Block Energy PLC MoU Signed (7828V)
RNS Number : 7828V
Block Energy PLC
11 April 2023
11 April 2022
Block Energy plc
("Block" or the "Company")
MoU with Ministry of Economy and Sustainable Development of
Block Energy plc, the exploration and production company focused
on Georgia, is pleased to announce that it has entered into a
Memorandum of Understanding ("MoU") with the Ministry of Economy
and Sustainable Development of Georgia (the "Ministry").
The MoU between Block and the Ministry covers government support
and initiatives to assist in the development of Projects I, II, III
and IV through data sharing, cooperation and the facilitation of
meetings with national and regional large oil companies.
In particular, the MoU supports the concept of a long-term gas
offtake agreement, which is an important part of delivering value
associated with Project III and the 1 TCF contingent resource
identified by Block's subsurface team and supported by internal
contingent resource reports. The MoU also covers other areas of
cooperation, including geothermal, carbon capture and storage,
specifically the south dome project located within license XIB and
hydrogen projects across Block's licence areas.
Commenting, Paul Haywood, Block Energy CEO said:
"This MoU reflects the strength of government support for the
development of Block's assets, which will be helped by the sharing
of data and other cooperation initiatives. In particular, the MoU
supports the concept of a long-term gas offtake agreement, which is
an important part of delivering value associated with Project III
and the 1 TCF contingent resource identified."
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' of experience in field development and reservoir
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
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
/ Ali AlQahtani
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
Block has a 100% working interest in Georgian onshore licence
blocks IX and XI(B) . Licence block XI(B) 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 XI(B) 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 XI(F)
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.
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- boepd: barrels of oil equivalent per day.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- Mboe: thousand barrels of oil equivalent.
-- Mcf: thousand cubic feet.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
-- MMcf: million cubic feet.
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April 11, 2023 02:10 ET (06:10 GMT)
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