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Block Energy Plc (BLOK)

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Tuesday 12 September, 2017

Block Energy Plc

Sale of Ghanaian Assets for US$600,000

12 September 2017

Block Energy plc

 ("Block Energy" or the "Company")

Sale of Ghanaian Assets for US$600,000

Block Energy, the exploration and production company focused on the Republic of Georgia, is pleased to announce that, in line with the Company’s strategy to focus on its portfolio of low cost / high impact oil and gas development assets in a proven region of the Republic of Georgia, it has agreed the sale of the entire issued and to be issued share capital of Antubia Resources Limited (‘Antubia’) for US$600,000 in cash (‘the Sale’).  This follows the signing of a Sale and Purchase Agreement (the ‘SPA’) with Star Goldfields Limited, a private Ghanaian mining company wholly owned by HODA Holdings, a Ghanaian conglomerate whose companies include Unibank and Star Assurance. Antubia holds the Asheba Gold concession in Kedadwen, Western Region of Ghana, which is currently under renewal. 

US$50,000 has been received by the Company with the remaining US$550,000 payable by 31 December 2017, subject to certain SPA conditions being met. The proceeds of the sale will go towards the implementation of low cost work programmes across the Company’s portfolio of assets in Georgia to rapidly scale up production and reserves.

The Company currently holds three licences in Georgia all of which are proven fields that are either currently producing or have historically produced significant quantities of oil:

  • Norio field has produced 1.9 million barrels to date and currently produces approximately 15-20bopd

  • Satskhenisi has produced more than 310,000 barrels of oil and is currently producing approximately 5-10bopd

  • The West Rustavi Block XIf Permit, which has historically produced 500,000 barrels of oil, has been estimated to hold most likely contingent resources of 38mmbbls of oil and over 600bcf of gas.

    • West Rustavi shares the same geology and play types as the adjacent Schlumberger’s XIb Permit , where approximately 200 million barrels of light oil have been produced to date

Paul Haywood, Director of Block Energy, said, "Today’s sale of our assets in Ghana sees Block Energy become a 100% focused Georgian oil and gas company, one which already has modest production as well as an extensive pipeline of low cost development opportunities.  Through the implementation of a multi-well workover and sidetrack programme of existing wells, we believe we can increase production to 1,300 bopd within 12 months of the commencement of work.  At this level, we estimate Block Energy will be generating monthly revenues of US$1.7 million.  

“In addition to this we also have proven gas appraisal targets in our portfolio such as the 600bcf West Rustavi gas prospect which the Company believes is a continuation of the gas development plays being targeted by our neighbour, Schlumberger in block XIb immediately to the north. The economics for these gas projects are especially compelling and highly material to Block Energy thanks to local gas prices of US$5 per mcf and development costs of <US$1 per mcf.  Gas development is a high priority of the Georgian government in their strategic drive to gain more energy security for their country. As a result, Block Energy is not only a low risk oil development play but one which also has significant appraisal and exploration potential.”

The Directors of the Issuer accept responsibility for this announcement.

For further information contact:

Block Energy plc  Executive Director
Paul Haywood
Tel:  020 3053 3631
Peterhouse Corporate Finance Tel +44 020 7469 0930
Guy Miller / Mark Anwyl

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