Block Energy PLC West Rustavi Update (1586L)
January 11 2021 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 1586L
Block Energy PLC
11 January 2021
11 January 2021
Block Energy plc
("Block" or the "Company")
West Rustavi Update
Block Energy plc, the development and production company focused
on Georgia, is pleased to provide an update regarding gas sales at
its West Rustavi field. The Company has completed all of the steps
under its control, such as the construction and commissioning of
the Early Production Facility and gas gathering line. Bago LLC has
completed the construction and final pressure testing of its 8km
gas sales pipeline. The remaining key steps leading up to inaugural
gas sales are all under the control of Bago LLC and include
finalising the construction of the compressor station, which is
well underway, and hooking it up to the state's main gas line.
Delivery of first gas is now forecast to occur by late January or
early February.
Block plans to restart oil and gas production at its West
Rustavi licence area and will be mobilising teams to the WR-16aZ
and WR-38Z wells in the coming days to open those two wells.
Also, Block's Drilling and G&G departments are finalising
preparations for the 2021 drilling and workover programme, details
of which will be communicated to shareholders in the coming
weeks.
Block Energy Chief Executive Officer, Paul Haywood, said:
"I am pleased to provide an update on our gas sales in Georgia,
where after safely installing and commissioning the Early
Production Facility and constructing a gas gathering pipeline, we
are on the cusp of our inaugural gas sales. The commencement of gas
sales will be a significant event for Block and is testament to the
capability of our team, who have continued to prioritise this
project, despite some significant operational and travel challenges
associated with COVID-19. As well as the commencement of gas sales,
we are pleased to be recommencing production and sales of crude oil
at West Rustavi with the Brent oil price now over $50 per
barrel."
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy Plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin SPARK Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Limited Tel: +44 (0)20
(Corporate Broker) 7186 9030
Owen Roberts / Violet Camarco Tel: +44 (0)20
Wilson 3757 4980
(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 recently acquired 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
million boe and historic 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 highly
prospective 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. boe: barrels of oil equivalent.
3. bopd: barrels of oil per day.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. MMCF/d: million cubic feet per day.
7. BCF: billion cubic feet.
8. G&G: geology and geophysics
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