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Block nears Schlumberger Rustaveli acquisition

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Block Energy plc said it had made some amendments to the sale and purchase agreement of Schlumberger Rustaveli Company Ltd (SRCL) in Georgia.

Transformation: Block says the assets would truly define its future as an oil and gas company in Georgia (Block Energy)

TERMS

The company’s agreement with Schlumberger to acquire its subsidiary SRCL, covering Blocks XIB and IX, had been delayed due to Covid-19.

Completion will be next Monday (23 November) and subject to Block Energy taking possession of approximately 29,000 bbls of crude oil inventory.

In addition, Schlumberger should agree to assist with the handover of services to Block.

Cash proceeds from any sales of oil inventory would be payable to Schlumberger, but the deed transferred the oil inventory to Block Energy.

The company said that the oil inventory was a welcome boost to its balance sheet and would support the company in its “integration of the assets and incremental production” into its portfolio.

TRANSFORMATIONAL

Chief executive Paul Haywood added that the acquisition of Blocks XIB and IX was in near sight.

“We look forward to 23 November, when we will commence ownership of these transformational assets.

“They will truly define our future as an oil and gas company in Georgia.”

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  1. Pingback: Block Energy set for 2021 with $6.8m and two new wells - Extractive Industries

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