Block Energy plc said it had a “robust start” to the year from its onshore oil and gas operations in West Rustavi, Georgia.
OPERATIONS
For the three months ended 31 March 2023, the company produced 36 Mboe (Q4 2022: 34.4 Mboe) or an average of 400 boepd (Q4: 374 boepd).
Th total comprised 26.8 Mbbls of oil (Q4: 27.4 Mbbls) and 9.2 Mboe of gas (Q4: 7.0 Mboe).
Revenue for Q1 amounted to US$1.19m (Q4: $1.84m).
Block added it had tried to minimise emissions in-line with its commitments, but “needed to flare 60,656 m3 of gas due to unplanned shutdowns and WR-B01Za testing operations”.
Staff and contractors worked more than 106,976 operational man hours during Q1 2023, with one minor lost time incident (LTI).
SALES
During Q1 2023, the company sold 13.3 Mbbls of oil (Q4: 21.3 Mbbls) for US$ 999,000 (Q3: US$ 1,691,000).
Block said that the decrease in sales, compared to production, relates to the timing of liftings.
As of 31 March 2023, the company had circa 12,500 bbls of oil in storage, which is expected to be sold in April, to generate approximately $1m.
Block also sold 37.7 MMcf of gas (Q4: 27.3 MMcf) for $194,900 (Q4: $149,000).
RESILIENCE
Chief executive Paul Haywood added that results of WR-B01Za had seen record group production levels realised outside the reporting period.
Total production from Project I sidetrack wells exceeds 250,000 boe gross to date.
“Our focus on operational excellence and cost discipline has allowed us to deliver good results this quarter, further demonstrating our resilience and ability to create value for our shareholders.”