Extractive Industries

Block maintains steady revenue and production

Block Energy plc reported a slight dip in production and marginal increase in revenue for the fourth quarter of operations at its oil and gas assets in Georgia.

Commitments: implemented a procedure for recording Project I emissions and is working to reduce other emissions (Pixabay – generic)

FINANCES

The company’s operations report for the three months ended 31 December 2022 showed revenue of US$1,840,400 (Q3: $1,833,000).

Block Energy sold 21.3 Mbbls of oil (Q3: 17.9 Mbbls) for $1,691,400 (Q3: $1,614,000), at a weighted average price of $79 per barrel (Q3: $92 per barrel).

During Q4 2022, the company sold 27.3 MMcf of gas (Q3: 36.1 MMcf) for $149,000 (Q3: $192,000), resulting in a weighted average price of approximately $5.45/Mcf (Q3: $ 5.31/Mcf).

PRODUCTION

Block Energy recorded a fall in production during the quarter affected by increased pump maintenance, requiring production wells to be temporary shut-in. 

Production was recorded at 34.4 Mboe (Q3: 37.1 Mboe) or an average of 374 boepd, comprising 27.4 Mbbls of oil (Q3: 28.1 Mbbls) and 7.0 Mboe of gas (Q3: 9.0 Mboe).

The average gross production rate for Q4 was 374 boepd (Q3: 404 boepd).

OPERATIONS

Block Energy began Project II (Patardzeuli full-field redevelopment), drilling and testing the JSR-01 DEEP well and upgraded its service rig.

The company also began drilling operations on well WR-B01Za and signed a binding agreement for the farmout of non-core areas of licence XIᴮ.

FLARING

Block Energy said it tried to minimise emissions in line with commitments, but flared 300,000cum [sic] of gas due to the temporary shutdown of the Bago gas pipeline and electricity outages prior to the installation of the generator at the early production facility.

“The company has implemented a procedure for the recording of Project I emissions and is working to reduce other emissions further.

“In 2023, the company plans to record Scope II emissions and fulfil its intention to reduce those emissions also.”

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