Share Name Share Symbol Market Type Share ISIN Share Description
Block Energy Plc LSE:BLOE London Ordinary Share GB00BF3TBT48 ORD SHS GBP0.0025
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.15 4.0% 3.90 3.60 4.20 0.00 0.00 0.00 0.00 07:49:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -1.4 -1.2 - 15

Block Energy PLC Operations Update

17/12/2019 7:37am

UK Regulatory (RNS & others)


Block Energy (LSE:BLOE)
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RNS Number : 1170X

Block Energy PLC

17 December 2019

17 December 2019

Block Energy Plc

("Block" or the "Company")

Operations Update

Block Energy Plc, the exploration and production company focused on the Republic of Georgia is pleased to announce that well WR-38Z at the Company's flagship West Rustavi field ("the Field") is flowing naturally following clean-up operations and is ready for production testing. The Company has also prepared nearby well WR-51 for the Field's next horizontal sidetrack.

Following a short period of swabbing, WR-38Z is flowing naturally. The Company has installed and commissioned new production test equipment sourced from North America and will now commence a multi-rate production test extending over several weeks.

WR-16aZ is temporarily shut in whilst the production facility is being upgraded and is expected to return on production in January 2020.

In addition to the operations at WR-38Z, the Company has completed civil and preparatory works at the wellsite of well WR-51 and the wellbore is now ready for sidetracking operations.

The 3D seismic acquisition has been completed and the data is now being processed and interpreted to develop a comprehensive understanding of West Rustavi's subsurface and facilitate the identification of optimal locations for future drilling.

Block Energy Chief Executive Officer Paul Haywood said:

"We're pleased to confirm that operations at WR-38Z continue to proceed smoothly, with the well now flowing and ready for producrion testing. We look forward to updating the market on the results from the multi-rate production test. Furthermore, we are excited to have completed our 3D seismic acquisition and eagerly await the results of the processed data set, which will enhance our understanding of the reservoirs".

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

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

 
 Paul Haywood                                 Block Energy Plc                  Tel: +44 (0)20 3980 6250 
  (Chief Executive Officer) 
 Neil Baldwin                                 Spark Advisory Partners Limited   Tel: +44 (0)20 3368 3554 
  (Nominated Adviser) 
 Peter Krens                                  Mirabaud Securities Limited       Tel: +44 (0)20 3167 7221 
  (Corporate Broker) 
 Billy Clegg / Owen Roberts / Violet Wilson   Camarco                           Tel: +44 (0)20 3757 4980 
  (Financial PR) 
 

Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in the Republic of Georgia, applying innovative technology to realise the full potential of previously discovered fields. The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

The Company has a 100% working interest in the highly prospective 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 50 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 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 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

   1.   Block is using the suffix 'Z' in a well number to indicate a horizontal sidetrack. 

2. Wells have been referred to as '16aZ' and '38Z' in previous updates. The Company is now prefixing well numbers with the initials of the field in which they are located. '16aZ' at West Rustavi, for example, is now referred to as 'WR-16aZ'.

   3.   swabbing: a process to remove liquids from the production zone of an oil or gas well. 
   4.   bbls and bbl/d: barrels and barrels per day. A barrel is 35 imperial gallons. 
   5.   Mbbls: thousand barrels. 
   6.   MMbbls: million barrels. 
   7.   BCF: billion cubic feet. 

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.

END

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December 17, 2019 02:37 ET (07:37 GMT)

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