RE: Assets of Block and Future8 Jun 2020 21:02
Hepseal thanks updated below
Block Energy Plc
At 6 April 2020,
1) cash balance of US$3.4 million and net crude oil inventory valued at US$470,000.
2) Early production facility, including a gas processing unit, currently in transit to Georgia.
3) West Rustavi field's production at wells WR-16aZ and WR-38Z to conserve valuable gas resources until the gas sales pipeline is complete later this year.
4) Prior to shut-in, West Rustavi field production remained stable at a choked-back rate of 325 boepd (155 bopd and 1MMCF/d gas).
5) Abandonment of WR-51Z
6) Gas sales is US$5.24/MCF At current flow
7) Breaking even at a Brent price of US$24/bbl on oil sales alone.
8) Depending on the oil price, the Company will continue to produce
and, if necessary, store oil from its Norio and Satskhenisi licences, as the quantity of gas produced from these fields is small.
9) Block Energy's net crude oil inventory is 18,000 bbls,
10) Update on West Rustavi 3D seismic
11) Blocks XIB and IX ( Subject to Approval of UK and G )
12) Pat E-1 approximately 600 BCF ( Subject to Approval of UK and G )
13) Block XIB initial production by 245 bopd. ( Subject to Approval of UK and G )
14) Includes oilfield materials inventory of US$1.5 million in value,
estimated by Block.( Subject to Approval of UK and G )
15) storage for 36,000 barrels of oil, a workshop, a laboratory, and a
compound with an office and warehouse.( Subject to Approval of UK and G )
16) 90,000 B Oil storage, sales point and water disposal facility at the
GOGC site and its 18,000 B awaiting sales.
17) A state-owned underground gas storage project is located within the
boundaries of Block XIB and is in close proximity to the 600 BCF
structure recently appraised by Schlumberger
18) Production of West Rustavi oil / gas will only resume / commence once the EPF and internal / external gas infrastructure is installed.
19) Ritchie Wayland as Technical Manager has expertise in the Gas field and worked in similar locations of that of Georgia.
Any other comments or corrections are welcome - data collected from RNS