Block Energy plc has agreed an 18-month extension to its US$2 million loan for its Georgia assets. WARRANTS The extension to February 2026 will provide additional headroom for reinvesting cashflows into the company’s portfolio. The loan figure combines the original $1.06m loan from February 2023 and a $940,000 increase in May 2023. The terms remain […]
Tag: Block Energy plc
Block production ‘above forecast’ in Georgia
Block Energy plc posted “above forecast” production as work continues at its four onshore projects in Georgia. FARM-OUTS Project I targets the West Rustavi/Krtsanisi field for which the company’s internal contingent resources estimate for the entire field is 19.5 MMbbl 2C. Production “remained robust” with a July average of 534 boepd, while “select operational investments” […]
Block issues bonus-incentive share options
Block Energy plc has awarded bonuses of 22,607,850 nil cost options, of which 20,945,032 are to directors or persons discharging managerial responsibilities, over ordinary shares of 0.25p each. AWARDS The awards, under the company’s performance-related bonus scheme for senior executives, are made in February for the previous year. The awards can be in cash, shares […]
Block increases Rustavi-Teleti internal estimates
Block Energy plc has upgraded internal 2C contingent recoverable resource estimates to 2.77tcf for the Rustavi and Teleti fields in Georgia. PROSPECTIVITY Project III focuses on the undeveloped gas-bearing natural fracture system within the Lower Eocene and Upper Cretaceous reservoirs – each more than a kilometre thick – across blocks XIB and XIF. The company […]
Block begins project III farm-out process
Block Energy plc has started the farm-out process for the Patardzueli-Samgori field within licences XIB and XIF, or project III, in Georgia. INFRASTRUCTURE The company appointed UK-based energy advisory group LAB Energy Advisors Ltd for the process following last week’s independent assessment of more than 1tcf of 2C contingent gas resource to the field. A […]
Block prepares farm-out process for Georgia gas
Block Energy plc is preparing the farm-out process for the company’s project III, comprising blocks XIB and XIF, in Georgia. STRATEGY The project spans the three fields of Patardzueli, Rustavi and Teleti, which are all under a PSC until 2048. Operations focus on the “multi-tcf undeveloped gas resource” within the Lower Eocene and Upper Cretaceous […]