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Block Energy PLC - Completion of SRCL Acquisition

RNS Number : 2343G
Block Energy PLC
24 November 2020
 

24 November 2020

Block Energy Plc

("Block" or the "Company")

Completion of Schlumberger Rustaveli Company Limited Acquisition

Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce the completion of Block's acquisition of Schlumberger Rustaveli Company Limited ("SRCL"). The completion of the acquisition means Block now holds licences for Georgian onshore blocks IX and XIB. These are transformational assets that, as well as significantly increasing production, will provide several development and exploration opportunities for the Company in the coming months. Block will now begin the integration process and will implement a cost reduction plan to ensure the new assets are operated efficiently.

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, Paul Haywood, said:

"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 3 July 2016.

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood

(Chief Executive Officer)

Block Energy Plc

Tel: +44 (0)20 3980 6250

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Mirabaud Securities Limited

Tel: +44 (0)20 3167 7221

Billy Clegg / Owen Roberts / Violet Wilson

(Financial PR)

Camarco

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 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 million boe and historic 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 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: 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 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.

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