Block Energy PLC - Update on acquisition of SRCL
Block Energy Plc
("Block" or the "Company")
Update on the Acquisition of the Schlumberger Rustaveli Company Limited
Block Energy plc, the exploration and production company focused on
· Completion to occur on
· On completion, Block to take possession of approximately 29,000 bbls of crude oil inventory (the "Oil Inventory"); and
· Schlumberger to enter into a transition services agreement with Block, to assist with the handover.
Under the SPA, the cash proceeds from any sales of Oil Inventory were payable to Schlumberger, but the Deed transferred the Oil Inventory to Block. The Oil Inventory is a welcome boost to Block's balance sheet and will support the Company in its integration of the assets and incremental production, into the Block portfolio.
The technical assistance from Schlumberger post-closing will enable Block to ensure a full and detailed transfer of technical and corporate information and to seamlessly take over the SRCL oil and gas operations.
Block Energy Chief Executive Officer,
"I am delighted to be able to inform shareholders about the amendments to the SPA and that the acquisition of Blocks XIB and IX is in near sight.
We look forward to 23 November, when we will commence ownership of these transformational assets. They will truly define our future as an oil and gas company in
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
Block Energy Plc
Spark Advisory Partners Limited
Tel: +44 (0)20 3368 3554
Mirabaud Securities Limited
Tel: +44 (0)20 3167 7221
Tel: +44 (0)20 3757 4980
Notes to editors
Block Energy is an AIM-listed independent oil and gas company focused on production and development in
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:
Block also holds 100% and 90% working interests respectively in the onshore oil producing Norio and Satskhenisi fields. In
The Company offers a clear entry point for investors to gain exposure to
1. bbls: barrels. A barrel is 35 imperial gallons.
2. Mbbls: thousand barrels.
3. MMbbls: million barrels.
4. BCF: billion cubic feet.
Quick facts: Block Energy PLC
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