Block Energy Share Discussion Threads

[cpap man] 21/10/2019 07:42

21 October 2019

Block Energy Plc

("Block" or the "Company")

Operations Update: Successful Cementing of Casing at Well WR-38Z and New Technical Appointments

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce the successful installation and cementing of casing through the build section of well WR-38Z ("the Well" or "WR-38Z") at its flagship West Rustavi field ("West Rustavi" or "the Field"), a critical phase in the sidetracking operations currently in progress at the Well. The Company is also further strengthening its technical team.

Casing at WR-38Z

WR-38Z is being drilled horizontally into the Field's primary oil-bearing Middle Eocene reservoir. The seven inch casing - or "liner" - was run into the bottom of the Well and cemented in place above the target formation. The design of the casing, which prevents fluid incursion from the Upper Eocene layers above the Middle Eocene, has been informed by valuable data and experience gained through operations at the appraisal well WR-16aZ ("WR-16aZ"), the first well the Company drilled at West Rustavi. Other cost-effective and proven isolation techniques being deployed include the use of swellable packers providing secondary barriers to water entry. Block looks forward to announcing the completion of drilling operations at the Well in around two weeks.

WR-38Z is the second in a fully-funded, multi-well programme Block is pursuing to realise West Rustavi's potential. The Company plans to sidetrack three other wells, test one of the Field's gas discoveries, and drill a new gas well. Block is currently acquiring a 3D seismic survey to provide a comprehensive understanding of West Rustavi's subsurface, allowing the Company to identify optimal locations for future drilling.

New Technical Appointments

Block is also pleased to announce new appointments further strengthening the Company's technical and operations team.

Two highly experienced geoscientists, Steve Smith and Jim Lee, bring more than 70 years' collective technical and managerial expertise gained in the course of work across the world for small, intermediate and major oil and gas companies. Georgian oil and gas industry veteran Mamuka Kharabadze will manage Block's operations subsidiary, Block Operating Company LLC ("BOC"). And Kevin VanBuskirk, contributes more than 40 years' international onshore and offshore well operations experience. Brief profiles are provided below:

Mamuka Kharabadze - General Director BOC

Mamuka has 20 years' experience of the Georgian oil and gas industry. Before managing BOC he was General Director of the Norio Operating Company, Block's Georgian partners,. Mamuka has also held logistics management positions for Canargo and the Georgian British Oil Company, and played senior roles in the acquisition of more than 600 km for 2D seismic surveys and the drilling of more than 25 wells.

Steve Smith - Subsurface Lead

Steve has more than 30 years' technical and managerial experience encompassing both small independents and the majors. He is a versatile geoscientist with expertise in both geology and geophysics. Steve has worked as an exploration manager for Shell, a technical advisor to the CEO of Gulfsands Petroleum, and a new ventures manager for JX Nippon. He has a BSc in Geology from the University of London and is a Fellow of the Geological Society of London.

Jim Lee - Senior Geologist

Jim has more than 35 years' experience of reservoir evaluation, risk analysis and project management, working in Canada, Russia, Australia, Yemen, Mongolia and South America. He focuses on making sound economic decisions through the integration of geology, geophysics and engineering disciplines. Jim has worked with companies ranging from successful junior start-ups and large intermediates. He holds a BSc in Geology from the University of Alberta, Canada, and is a professional geologist registered in Alberta.

Kevin VanBuskirk - Well Operations Specialist

Kevin has more than 40 years' international onshore and offshore operations experience, working in Georgia, Ukraine, Canada, Alaska and the Arctic. He has held senior field roles overseeing completions and drilling operations with companies including Apache, Nexen, Talisman, Statoil, Shell, Union Oil and Dome Petroleum. Kevin has also provided management and consulting services for minerals exploration and environmental and geotech operations.

Paul Haywood, Director of Block Energy, said:

"The successful cementing of WR-38Z's seven inch casing is a significant step in the sidetracking of the Well. Our drilling of well WR-16aZ provided a wealth of data about the Field's subsurface that has allowed us to optimise the completion design of WR-38Z, knowledge we will be able to apply to all the West Rustavi wells we subsequently drill. We look forward to updating you on further progress at WR-38Z, WR-16aZ, and our work across the Field."

"We are also delighted to welcome Jim, Steve, Mamuka and Kevin to the Block team. They bring skill, versatility and deep industry experience that further strengthens our operations capability. Block Energy comprises a range of international talents dedicated to ensuring the success of our multi-well programme."

[cpap man] 20/10/2019 11:15

next week also AIMHO of course = BLOE

[cpap man] 20/10/2019 11:11

BLOE by BLOE

[johncasey] 18/10/2019 15:27

IRONVELD'S moving...buy out?

[cpap man] 18/10/2019 14:27

Actually me thinks lh that Joan of Ark would have given a very good BLOE job!

[1oughton] 18/10/2019 13:53

hahahahahahahaha

[cpap man] 18/10/2019 13:52

Lots of big buyers around again this p.m. @ BLOE ahead of the mega news no doubt!

[cpap man] 18/10/2019 13:47

Yes lh and to be honest with you even Joan of Ark will be impressed!

[lithological heterogeneities] 18/10/2019 13:12

Another day closer to watching the shorters burn .

[1oughton] 18/10/2019 12:47

looking a tad soft here

[cpap man] 18/10/2019 12:33

BLOE

"We have a fully funded five well drilling programme in the months ahead, providing our investors multiple, near-term value creating opportunities."

[jammydodger1] 18/10/2019 09:13

The ramping gangs did try to go for this one they all started buying in then as per usual stated dumping out

[1oughton] 18/10/2019 08:38

PH would respond but he's currently with a customer about to buy an old corsa.

[cpap man] 18/10/2019 08:34

Full ask now @ both BLOE & KAV for that 100k - Next ones higher?

[catchingmice] 17/10/2019 11:25

Will go the same way as MATD no value in either stocks

[cpap man] 17/10/2019 11:00

BLOE will be the next to BLOE

[1oughton] 17/10/2019 10:59

this is BLOE - not KAV shameless ramper

[cpap man] 17/10/2019 10:58

Full ask being paid now @ KAV

[jammydodger1] 17/10/2019 10:05

So much for the pump

[cpap man] 16/10/2019 17:33

BLOE

"We have a fully funded five well drilling programme in the months ahead, providing our investors multiple, near-term value creating opportunities."