Block Energy PLC - Completion of SRCL Acquisition
Block Energy Plc
("Block" or the "Company")
Completion of Schlumberger Rustaveli Company Limited Acquisition
Block Energy plc, the exploration and production company focused on
Throughout the due diligence and acquisition process, Block has continued its subsurface technical studies of SRCL's assets, yielding economically attractive short and medium-term opportunities. Following a rigorous technical evaluation of the XIB licence area, which combined production data from over 150 wells, modern 3D-seismic and well logs. Block will shortly apply for permits for a workover and drilling programme across the XIB and West Rustavi licence areas. Block looks forward to updating the market further on its work programme in due course.
Block Energy Chief Executive Officer,
"I am delighted to announce the completion of our acquisition of SRCL from Schlumberger. It represents a truly transformational deal for Block, that enhances our current production, increases our acreage 30-fold and adds exciting new development opportunities. I would like to thank all members of our team for contributing to the successful completion of the Company's largest transaction."
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
Tel: +44 (0)20 3980 6250
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 plc is an AIM-listed independent oil and gas company focused on production and development in
Block has a 100% working interest in Georgian onshore licence blocks IX and XIB. Licence block XIB is
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.
The Company offers a clear entry point for investors to gain exposure to
1. bbls and bbl/d: barrels and barrels per day. A barrel is 35 imperial gallons.
2. Mbbls: thousand barrels.
3. MMbbls: million barrels.
4. MMCF/d: million cubic feet per day.
5. BCF: billion cubic feet.
Quick facts: Block Energy PLC
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