07:00 Tue 16 Feb 2021
Block Energy PLC - First Gas Sales at West Rustavi Field
Block Energy plc
("Block" or the "Company")
First Gas Sales at West Rustavi Field
Block Energy plc, the development and production company focused on
West Rustavi wells WR-38Z and WR-16aZ (the "Wells") have been on continuous production since
Production across all of Block's portfolio is currently approximately 940 boepd, resulting in estimated future revenue for the Company of approximately
Production from the Wells is currently constrained as the Company continues its production testing programme, monitoring reservoir production and facility parameters, in order to determine the maximum flow potential and optimum production rates. The testing programme will continue into Q2 this year and, on completion, stable production rates will be communicated to the market.
As well as being a major milestone for Block's growth, the commencement of gas sales also represents a significant step change for the Company's progression towards becoming a sustainable energy provider to
Block Energy plc's Chief Executive Officer,
"The commencement of gas sales is a great achievement, as Block has managed to deliver its gas project in a safe manner, with zero LTIs, in the face of a very challenging global environment. The expected revenue from our assets now puts us in a strong position as it is expected to more than cover our operating and administrative expenditure and, therefore, we can look to deploy the surplus cash into further increasing our production rate throughout 2021. Our decision to shut in our production at the West Rustavi field in
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE
-Ends-
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer) |
Block Energy Plc |
Tel: +44 (0)20 3468 9891 |
(Nominated Adviser) |
SPARK Advisory Partners Limited |
Tel: +44 (0)20 3368 3554 |
(Corporate Broker) |
Tennyson Securities Limited |
Tel: +44 (0)20 7186 9030 |
(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
Block has recently acquired 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
Glossary
1. bbls: barrels. A barrel is 35 imperial gallons.
2. boe: barrels of oil equivalent.
3. bopd: barrels of oil per day.
4. boepd: barrels of oil equivalent per day.
5. Mbbls: thousand barrels.
6. MMbbls: million barrels.
7. MMcf/d: million cubic feet per day.
8. Bcf: billion cubic feet.
9. LTI: lost time incident.
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