Block Energy PLC Project III Presentation
December 15 2023 - 1:00AM
RNS Non-Regulatory
TIDMBLOE
Block Energy PLC
15 December 2023
15 December 2023
Block Energy plc
("Block" or the "Company")
Project III Presentation
Türkiye & Black Sea Oil and Gas International Congress and
Exhibition
Block Energy plc, the development and production company focused
on Georgia, is pleased to release a presentation focussed on
Project III, the appraisal and development of gas resources in the
Lower Eocene and Upper Cretaceous formations across the Company's
blocks. It was delivered by Subsurface Manager, Stephen James, at
the Türkiye & Black Sea Oil and Gas International Congress and
Exhibition in Istanbul on 13 December 2023.
The presentation can be found on the website and via the
following link: https://bit.ly/41pjT7X
**ENDS**
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 7770 6424
/ Ali AlQahtani
(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. 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 estimated gross unrisked 2C contingent resources of 200
MMbbls of oil.
The Company has a 100% working interest in licence block XIF
containing the West Rustavi onshore oil and gas field. Multiple
wells 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.
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END
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