Block Energy plc said that the JSR-01 DEEP testing programme had proven oil from a previously unproduced zone in the Patardzeuli field in Block X1B, Georgia. RESULTS The company began drilling the well in July 2022 under Project II comprising the full redevelopment of Patardzeuli. Block Energy today reported that results demonstrated the company’s concept […]
Tag: Block Energy plc
Block issues 12m shares to Jindal over X1B acquisition
Block Energy plc said it issued 12 million shares to Jindal Petroleum (Georgia) Ltd which once owned licence X1B in West Rustavi, Georgia. TRANSACTION In 2020, Block Energy granted 120m nil-cost options to SLB (formerly Schlumberger) for the acquisition of Schlumberger Rustaveli Company Ltd (SRCL), which held XIB in Georgia. As part of the transaction, […]
Block spuds sidetrack well at West Rustavi field
Block Energy plc has started drilling WR-B01 sidetrack well at West Rustavi oil field in Georgia. PROJECT 1 Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi. The well is targeting a fracture system on the west side of the Krtsanisi anticline […]
Block agrees farm-out for licence XIB
Block Energy plc has signed a farm-out agreement with Georgia Oil and Gas Ltd (GOGL) for 50% of its XIB licence in Georgia. LICENCE XIB The licence covers a total 614 km2 and includes the Patardzeuli, Samgori, Teleti and Rustavi fields which Block said had produced more than 180 MMbbl of oil. The company added that the portions of […]
Block welcomes SLB’s rights waiver over 108m shares
Block Energy plc said that SLB (formerly Schlumberger) had decided not to exercise its right to acquire 108 million ordinary shares in the company. ACQUISTION In 2020, Block granted 120 million options as consideration for the acquisition of the Schlumberger Rustaveli Company Ltd (SRCL), which held Georgia’s most productive licence, Block XIB. Of these, SLB assigned to Jindal Petroleum […]
Block production and revenue fall in Georgia
Block Energy plc reported a fall in production and revenue during the third quarter from its operations in Georgia. FINANCES Revenue was $1,833,000 (Q2: $2,228,000) while the cash balance was $1.1m (30 June 2022: $1.4m). Block Energy said the decrease in cash reflected the cost of drilling well JSR-01, ordering of long-lead items associated with […]