Block Energy PLC Oil Capital Conference Presentation
August 30 2018 - 4:29AM
RNS Non-Regulatory
TIDMBLOE
Block Energy PLC
30 August 2018
Block Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and
Gas
30 August 2018
Block Energy Plc ('the Company' or 'the Group')
Oil Capital Conference Presentation
Block Energy Plc, the exploration and production company focused
on the Republic of Georgia, is pleased to announce that its
Managing Director, Paul Haywood, will be presenting at the Oil
Capital Conference on 4 September 2018 at 1:00pm. The Conference
will be held at The Brewery, 52 Chiswell Street, London, EC1Y 4SD.
For more information and to register attendance for the event
please visit: http://www.oilcapital.com/conferences .
**ENDS**
For further information visit www.blockenergy.co.uk or
contact:
Paul Haywood Block Energy Plc Tel: +44 (0) 20
Executive Director 3053 3631
Neil Baldwin Spark Advisory Partners Tel: +44 (0) 203
(Nominated Adviser) Limited 368 3554
Craig Fraser Baden Hill LLP Tel: +44 (0) 20
(Joint Corporate Broker) 7933 8731
Colin Rowbury Novum Securities Ltd Tel: +44 (0)207
(Joint Corporate Broker) 399 9427
Frank Buhagiar / Juliet St Brides Partners Tel: +44 (0) 20
Earl Ltd 7236 1177
(Financial PR)
Notes:
Block Energy (BLOE.L) is an AIM traded oil and gas company with
a growing portfolio of production, development and exploration
assets in the Republic of Georgia. Block holds a 100% Working
Interest ('WI') in the producing Norio licence, a 90% WI in the
producing Satskhenisi licence and a 25% WI in the West Rustavi
licence with the right to farm-in to up to a 75% WI in the Licence.
Block's three licences lie in the heart of the Schlumberger's 100%
owned strategic position in the prolific Kura basin, which at its
peak produced 70,000 barrels of oil per day ('bopd') in Georgia and
is estimated to hold over 7 billion barrels of proven reserves in
Azerbaijan and North Caucasus (Russia).
The licences currently hold net proven oil reserves of 1.5
million barrels plus 60 million barrels of oil and c.600 billion
cubic feet ('bcf') of gas classified as 2C contingent resources.
The West Rustavi permit, in which Block has just increased its
stake in, has proven reserves and gross, unrisked contingent
resources ('2C') of 608 BCF gas and 37.9MMBbls of oil. Multiple gas
discoveries have already been made in the Lower Eocence and Upper
Cretaceous within the Licence, which lie on trend to the same play
currently being targeted by Schlumberger on neighbouring licence,
Block XIb. The estimated cost of gas development and production at
West Rustavi is c.US$2.00/Mcf which equates to operating netbacks
of c.US$2.6/Mcf (assuming a 75% working interest) - Georgia
currently purchases its gas for c.US$5.5 /Mcf (c.US$600m project
value to the Company).
West Rustavi's development is being conducted contemporaneously
with the development of the producing Norio (100% WI) and
Satskhenisi licences (90% WI) which provide immediate production
uplift on commencement of field operations in Q3. The near-term
target is to raise production to 900 bopd from 15 bopd within 18
months via a low cost, low risk workover and sidetrack programme of
existing wells, and then utilise cashflow to drill horizontal wells
and sidetracks to rapidly raise production to c.2,000. Oil
production on the fields offers excellent netbacks, with the
current cost of production of c.US$25 per barrel providing netbacks
of c. US$30-35 per barrel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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