REG - Block Energy PLC - Completion of Minimum Work Programme

Block EnergyAnnouncement

12/07/2022 07:00

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RNS Number : 0904S  Block Energy PLC  12 July 2022

12 July 2022

 

Block Energy plc

("Block" or the "Company")

Completes Minimum Work Programme

Across Entire Licence Portfolio

 

 

Block Energy plc, the exploration and production company focused on Georgia,
is pleased to announce it has received confirmation from Georgia's State
Agency of Oil and Gas ("SAOG") that it has completed the minimum work
programme ("MWP") in the production sharing contract ("PSC") for Block XI(F),
thus securing the licence to 2043. This represents a major milestone and the
Company has now completed all MWP requirements across its entire licence
portfolio.

The MWP for Block XI(F) comprised the completion of an environmental impact
assessment, extensive 3D-seismic data acquisition and processing, the drilling
of a side-track from an existing well and one new well.

Commenting, Paul Haywood, Block Chief Executive officer, said:

"First and foremost, I would like to thank members of SAOG and GOGC for their
timely acceptance of MWP fulfilment. Safely completing the MWP commitment
across the XI(F) licence represents yet another significant milestone for the
business, providing assurance over title on a key asset until 2043. This
further supports final investment decisions on future work programmes over the
life of the PSC. More broadly, all MWP commitments across our portfolio have
now been met, allowing the team to focus, define and execute programmes, which
meet our corporate objectives."

 

**ENDS**

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER
THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF
ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

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

 Paul Haywood                   Block Energy plc                 Tel: +44 (0)20 3468 9891

 (Chief Executive Officer)
 Neil Baldwin                   Spark Advisory Partners Limited  Tel: +44 (0)20 3368 3554

 (Nominated Adviser)
 Peter Krens                    Tennyson Securities              Tel: +44 (0)20 7186 9030

 (Corporate Broker)
 Philip Dennis / Mark Antelme   Celicourt Communications         Tel: +44 (0)20 8434 2643

 (Financial PR)

 

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
XI(B). Licence block XI(B) is Georgia's most productive block, with 2P oil
and gas reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P
gas reserves of 28 MMboe (Source: CPR Bayphase
Limited: 1 July 2015) and historical production of over 180 MMbbls of oil
from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.

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 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: 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.    boepd: barrels of oil equivalent per day.

5.    bopd: barrels of oil per day.

6.    gross production: including the state of Georgia's share of
production

7.    LTI: lost-time incident.

8.    Mbbls: thousand barrels.

9.    Mboe: thousand barrels of oil equivalent.

10.  MMbbls: million barrels.

11.  MMboe: million barrels of oil equivalent.

GOGC: Georgian Oil and Gas Corporation

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