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JKT-01Z Update

24 Feb 2022 07:00

RNS Number : 6308C
Block Energy PLC
24 February 2022
 

24 February 2022

Block Energy plc

("Block" or the "Company")

JKT-01Z Update

Highlights

· Production remains stable at well JKT-01Z at 310 boepd

· Gas produced from the well is already being sold

· Plans for the fully funded sidetrack of WR-B1 remain on track

 

Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce production from well JKT-01Z continues at a current rate of 310 boepd, comprising 182 bopd and 21,800 m3 (128 boe) of gas per day. It is encouraging to note, after over a month of production data, well productivity is consistent with pre-drill forecasts.

As planned, gas production from the well was rapidly tied into the previously installed gas infrastructure to enable early monetisation.

Plans for the drilling of the previously announced side-track at well WR-B1 are well advanced, with long-lead items having been ordered. The well is being funded from existing cash from current production. 

Block Energy plc's Chief Executive Officer, Paul Haywood, said:

"Continued stable production from JKT-01Z has added to our confidence in the updated geological model, derived from the integration of the data acquired from the drilling of WR-B1 and other wells. We now look forward to the drilling of the planned side-track at WR-B1, with the aim of delivering production more in line with initial expectations. I would like to take the opportunity to reassure investors that operations in Georgia remain unaffected by the wider geopolitical tensions and the Board remains confident there will be no disruption due to any existing or potential sanctions or restraints of trade imposed."

 

Paul Jeffs (Block's Reservoir Engineer) has reviewed the reserve, resource and production information contained in this announcement. Dr Jeffs has PhD and MSc degrees in Engineering from Imperial College, London and is a Chartered Engineer with 40 years' experience in the Oil and Gas Industry.

 

**ENDS**

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

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

Paul Haywood

(Chief Executive Officer)

Block Energy plc

Tel: +44 (0)20 3468 9891

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Tennyson Securities

Tel: +44 (0)20 7186 9030

Philip Dennis / Mark Antelme

(Financial PR)

Celicourt Communications

Tel: +44 (0)20 8434 2643

 

Notes to editors

Block Energy plc is an AIM-listed independent oil and gas company focused on production and development in Georgia, applying innovative technology to realise the full potential of previously discovered fields.

Block has a 100% working interest in Georgian onshore licence blocks IX and XIB. Licence block XIB is Georgia's most productive block, with 2P reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical production of over 180 MMbbls of oil from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.

The Company has a 100% working interest in the 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 unrisked 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 respectively 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. bbls: barrels. A barrel is 35 imperial gallons.

2. Bcf: billion cubic feet.

3. boe: barrels of oil equivalent.

4. boepd: barrels of oil equivalent per day.

5. bopd: barrels of oil per day.

6. LTI: lost-time incident.

7. Mbbls: thousand barrels.

8. Mboe: thousand barrels of oil equivalent.

9. MMbbls: million barrels.

10. MMboe: million barrels of oil equivalent.

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.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLTJMPTMTITBPT
Date   Source Headline
7th Mar 20197:00 amRNSIncreased production rates at Norio field, Georgia
4th Mar 20197:00 amRNSIssue of Equity
26th Feb 20197:00 amRNSAgreement to acquire 100% interest in West Rustavi
21st Feb 20194:10 pmRNSNew Corporate Presentation
19th Feb 20199:30 amRNSInvestor Presentation Lunch
23rd Jan 20197:00 amRNSSidetracking operations underway at West Rustavi
14th Jan 20192:00 pmRNSExcellent initial production results from Norio
20th Dec 20184:33 pmRNSResult of AGM
20th Dec 20187:00 amRNSAGM Statement
14th Dec 20187:00 amRNSWest Rustavi Update and Board Changes
11th Dec 20187:00 amRNSAdvanced Technology Secured for Workover Programme
5th Dec 20189:30 amRNSPublication of Research Note
5th Dec 20187:00 amRNSUpdate on Workover Operations in Georgia
26th Nov 20187:00 amRNSPosting of Report and Accounts and Notice of AGM
22nd Nov 20184:15 pmRNSPreliminary Results and Notice of AGM
20th Nov 201810:45 amRNSHoldings in Company
19th Nov 20187:00 amRNSExxonMobil Enters Georgia
15th Oct 20184:46 pmRNSBegins workover operations in Georgia - Amendment
15th Oct 20187:00 amRNSBegins workover operations in Georgia
5th Oct 20187:00 amRNSMOU Agreed for Gas Offtake from West Rustavi
2nd Oct 20188:30 amRNSDirectorate change
2nd Oct 20187:00 amRNSAppointment of Non-Executive Director
24th Sep 20187:00 amRNSRig & Equipment Contract Signed
11th Sep 20187:00 amRNSAppointment of Company Auditor
10th Sep 20187:00 amRNSMOU Agreed for Hire of Drilling and Workover Rigs
30th Aug 20189:29 amRNSOil Capital Conference Presentation
28th Aug 20187:00 amRNSWest Rustavi PSC
23rd Aug 20187:00 amRNSOperations Update
16th Jul 20189:45 amRNSNew Corporate Presentation
27th Jun 20187:00 amRNSRaises Interest in Highly Prospective Gas Licence
18th Jun 20184:11 pmRNSTR-1: Notification of major holdings
14th Jun 20187:00 amRNSIssue of Equity
12th Jun 20184:23 pmRNSTR-1: Notification of major holdings
12th Jun 20183:42 pmRNSTR-1: Notification of major holdings
11th Jun 20188:30 amRNSAdmission to AIM of Investee Company Block Energy
11th Jun 20188:00 amRNSAdmission to AIM and First Day of Dealings

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