REG - Block Energy PLC - Spud of KRT-39ST

Block EnergyAnnouncement

19/09/2025 07:00

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RNS Number : 9406Z  Block Energy PLC  19 September 2025

19 September 2025

Block Energy plc

("Block" or the "Company")

Spud of KRT-39ST

Block Energy plc, the development and production company focused on Georgia,
is pleased to announce the spud of KRT-39ST.

As announced on the 12
(https://polaris.brighterir.com/public/block_energy/news/rns/story/x40yjdw)
(th
(https://polaris.brighterir.com/public/block_energy/news/rns/story/x40yjdw) )
August 2025
(https://polaris.brighterir.com/public/block_energy/news/rns/story/x40yjdw) ,
KRT-39ST is being drilled as a pilot of the new 'slim hole' technology, which
sees the well being drilled and completed for approximately 40% of the cost of
Block's previous 'conventional' sidetracks.

Should the pilot be successful, the technology has scope for application on
both Project I and Project II.

**ENDS**

For further information please visit 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

 James Keeshan

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

 (Corporate Broker)
 Mark Antelme                Celicourt Communications         Tel: +44 (0)20 7770 6424

 Philip Dennis

 Ali AlQahtani

 (Financial PR Adviser)

 

Notes to editors

Block Energy plc is an AIM quoted independent oil and gas production and
development company focused on unlocking Georgia's energy potential. The
Company holds interests in seven Production Sharing Contracts across central
Georgia, covering an area of 4,256 km(2), including the XIB licence which has
over 2.77TCF of 2C contingent gas resources, with an estimated Net Present
Value 10 ("NPV(10)") of USD 1.65 billion. (Source: IER, OPC 2024 &
Internal estimates).

Block is pursuing a four-project strategy to grow production, redevelop legacy
fields, explore new deposits, and unlock its multi-TCF gas potential -
positioning Georgia as a strategically located hub for European markets.
Alongside this, the Company is advancing a carbon capture and storage (CCS)
pilot test in Georgia, the first of its kind in the region, as part of its
commitment to low-carbon solutions.

Located near the Georgian capital of Tbilisi, Block Energy is well-positioned
to contribute significantly to the region's energy landscape. This proximity
facilitates seamless operations and underscores our commitment to the economic
and energy development of Georgia.

 

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