TIDMBLOE

RNS Number : 7089A

Block Energy PLC

27 September 2022

27 September 2022

Block Energy plc

("Block" or the "Company")

JSR-01 Drilling Completed

Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce that the deepening of the JSR-01 well (see Block's Operations Update notification of 26 July 2022) has been completed safely, on time, on plan, and below budgeted cost.

A video recorded at the wellsite is available at the following URL: https://vimeo.com/753594911/2f723cd3b8

Completion of the deepening of the JSR-01 well represents the start of Project II, one element of Block's three-project strategy, which has been designed to evaluate a contingent resource of 200 MMbbls of oil and accelerate near-term oil production and revenue. Project II is centred on the Patardzeuli oil field, within Block XI(B) , the most prolific field in Georgia, having produced over 100 MMbbls of oil.

The deepening of the well has been self-funded using cash generated from existing operations.

Commenting, Paul Haywood, Chief Executive Officer of Block Energy plc's, said:

"We are encouraged by the progress made to date, with drilling at JSR-01 having been safely and successfully completed as planned. Preparations are already underway for testing and we look forward to providing an update in due course."

Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has reviewed the reserve, resource and production information contained in this announcement. Dr James is a geoscientist with over 40 years' experience in field development and reservoir management.

**ENDS**

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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

 
 Paul Haywood           Block Energy plc            Tel: +44 (0)20 
  (Chief Executive                                   3468 9891 
  Officer) 
 Neil Baldwin           Spark Advisory Partners     Tel: +44 (0)20 
  (Nominated Adviser)    Limited                     3368 3554 
 Peter Krens            Tennyson Securities         Tel: +44 (0)20 
  (Corporate Broker)                                 7186 9030 
 P hilip Dennis         C elicourt Communications   Tel: +44 (0)20 
  / M ark Antelme                                    8 434 2 643 
  (Financial PR)

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, where during the mid-1980s production peaked at 67,000 bopd and cumulative production reached 100 MMbbls and 80 MMbbls of oil from the Patardzeuli and Samgori fields, respectively. The remaining 2P reserves across block XIB are 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe. (Source: CPR Bayphase Limited: 1 July 2015). Additionally, following an internal technical study designed to evaluate and quantify the undrained oil potential of the Middle Eocene within the Patardzeuli field, the Company has defined gross unrisked 2C contingent resources of 200 MMbbls of oil.

The Company has a 100% working interest in the 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 over 75 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

   --    bbls: barrels. A barrel is 35 imperial gallons. 
   --    Bcf: billion cubic feet. 
   --    boe: barrels of oil equivalent. 
   --    bopd: barrels of oil per day. 
   --    Mbbls: thousand barrels. 
   --    MMbbls: million barrels. 
   --    MMboe: million barrels of oil equivalent.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBKABQOBKDNCB

(END) Dow Jones Newswires

September 27, 2022 02:00 ET (06:00 GMT)

Block Energy (LSE:BLOE)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Block Energy Charts.
Block Energy (LSE:BLOE)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Block Energy Charts.