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

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Oil Capital Conference Presentation

30 Aug 2018 09:29

RNS Number : 2631Z
Block Energy PLC
30 August 2018
 

Block Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas

30 August 2018

Block Energy Plc ('the Company' or 'the Group')

Oil Capital Conference Presentation

 

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce that its Managing Director, Paul Haywood, will be presenting at the Oil Capital Conference on 4 September 2018 at 1:00pm. The Conference will be held at The Brewery, 52 Chiswell Street, London, EC1Y 4SD. For more information and to register attendance for the event please visit: http://www.oilcapital.com/conferences .

 

**ENDS**

 

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

 

Paul Haywood

Executive Director

Block Energy Plc

Tel: +44 (0) 20 3053 3631

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0) 203 368 3554

Craig Fraser

(Joint Corporate Broker)

Baden Hill LLP

Tel: +44 (0) 20 7933 8731

Colin Rowbury

(Joint Corporate Broker)

Novum Securities Ltd

Tel: +44 (0)207 399 9427

Frank Buhagiar / Juliet Earl

(Financial PR)

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

 

Notes:

Block Energy (BLOE.L) is an AIM traded oil and gas company with a growing portfolio of production, development and exploration assets in the Republic of Georgia. Block holds a 100% Working Interest ('WI') in the producing Norio licence, a 90% WI in the producing Satskhenisi licence and a 25% WI in the West Rustavi licence with the right to farm-in to up to a 75% WI in the Licence. Block's three licences lie in the heart of the Schlumberger's 100% owned strategic position in the prolific Kura basin, which at its peak produced ~70,000 barrels of oil per day ('bopd') in Georgia and is estimated to hold over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus (Russia).

 

The licences currently hold net proven oil reserves of 1.5 million barrels plus 60 million barrels of oil and c.600 billion cubic feet ('bcf') of gas classified as 2C contingent resources. The West Rustavi permit, in which Block has just increased its stake in, has proven reserves and gross, unrisked contingent resources ('2C') of 608 BCF gas and 37.9MMBbls of oil. Multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the Licence, which lie on trend to the same play currently being targeted by Schlumberger on neighbouring licence, Block XIb. The estimated cost of gas development and production at West Rustavi is c.US$2.00/Mcf which equates to operating netbacks of c.US$2.6/Mcf (assuming a 75% working interest) - Georgia currently purchases its gas for c.US$5.5 /Mcf (c.US$600m project value to the Company). 

 

West Rustavi's development is being conducted contemporaneously with the development of the producing Norio (100% WI) and Satskhenisi licences (90% WI) which provide immediate production uplift on commencement of field operations in Q3. The near-term target is to raise production to 900 bopd from 15 bopd within 18 months via a low cost, low risk workover and sidetrack programme of existing wells, and then utilise cashflow to drill horizontal wells and sidetracks to rapidly raise production to c.2,000. Oil production on the fields offers excellent netbacks, with the current cost of production of c.US$25 per barrel providing netbacks of c. US$30-35 per barrel.

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.
 
END
 
 
NRAURUWRWNAWORR
Date   Source Headline
15th Jul 20197:00 amRNSBlock moves to 100% WI in West Rustavi Field
8th Jul 20197:00 amRNSDrilling / Workover Equipment for Work Programme
5th Jul 20194:46 pmRNSExercise of Warrant
1st Jul 20197:00 amRNSOil Storage Agreement
26th Jun 20195:22 pmRNSTR-1: notification of major holdings
26th Jun 20197:00 amRNSChange of Accounting Reference Date
13th Jun 20195:45 pmRNSExercise of Warrants
13th Jun 20197:56 amRNSExercise of Warrants
13th Jun 20197:00 amRNSIssue of Warrants
6th Jun 201912:32 pmRNSTR-1: Notification of major holdings
6th Jun 20197:00 amRNSIssue of Equity
5th Jun 201910:28 amRNSTR-1: Notification of major holdings
5th Jun 20197:00 amRNSTR-1: notification of major holdings
4th Jun 201912:30 pmRNSResult of GM; Issue of Equity
29th May 201911:23 amRNSTR-1: notification of major holdings
28th May 201911:30 amRNSHolding(s) in Company
23rd May 201912:32 pmRNSExercise of Options
22nd May 201912:15 pmRNSTR-1: notification of major holdings
21st May 20191:16 pmRNSIssue of Equity
17th May 20192:49 pmRNSUpdated Corporate Presentation
16th May 20194:55 pmRNSPosting of Circular to Shareholders
16th May 201912:00 pmRNSChange of Adviser
16th May 20198:01 amRNSClose of Accelerated Bookbuild; result of Placing
15th May 20196:22 pmRNSProposed Placing to Raise up to GBP 12m million
15th May 20194:19 pmRNSExercise of Warrant
1st May 201912:27 pmRNSExercise of Warrants
1st May 201911:05 amRNSSecond Price Monitoring Extn
1st May 201911:00 amRNSPrice Monitoring Extension
30th Apr 20192:05 pmRNSSecond Price Monitoring Extn
30th Apr 20192:00 pmRNSPrice Monitoring Extension
25th Apr 20194:04 pmRNSTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
17th Apr 201911:45 amRNSReplacement: W Rustavi well 16aZ*: update
17th Apr 201911:05 amRNSSecond Price Monitoring Extn
17th Apr 201911:00 amRNSPrice Monitoring Extension
17th Apr 20199:00 amRNSPrice Monitoring Extension
17th Apr 20197:00 amRNSW Rustavi well 16aZ: update
15th Apr 20196:04 pmRNSExercise of Warrant
8th Apr 201911:52 amRNSTR-1: Notification of major holdings
4th Apr 201910:26 amRNSTR-1: Form for notification of major holdings
4th Apr 201910:20 amRNSTR-1: Form for notification of major holdings
4th Apr 201910:20 amRNSTR-1: Form for notification of major holdings
3rd Apr 201911:00 amRNSTR-1: Notification Of Major Interest In Shares
3rd Apr 201910:55 amRNSTR-1: Notification Of Major Interest In Shares
1st Apr 20197:00 amRNSW Rustavi Well 16a : test rate exceeds forecast
28th Mar 20197:00 amRNSHalf-year Report
27th Mar 201910:15 amRNSUpdated Corporate Presentation
20th Mar 20193:51 pmRNSTR-1: Notification of major holdings
20th Mar 20197:00 amRNSUpdate - West Rustavi Well 16a
19th Mar 201912:30 pmRNSTR-1: Notification of major holdings
18th Mar 201911:07 amRNSTR-1: Notification of major holdings

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