Block Energy notes CPR supports future West Rustavi field activity

Block Energy PLC - London-based oil and gas company focused in Georgia - Results from Competent Person's Report covering the Krtsanisi Anticline of the West Rustavi and Krtsanisi oil field, are in support of Block's sub-surface studies, and provides the basis to seek development financing for the next five wells of project I, the development of the Middle Eocene oil reservoir.

Fields gross proved and probable reserves stands at 1.07 million barrels, and net present value at 10% stands at USD18.0 million.

"This CPR independently verifies the work and plans for the initial phase of Project I, which covers five production wells in the West Rustavi/Krtsanisi field. These wells are expected to deliver material returns for shareholders, particularly at current oil and gas prices. The report also provides the audited information necessary to support discussions on non-dilutive financing, to deliver the initial phase of Project I," said Chief Executive Officer Paul Haywood.

Current stock price: 1.35 pence, down 6.9% on Monday

12-month change: down 49%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Block Energy P.