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Pin to quick picksBlock Energy P. Share News (BLOE)

Share Price Information for Block Energy P. (BLOE)

London Stock Exchange
Share Price: 5.25
Bid: 5.10
Ask: 5.40
Change: -0.05 (-0.94%)
Spread: 0.30 (5.88%)
Open: 5.30
High: 5.30
Low: 5.00
Yest. Close: 5.30
BLOE Live PriceLast checked at -

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Block Energy Shares Continue Climb As Georgian Well Outperforms

Wed, 17th Apr 2019 11:06

LONDON (Alliance News) - Shares in Block Energy PLC rose on Wednesday as the firm reported flow rates from a Georgian well significantly ahead of expectations.

Block was trading at 10.35 pence a share on Wednesday morning, 25% higher, having been at 3.90p at the end of March.

The 16aZ well at West Rustavi has been producing at 1,100 barrels a day, with Block having targeted a rate of 325 barrels a day.

This meant it had to "immediately" upgrade production infrastructure, and whilst it does this it has scaled production back to around 700 barrels a day.

"We are very happy to confirm the exceptional test results announced at the beginning of the month. 16aZ continues to flow strongly, going from strength to strength with a steady increase in pressure as the well cleans up," said Chief Executive Paul Haywood.

"With an average production rate of 700 barrels a day, the well is expected to deliver gross monthly free cash to the company of USD1 million at the current price of USD70 ber barrel for Brent crude oil (with an approximate two month well cost payout)."

Block has agreed terms for further storage facilities, and is also in talks over new oil sales contract both in Georgia and internationally.

Gas production from the wells will also be sold to Georgian firm Bago Ltd, Block added, with whom it signed a memorandum of understanding in 2018 over sales of gas from West Rustavi.

Bago will take at least 1,000 metres cubed of gas a day, and will also pay for all gas infrastructure needed.

Haywood added: "We are also delighted that, with associated gas flowing from the well, the gas offtake agreement we entered into with Bago last year will now come into effect, offering the company the ability to switch from flaring to swiftly commercialising its gas at little to no cost, potentially adding around USD1.0 million of additional annual free cash to company's cash receipts.

"We look forward to working closely and expanding our relationship with Bago, as we seek to unlock the field's contingent gas and oil resources."

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Block Energy Completes West Rustavi Well Drilling, Awaits Test Results

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Block Energy Signs West Rustavi Gas Sales Agreement With Bago

Block Energy Signs West Rustavi Gas Sales Agreement With Bago

30 Oct 19 10:30

UK Shareholder Meetings Calendar - Next 7 Days

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24 Oct 19 16:19

Block Energy Successfully Cements Well Casing At West Rustavi

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21 Oct 19 15:48

Block Energy Loss Widens As It Prepares For Upcoming Work Programme

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1 Oct 19 12:25

Block Energy Shares Slip Following Problems At Georgian Well

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25 Sep 19 12:03

Block Energy Promotes Financial Manager McAvock As Finance Chief

(Alliance News) - Georgia-focused oil & gas company Block Energy PLC said Tuesday it has promoted Finance Manager William McAvock to chief financial officer.McAvock has been part of and

17 Sep 19 13:40

Block Energy Reports Mobilisation Of Drilling Rig To 38Z Well

(Alliance News) - Block Energy PLC on Thursday said a drilling rig was mobilised to the site of well 38Z at the West Rustavi field in Georgia, in preparation for planned horizontal sidetrack and a

29 Aug 19 10:57

Block Energy mobilises drilling rig for next well at West Rustavi

(Sharecast News) - Georgia-focussed exploration and production company Block Energy announced the mobilisation of a ZJ40 drilling rig to the site of well 38Z at its flagship West Rustavi field on Thursday, in preparation for planned horizontal sidetrack operations.

29 Aug 19 08:47

Block Energy Gets Rig Moving Ahead Of West Rustavi Sidetrack Drilling

LONDON (Alliance News) - Georgia-focused Block Energy PLC on Thursday said the rig to be used in drilling in the country has now been mobilised.The rig is to drill a sidetrack on well 38Z,

8 Aug 19 11:59

Block Energy Resumes Production At Flagship West Rustavi Well

(Alliance News) - Shares in Block Energy PLC fell sharply Friday as it resumed production at one of the wells at its flagship West Rustavi oil field in Georgia.Shares in Block Energy were a

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Block Energy West Rustavi Working Interest Now 100%

(Alliance News) - Block Energy PLC said Monday its working interest in the West Rustavi licence, in Georgia, has increased to 100%.The increase, from 71.5% and originally from 25%, follows

15 Jul 19 15:31

Block Energy Secures Drilling Equipment For West Rustavi Operations

(Alliance News) - Block Energy PLC has secured workover machinery for its 2019/2020 drilling programmes, the Georgia-focused oil and gas exploration company said Monday.The company agreed a

8 Jul 19 14:25

Block Energy Agrees Storage Deal With Georgia's State Oil Firm

(Alliance News) - Block Energy PLC will now be able to get a Georgian well onto full production, it said Monday, after signing an oil storage deal.The agreement has been signed with Oil Gas

1 Jul 19 11:50

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