Block Energy plc has made new appointments including promoting Guram Maisuradze to chief operating officer (COO). Mr Maisuradze has worked for the company for five years, holding the role of operations manager. He has been responsible for planning and executing the drilling of new wells and for the overall management of production operations. Outgoing COO Dr Ken […]
Tag: Block Energy plc
Block increases loan to $2m for Georgia drilling
Block Energy plc has increased its US$1.06 million loan, secured in February 2023, by $940,000 for its oil and gas operations in Georgia. DIRECTORS’ DEALINGS The funds will maintain scheduled liftings and accelerate procurement of materials to drill its next project I wells, the first of which is KRT-45Z, in the West Rustavi/Krtsanisi field. The […]
Block’s increase in revenues helps cuts losses
Block Energy plc’s revenues rose 35% based on increased production, helping to reduce losses “significantly” from its oil and gas licences in southeast Georgia. FINANCES The company’s audited results for the year ended 31 December 2022 showed revenue of $8,262,000 (2021: $6,114,000), with other income including $281,000 from an insurance claim. The total loss for the […]
Block sees ‘robust’ start to 2023 from West Rustavi
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 […]
Block signs MoU to develop West Rustavi
Block Energy plc has signed an agreement for government to support the company’s operational development, particularly the concept of a long-term offtake agreement at West Rustavi in Georgia. MEASURES The memorandum of understanding with the Ministry of Economy and Sustainable Development covers initiatives during Projects I, II, III and IV. Measures include data sharing, co-operation and […]
Block makes final salary sacrifice award
Block Energy plc has ended its salary sacrifice scheme, which involved the award of options instead of wages or fees, following the company’s improved finances. CAPITAL The scheme was introduced in April 2020 after the Brent price collapsed and “operational issues” due to the global Covid-19 pandemic. Block aimed to preserve capital and ensure completion […]