Block Energy PLC Appointment of Company Auditor (3139A)
September 11 2018 - 2:01AM
UK Regulatory
TIDMBLOE
RNS Number : 3139A
Block Energy PLC
11 September 2018
Block Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and
Gas
11 September 2018
Block Energy Plc ('Block', 'the Company' or 'the Group')
Appointment of Company Auditor
Block Energy Plc, the exploration and production company focused
on the Republic of Georgia, is pleased to announce the appointment
of BDO UK LLP ('BDO') as the Company's auditor with immediate
effect. BDO will perform the audit of the Company's Report and
Accounts for the financial year ended 30 June 2018.
A resolution to approve the appointment of BDO will be put to
shareholders at the Company's next meeting of shareholders.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**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 quoted 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. Block's three
licences lie in the heart of the Schlumberger's 100% held position
in the 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 estimated net proven oil reserves of
1.5 million barrels plus 61 million barrels unrisked contingent oil
resources ('2C'). Furthermore, the West Rustavi permit has
estimated gross unrisked contingent gas resources (2C) of 608 bcf.
Multiple gas discoveries have already been made in the Lower
Eocence and Upper Cretaceous within the Licence and lie on trend
with 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).
Appraisal of West Rustavi is being conducted contemporaneously
with the rehabilitation of the producing Norio (100% WI) and
Satskhenisi fields (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,
and then to utilise the cash flow to drill horizontal wells and
sidetracks to raise production to c.2,000 bopd. 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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