100% working interest in the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The Field has so far produced 50 Mbbls of light sweet crude and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross unrisked 2C contingent resources of oil and 608 BCF of gross unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source: CPR Gustavson Associates:
Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. In
The Company offers a clear entry point for investors to gain exposure to
1. bbls: barrels. A barrel is 35 imperial gallons.
2. Mbbls: thousand barrels.
3. MMbbls: million barrels.
4. MMCF/d: million cubic feet per day.
5. BCF: billion cubic feet.
Quick facts: Block Energy PLC
Market Cap: £14.26 m
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