RCS - Block Energy PLC - Operations Video Update

Block EnergyAnnouncement

14/09/2022 07:00

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RNS Number : 3501Z  Block Energy PLC  14 September 2022

14 September 2022

Block Energy plc

("Block" or the "Company")

Operations Video Update

Block Energy plc, the development and production company focused on Georgia,
is pleased to provide the following video update on Project II and drilling
operations on the JSR-01DEEP well, designed to evaluate a Contingent Resource
of 200MMbbls, located in Georgia's most prolific oil field.  Please click on
the following link to watch the video:  https://vimeo.com/748840353
(https://vimeo.com/748840353)

 

**ENDS**

For further information please visit http://www.blockenergy.co.uk/ or contact:

 Mark Antelme             Celicourt Communications  Tel: +44 (0)20 8434 2643

 Philip Dennis

 (Financial PR Adviser)

 

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Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has reviewed the
reserve, resource and production information contained in this
announcement. Dr James is a geoscientist with over 40 years' experience in
field development and reservoir management.

Notes to editors

Block Energy plc is an AIM-listed independent oil and gas company focused on
production and development in Georgia, applying innovative technology to
realise the full potential of previously discovered fields.

Block has a 100% working interest in Georgian onshore licence blocks IX and
XIB. Licence block XIB is Georgia's most productive block, where during the
mid-1980s production peaked at 67,000 bopd and cumulative production reached
100 MMbbls and 80 MMbbls of oil from the Patardzeuli and Samgori fields,
respectively. The remaining 2P reserves across block XIB are 64 MMboe,
comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe.
(Source: CPR Bayphase Limited: 1 July 2015). Additionally, following an
internal technical study designed to evaluate and quantify the undrained oil
potential of the Middle Eocene within the Patardzeuli field, the Company has
defined gross unrisked 2C contingent resources of 200 MMbbls of oil.

The Company has a 100% working interest in the 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 over 75 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: 1 January 2018).

Block also holds 100% and 90% working interests respectively in the onshore
oil producing Norio and Satskhenisi fields.

The Company offers a clear entry point for investors to gain exposure
to Georgia's growing economy and the strong regional demand for oil and gas.

Glossary

1.    bbls: barrels. A barrel is 35 imperial gallons.

2.    Bcf: billion cubic feet.

3.    boe: barrels of oil equivalent.

4.    bopd: barrels of oil per day.

5.    Mbbls: thousand barrels.

6.    MMbbls: million barrels.

7.    MMboe: million barrels of oil equivalent.

 

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