Block Energy plc reported positive results from its wellbore clean-out and well test of the WR-B01Za development oil well as part of Project I at West Rustavi in Georgia. PROJECT I Project I is the development of the Middle Eocene oil reservoir in the West Rustavi-Krtsanisi field. The reservoir is divided into eight development areas, […]
Tag: Block Energy plc
Block looks for partner following part XIB farm-out
Block Energy plc has completed the farm-out to Georgia Oil and Gas Ltd (GOG) of part of licence XIB in Georgia. SEISMIC DATA The transaction, announced in December 2022, results in the company now holding a 50% interest in the new Didi Lilo and South Samgori areas of XIB. Block said that GOG had completed the seismic activities agreed […]
Block plans extended well test following wellbore failure
Block Energy plc will start an extended well test for the first well in Project I caused by unstable wellbore conditions at the West Rustavi / Krtsanisi oil field in Georgia. WELLBORE FAILURE The company drilled the WR-B01Za well into the Middle Eocene reservoir, targeting productive “sweet spots” with high density oil-bearing natural fractures, based on […]
Block secures $1m loan to accelerate West Rustavi
Block Energy plc has closed a senior secured loan of US$1.06 million (£860,000) with various existing shareholders and two of its management. RELATED PARTIES Chief executive officer Paul Haywood provided $90,000 and chief operating officer Ken Seymour provided $100,000 of the loan. The company said that the funds would give additional headroom to accelerate its […]
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. 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 […]
Block appoints Ken Seymour as chief operating officer
Block Energy plc has appointed Dr Ken Seymour as chief operating officer with effect from today, 10 January 2023. Dr Seymour has more than 40 years’ industry experience as a drilling engineer, drilling superintendent, drilling manager, asset manager, director and adviser. He has worked in various parts of the world, including the UK North Sea, […]