Proactive Investors - Run By Investors For Investors

Block Energy chief hails the entry of ExxonMobil to the Republic of Georgia

It validates the country's "credentials as a secure and stable place to do business”, he said
exxon sign
Exxon has Georgia on its mind

Block Energy Plc (LON:BLOE) boss Paul Haywood has hailed the entry of oil major ExxonMobil to the Republic of Georgia as validating the country's “credentials as a secure and stable place to do business”.

Exxon, the world’s largest non-state-owned oil company, joins the international drilling group Schlumberger in taking a serious interest in the potential hydrocarbon bounty of the former Soviet state.

READ: Block Energy kicks off well work-over programme at Norio oil field

Hayward said: “Thanks to our positioning and excellent relationships in Georgia, we have already secured a high-quality asset base, which includes multiple low-risk development opportunities as well as a huge gas discovery that we estimate is potentially worth US$600mln to Block.” 

He added that having raised £5mln at IPO in June, the company is “well placed to play [its] part in realising the potential of Georgia's energy industry”. 

He confirmed that work was already underway at its Norio asset to increase production to 150 barrels of oil per day by the first-quarter of 2019.

The company will drill side-tracks as well as testing the gas discovery at West Rustavi shortly. 

“With so much activity on the near horizon we look forward to a high-impact news flow over the coming months," concluded Haywood.

View full BLOE profile View Profile

Block Energy Plc Timeline

Related Articles

oil and gas operations
May 23 2018
An acreage award in the UK 30th Offshore Licensing Round expands the group's flagship Liberator field
1532456979_Prairie_Provident_Resources_-_Rig_in_Wheat.png
July 24 2018
The company is focused in the Wheatland and Princess in Southern Alberta, where it is targeting the Lower Mannville formation
Oil well
Wed
TLP-103C’s upper reservoirs will be targeted by blending the R2 and the Mengo intervals through a double completion in the well.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use