Proactiveinvestors United Kingdom Block Energy PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Block Energy PLC RSS feed en Thu, 27 Jun 2019 13:09:55 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - TR-1: notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190626172232_14125983/ Wed, 26 Jun 2019 17:22:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190626172232_14125983/ <![CDATA[RNS press release - Change of Accounting Reference Date ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190626070006_14124436/ Wed, 26 Jun 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190626070006_14124436/ <![CDATA[RNS press release - Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613174549_14110515/ Thu, 13 Jun 2019 17:45:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613174549_14110515/ <![CDATA[RNS press release - Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613075640_14109484/ Thu, 13 Jun 2019 07:56:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613075640_14109484/ <![CDATA[RNS press release - Issue of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613070007_14109005/ Thu, 13 Jun 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190613070007_14109005/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190606123248_14101695/ Thu, 06 Jun 2019 12:32:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190606123248_14101695/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190606070004_14100404/ Thu, 06 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190606070004_14100404/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190605102806_14099470/ Wed, 05 Jun 2019 10:28:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190605102806_14099470/ <![CDATA[RNS press release - TR-1: notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190605070014_14098781/ Wed, 05 Jun 2019 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190605070014_14098781/ <![CDATA[RNS press release - Result of GM; Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190604123001_14098088/ Tue, 04 Jun 2019 12:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190604123001_14098088/ <![CDATA[RNS press release - TR-1: notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190529112355_14090903/ Wed, 29 May 2019 11:23:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190529112355_14090903/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190528113053_14089234/ Tue, 28 May 2019 11:30:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190528113053_14089234/ <![CDATA[RNS press release - Exercise of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190523123250_14085473/ Thu, 23 May 2019 12:32:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190523123250_14085473/ <![CDATA[RNS press release - TR-1: notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190522121511_14083782/ Wed, 22 May 2019 12:15:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190522121511_14083782/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190521131644_14082151/ Tue, 21 May 2019 13:16:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190521131644_14082151/ <![CDATA[Media files - Block Energy targeting 1500 barrels a day by end of 2019 as Georgia exceeds all expectations ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13424/block-energy-targeting-1500-barrels-a-day-by-end-of-2019-as-georgia-exceeds-all-expectations-13424.html Tue, 21 May 2019 12:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13424/block-energy-targeting-1500-barrels-a-day-by-end-of-2019-as-georgia-exceeds-all-expectations-13424.html <![CDATA[RNS press release - Updated Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190517144929_14078903/ Fri, 17 May 2019 14:49:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190517144929_14078903/ <![CDATA[RNS press release - Posting of Circular to Shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516165500_14077424/ Thu, 16 May 2019 16:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516165500_14077424/ <![CDATA[RNS press release - Change of Adviser ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516120001_14076923/ Thu, 16 May 2019 12:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516120001_14076923/ <![CDATA[RNS press release - Close of Accelerated Bookbuild; result of Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516080128_14076320/ Thu, 16 May 2019 08:01:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190516080128_14076320/ <![CDATA[News - Block Energy raises £12mln to fund accelerated project development in Georgia ]]> https://www.proactiveinvestors.co.uk/companies/news/220383/block-energy-raises-12mln-to-fund-accelerated-project-development-in-georgia-220383.html Block Energy PLC (LON:BLOE) has confirmed the close of the bookbuild for its new placing and has priced the funding at 11p per share.

On Wednesday evening, Block launched a £12mln equity raise in order to fund an accelerated growth strategy in the Republic of Georgia.

It has now confirmed that it will sell 109mln new Block Energy shares at 11p each, a 15% discount to the market price prior to the funding. The placing will be executed in three tranches and is conditional upon a shareholder vote at a general meeting.

READ: Block Energy on a roll as Georgia project smashes expectations

The cash injection will pay for the drilling of up to four new horizontal sidetrack wells to scale up production, the expansion of production facilities to provide capacity for 4,000 to 5,000 barrels of oil per day, and the acquisition of 3D seismic data.

Additionally, three other wells – not aimed directly at field development – are in the plans. Two will test appraisal targets, and another will be aimed at a 608bn cubic foot gas resource. All the proposed operations are expected within 12 months of the funding.

"We are delighted to have secured support for an ambitious work programme to develop our West Rustavi licence, the potential of which was confirmed by last month's excellent oil production test rates at well 16aZ of approximately 1,100bbl/d, more than three times higher than forecast,” said Paul Haywood, Block Energy chief executive.

He added: “We have designed a rigorous programme promising rapid paybacks. The upgrade of production facilities will provide capacity for production from three new sidetracked wells.

“In Q4 this year we will sidetrack West Rustavi well 38, a neighbour and analogue to 16aZ. Two further wells, West Rustavi 30 and 3 will be sidetracked through H1 next year, and their associated gas discoveries tested. We will also continue our ongoing workover programme at Norio, and have scheduled the field's well 60 for sidetracking later this year,” he added.

Haywood also highlighted that the injection of funds gives Block Energy further freedom to explore other new opportunities.

“We are a young, ambitious company keen to apply the low cost, innovative drilling technologies we have deployed in Georgia to new ventures in the region and beyond,” he said.

“Today marks a major step forward for Block as we move towards our objective of becoming one of AIM's newest mid-tier oil and gas producers."

 -- Updates with pricing after bookbuild close --

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Thu, 16 May 2019 07:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220383/block-energy-raises-12mln-to-fund-accelerated-project-development-in-georgia-220383.html
<![CDATA[RNS press release - Proposed Placing to Raise up to GBP 12m million ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190515182233_14075642/ Wed, 15 May 2019 18:22:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190515182233_14075642/ <![CDATA[RNS press release - Exercise of Warrant ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190515161918_14075480/ Wed, 15 May 2019 16:19:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190515161918_14075480/ <![CDATA[RNS press release - Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501122733_14059558/ Wed, 01 May 2019 12:27:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501122733_14059558/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501110548_14059295/ Wed, 01 May 2019 11:05:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501110548_14059295/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501110025_14059285/ Wed, 01 May 2019 11:00:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190501110025_14059285/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190430140559_14057673/ Tue, 30 Apr 2019 14:05:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190430140559_14057673/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190430140036_14057659/ Tue, 30 Apr 2019 14:00:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190430140036_14057659/ <![CDATA[RNS press release - TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190425160454_14052449/ Thu, 25 Apr 2019 16:04:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190425160454_14052449/ <![CDATA[RNS press release - Replacement: W Rustavi well 16aZ*: update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417114546_14044856/ Wed, 17 Apr 2019 11:45:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417114546_14044856/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417110557_14044765/ Wed, 17 Apr 2019 11:05:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417110557_14044765/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417110026_14044758/ Wed, 17 Apr 2019 11:00:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417110026_14044758/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417090033_14044440/ Wed, 17 Apr 2019 09:00:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417090033_14044440/ <![CDATA[News - Block Energy jumps as it says ongoing production validates expectation-beating well result ]]> https://www.proactiveinvestors.co.uk/companies/news/218736/block-energy-jumps-as-it-says-ongoing-production-validates-expectation-beating-well-result-218736.html Block Energy PLC (LON:BLOE) shares jumped higher on Wednesday after the firm told investors that ongoing production from the 16aZ well at the West Rustavi field in Georgia validates its expectation-beating initial results.

Production rates from the well are presently constrained due to capacity restraints at surface, but, the company said the rate remains consistent with the initial 1,100 barrels of oil per day (bopd) result reported earlier this month.

It is currently flowing at around 700 bopd, on the smallest possible choke, which is still more than double the pre-drill target of 325 bopd.

READ: Block Energy on a roll as well in Georgia smashes expectations

Block Energy said it has negotiated terms on additional storage facilities, and is also negotiating new oil sales contracts with local and international buyers.

The group’s chief executive officer, Paul Haywood commented: “We are very happy to confirm the exceptional test results announced at the beginning of the month. 16aZ continues to flow strongly, going from strength to strength with a steady increase in pressure as the well cleans up.

“With an average production rate of 700 bbl/d, the well is expected to deliver gross monthly free cash to the company of US$1m at the current price of US$70/bbl for Brent Crude Oil (with an approximate two month well cost payout).”

Associated gas production from the well will be sold to Bago Ltd, one of the largest private gas suppliers and purchasers in Georgia. Haywood said that the gas arrangement with Bago, agreed last year, will allow for up to US$1mln of additional annual cash flow.

Further information to come

The Block Energy boss also noted that it will shortly reveal further information about the company’s plans for West Rustavi, in light of the strong sidetrack results.

He added: “The company's management is currently working on a detailed operational market update that will cover its planned oil and gas development. The update will include the scheduled spud date for the sidetracking of West Rustavi's well 38, a neighbour and analogue to well 16aZ, plans for the appraisal of the field's existing gas discoveries, the acquisition of a 3D seismic survey and, a revision of the CPR consequent to the performance of 16aZ.”

In early afternoon trading, shares in Block Energy were 31% higher at 10.88p.

In a note to clients, analysts at SPAngel said: “We believe that whatever results come next for the Company with regards to its asset base, it is has demonstrated that not only can you do business in Georgia, but that Block has gathered the necessary team to assess, and subject to successful appraisal, unlock that value.”

They added: “We believe that shareholders should be pleased with today's results, especially for the signpost that today's well result suggests for West Rustavi.”

 -- Adds share price, analyst comment --

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Wed, 17 Apr 2019 07:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218736/block-energy-jumps-as-it-says-ongoing-production-validates-expectation-beating-well-result-218736.html
<![CDATA[RNS press release - W Rustavi well 16aZ: update ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417070003_14043803/ Wed, 17 Apr 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190417070003_14043803/ <![CDATA[RNS press release - Exercise of Warrant ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190415180434_14041904/ Mon, 15 Apr 2019 18:04:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190415180434_14041904/ <![CDATA[News - Block Energy on a roll as well in Georgia smashes expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/218168/block-energy-on-a-roll-as-well-in-georgia-smashes-expectations-218168.html  

AIM-listed Block Energy PLC (LON:BLOE) shares soared after latest flow test at West Rustavi in Georgia A well sidetrack at West Rustavi 16a was among the best wells yet drilled in Georgia In testing, the well produced oil at a rate of 1,100 barrels per day against a targeted rate of 325 bopd Flow test showed continued steady production that has been intentionally choked back to 700 barrels daily The initial well performance is better than any well drilled in Georgia in the last 50 years, Block said

 

What it owns

 

West Rustavi

Currently a 71.5% working interest which is set to rise to 100% following an agreement in February.

The field contains an estimated 38 MMbbls (million barrels) of gross contingent resources ('2C') of oil which, consequent to results at 16a, the Company hopes to mature to 2P reserves.

In addition, it holds legacy gas discoveries supporting a gross contingent ('2C') resource of 608 BCF (Source: CPR).

Following the current build-up phase, the 16a sidetrack will be placed on production using the field's existing test facilities and the oil trucked to a nearby oil storage facility.

The 16a horizontal sidetrack at West Rustavi was the first of two at the prospect targeting a combined gross production of 650 bopd.

In addition to the sidetrack, the original, legacy 16a well flowed at more than 200 barrels per day in a test at the end of 2018, with a further 300 barrels from tests in the following days.

 

Schlumberger

Schlumberger is drilling across the licence adjacent West Rustavi targeting a potentially huge discovery.

"With ExxonMobil recently entering the country and ongoing operations across Schlumberger's 100% owned position next to our own licences, Georgia's potential as a hydrocarbon region is being recognised by the industry

 

Norio

Block is undertaking a programme of workovers and sidetracks at Norio, also in Georgia, to boost production to 250 barrels per day.

 

Satskhenisi

A potential 28mln barrels where exploratin is in the process of getting underway.

 

What the boss says: Paul Haywood

“With our existing production at Norio selling for Brent minus US$10, a production rate of 900 bopd has the potential to generate circa US$13mln in annual revenues at current oil prices.”

“With four more existing wells identified as suitable sidetrack opportunities at West Rustavi, an inventory of historic wells at Norio, and a potential 28 MMbblof contingent resources at Satskhenisi, the opportunity to significantly scale our cash flow further is clear.”

 

Latest video 

 

Inflexion points

Stable production from West Rustavi legacy and sidetrack wells

More horizontal sidetracks scheduled for West Rustavi

Schlumberger completes drilling and publishes results for Permit XIB, next to West Rustavi

Exploration at Satskhenisi to confirm new prospective resources

Company moves cashflow positive as production ramps up

 

Blue Sky 

Production set to hit 1,500 barrels per day by end of 2019

At that level revenues are betweem US$1.5-2mln a month

Shclumbeger well can XIB can prove up major oil play

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Mon, 08 Apr 2019 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218168/block-energy-on-a-roll-as-well-in-georgia-smashes-expectations-218168.html
<![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190408115237_14032752/ Mon, 08 Apr 2019 11:52:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190408115237_14032752/ <![CDATA[RNS press release - TR-1: Form for notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102656_14028999/ Thu, 04 Apr 2019 10:26:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102656_14028999/ <![CDATA[RNS press release - TR-1: Form for notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102058_14028983/ Thu, 04 Apr 2019 10:20:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102058_14028983/ <![CDATA[RNS press release - TR-1: Form for notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102044_14028981/ Thu, 04 Apr 2019 10:20:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190404102044_14028981/ <![CDATA[RNS press release - TR-1: Notification Of Major Interest In Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190403110001_14027286/ Wed, 03 Apr 2019 11:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190403110001_14027286/ <![CDATA[RNS press release - TR-1: Notification Of Major Interest In Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190403105511_14027272/ Wed, 03 Apr 2019 10:55:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190403105511_14027272/ <![CDATA[News - Block Energy’s expectation-beating result puts West Rustavi well among Georgia’s best ]]> https://www.proactiveinvestors.co.uk/companies/news/217615/block-energys-expectation-beating-result-puts-west-rustavi-well-among-georgias-best-217615.html Block Energy PLC (LON:BLOE) has told investors that its new well sidetrack at the West Rustavi project is now ranked among the best wells to be drilled in Georgia.

In testing, the well yielded oil at a rate of 1,100 barrels per day which is significantly ahead of prior expectations. The well had previously targeted a rate of 325 bopd.

The initial well performance is better than any well drilled in Georgia in the last 50 years, Block said.

“We are delighted to report such encouraging test results from the first well we have sidetracked at our flagship West Rustavi field, delivering a production rate significantly higher than that initially presented,” said Paul Haywood, Block Energy chief executive.

WATCH: Block Energy's game-changing move to fully acquire West Rustavi

“Current performance, complemented by the company's increased working interest in the licence, looks set to deliver great value to our shareholders.

“Management will now digest this extraordinary result and crystalise a development strategy beyond that already outlined to the market on Well 38. This is truly an exciting time for Block Energy, and we look forward to updating the market shortly.”

Block noted that the well was shut-in for a 72-hour period, and, it will subsequently be put into production via the existing test-scale facilities at West Rustavi.

The company presently owns 71.5% of the West Rustavi asset, though it recently entered into an agreement to take full ownership.

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Mon, 01 Apr 2019 08:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217615/block-energys-expectation-beating-result-puts-west-rustavi-well-among-georgias-best-217615.html
<![CDATA[RNS press release - W Rustavi Well 16a : test rate exceeds forecast ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190401070007_14022495/ Mon, 01 Apr 2019 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190401070007_14022495/ <![CDATA[News - Block Energy making “excellent progress” as testing at West Rustavi continues ]]> https://www.proactiveinvestors.co.uk/companies/news/217391/block-energy-making-excellent-progress-as-testing-at-west-rustavi-continues-217391.html Block Energy Plc (LON:BLOE) has made “excellent progress” in its quest to become Georgia’s leading independent oil and gas producer since it debuted on AIM last summer.

The company recently agreed to take 100% ownership of the West Rustavi field – its flagship asset with “company-making potential”.

READ: Block confirms significant oil and gas shows as West Rustavi drilling completes

West Rustavi has an estimated resource of 38mln barrels of oil and 608bn cubic feet (BCF) of gas. It is part of the same play being targeted by oil giant Schlumberger in a neighbouring field.

Block recently finished drilling well 16a which encountered “significant hydrocarbon shows”, which bodes well for the explorer to hit its target production rate of 325 barrels of oil per day (bopd) from the well.

Assuming a US$60 oil price, that initial rate of production would generate free cash flow of US$3.6mln per annum and pay back the well costs within six months.

Closing in on breakeven at Norio

Testing is ongoing at well 16a but Block is already gearing up to drill the nearby well 38, which is ready for re-entering and sidetracking.

Block is advancing the sidetrack campaign at West Rustavi in parallel with its ongoing multi-well workover programme at its Norio field, where it is incrementally increasing output from existing wells.

The company recently announced that production from Norio had increased four-fold to 60 bopd as it continues to move towards its breakeven production marker of 100 bopd.

First results as a listed company

For the half year to 31 December 2018, Block reported a net loss of £582,000 (H1 17: £416,000).

That was higher than the same period of last year due to an increase in business activities following the ramp-up of operations in Georgia during 2018.

The company incurred a net operating cash outflow of £462,000 (H1 17: £444,000) in the six month period. Cash stood at £1.98mln as of 31 December 2018 of (2017: £81,000).

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Thu, 28 Mar 2019 07:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217391/block-energy-making-excellent-progress-as-testing-at-west-rustavi-continues-217391.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190328070010_14018643/ Thu, 28 Mar 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190328070010_14018643/ <![CDATA[RNS press release - Updated Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190327101501_14017658/ Wed, 27 Mar 2019 10:15:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190327101501_14017658/ <![CDATA[Media files - Block Energy to begin flow testing at its West Rustavi Well 16a ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12696/block-energy-to-begin-flow-testing-at-its-west-rustavi-well-16a-12696.html Fri, 22 Mar 2019 09:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12696/block-energy-to-begin-flow-testing-at-its-west-rustavi-well-16a-12696.html <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190320155116_14009673/ Wed, 20 Mar 2019 15:51:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/8394/LSE20190320155116_14009673/