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REG - Block Energy PLC - Drilling Update

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RNS Number : 1913Y  Block Energy PLC  05 September 2022

 

5 September 2022

 

Block Energy plc

("Block" or the "Company")

JSR-01 Drilling Commences

 

Block Energy plc, the exploration and production company focused on Georgia,
is pleased to confirm drilling has now commenced as planned on the previously
announced JSR-01DEEP well, representing the start of Project II, in Block's
three-project strategy. The well is self-funded using cash generated from
existing operations.

JSR-01DEEP is targeting an undrained part of the Middle Eocene reservoir, with
placement of the well path guided by 3D-seismic data attributes that indicate
a zone of fractured corridors. This is the first of a series of wells in a
wide range of Project II opportunities designed to evaluate large, undrained
areas of the deeper zones of the Middle Eocene reservoir and test contingent
resources of over 200 MMbbls, defined by Block's technical team.

Drilling involves extending the existing JSR-01 well, in the Patardzeuli oil
field in Block XI(B), which penetrated only the upper 55 metres of the
reservoir. The reservoir is over 600 metres thick in the Patardzeuli field
and has produced over 100 MMbbls of oil.

Commenting, Paul Haywood, Chief Executive Officer of Block Energy plc's, said:

"Drilling JSR-01DEEP represents the start of Project II and the first
operation for the Company in the prolific Patardzeuli field, which aims to
evaluate a prize of over 200 MMbbls of contingent resources. The result of
drilling JSR-01DEEP will also guide us more widely in how we progress Project
II, which represents the start of an exciting period for Block."

 

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.

 

**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, 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 XI(B) 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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