RE: Higher Oil Price - 16az - work overs - WRB11 Oct 2021 08:44
30 September 2021
Block Energy Plc
("Block" or the "Company")
Interim Results for the Six Months Ended 30 June 2021
Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce the interim results of Block Energy plc and its subsidiaries (the "Group") for the six months ended 30 June 2021.
Highlights
· 170,000 operational man-hours worked, with no lost time incidents
· Two-well programme progressing, with WR-B1a well, spudded in June 2021, currently testing and preparations for the second well underway
· Total production during the period of 87.0 Mboe, comprising 55.5 Mbbls of oil and 31.5 Mboe of gas
· Oil and gas production resumed from wells WR-16aZ and WR-38Z during Q1
· Oil sales of 41.9 Mbbls, with revenue of $2.33 million (30 June 2020: $313,000), representing a weighted average price of $55.70 per barrel
· Gas sales of 103 MMcf, with revenue of $328,000 (30 June 2020: $nil), representing a weighted average price of $3.18/Mcf
· Memorandum of Understanding ("MOU") signed with Baker Hughes in support of current and future operational activities
· Integration of Block Rustaveli Limited ("BRL") successfully completed, with staff now in one facility, creating a more collaborative and productive working environment
· Cash position of $5.5 million as at 30 June 2021 (31 December 2020: $6.3 million)
Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"The first half of the year demonstrates our ability to safely deliver, despite the impact of the Covid-19 pandemic on our operations. The two-well programme is progressing. and we expect to announce the results of testing the first well shortly. Preparations for the second well are underway and we are also looking forward to updating the market on that. With the focus on the two-well programme, it is easy to forget the considerable opportunities throughout the Company's wider portfolio. Block has a balanced strategy, based around three independent and material strands. The drilling programme in the West Rustavi Middle Eocene reservoir represents only one of those strands. We look forward to updating the market across all of the Company's opportunities as they progress."
Chief Executive Officer's Business Review
Introduction
Block saw considerable progress during the first half of the year, with several milestones achieved, despite the continued impact of Covid-19, which disrupted operations and work patterns and placed considerable restrictions on travel.
Health, Safety and Environment
Health, safety and the environment are at the centre of Block's operations and the board set key performance indicators for 2021, which Block is currently on track to meet. During the period, over 170,000 operational man-hours were worked by staff and contractors, with no lost time incidents recorded. The Company is proud of its record on health, safety an
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