Completion of Minimum Work Programme
12 July 2022
Block Energy plc
("Block" or the "Company")
Completes Minimum Work Programme
Across Entire Licence Portfolio
Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce it has received confirmation from Georgia's State Agency of Oil and Gas ("SAOG") that it has completed the minimum work programme ("MWP") in the production sharing contract ("PSC") for Block XIF, thus securing the licence to 2043. This represents a major milestone and the Company has now completed all MWP requirements across its entire licence portfolio.
The MWP for Block XIF comprised the completion of an environmental impact assessment, extensive 3D-seismic data acquisition and processing, the drilling of a side-track from an existing well and one new well.
Commenting, Paul Haywood, Block Chief Executive officer, said:
"First and foremost, I would like to thank members of SAOG and GOGC for their timely acceptance of MWP fulfilment. Safely completing the MWP commitment across the XIF licence represents yet another significant milestone for the business, providing assurance over title on a key asset until 2043. This further supports final investment decisions on future work programmes over the life of the PSC. More broadly, all MWP commitments across our portfolio have now been met, allowing the team to focus, define and execute programmes, which meet our corporate objectives."
**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/ or contact:
|
Paul Haywood (Chief Executive Officer) |
Block Energy plc |
Tel: +44 (0)20 3468 9891 |
|
Neil Baldwin (Nominated Adviser) |
Spark Advisory Partners Limited |
Tel: +44 (0)20 3368 3554 |
|
Peter Krens (Corporate Broker) |
Tennyson Securities |
Tel: +44 (0)20 7186 9030 |
|
P hilip Dennis / M ark Antelme (Financial PR) |
C elicourt Communications |
Tel: +44 (0)20 8 434 2 643 |
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 XIB. Licence block XIB is Georgia's most productive block, with 2P oil and gas reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical 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 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. Bcf: billion cubic feet.
3. boe: barrels of oil equivalent.
4. boepd: barrels of oil equivalent per day.
5. bopd: barrels of oil per day.
6. gross production: including the state of Georgia's share of production
7. LTI: lost-time incident.
8. Mbbls: thousand barrels.
9. Mboe: thousand barrels of oil equivalent.
10. MMbbls: million barrels.
11. MMboe: million barrels of oil equivalent.
GOGC: Georgian Oil and Gas Corporation
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