Block Energy plc said it had secured until 2043 the production sharing contract (PSC) licence for block XIF after completing the minimum work programme (MWP) across its oil and gas assets in Georgia. REQUIREMENTS The company received confirmation from Georgia’s State Agency of Oil and Gas (SAOG). Block added it had now completed all MWP requirements across […]
Tag: Block Energy plc
Block Energy production rises and revenue falls
Block Energy plc reported a slight increase in production and fall in revenue during Q2 from its oil and gas operations in Georgia. PRODUCTION The company reported production of 47.2 Mboe (Q1: 46.1 Mboe) at an slightly increased average production of 519 boepd (Q1: 512 boepd) Production was supported by a consistent performance from well […]
Block revenues rise and losses narrow in Georgia
Block Energy plc recorded a near five-fold increase in revenue and narrowed losses from its oil and gas operations in Georgia. FINANCES The company’s audited results for the year ended 31 December 2021 showed revenue of $6,114,000 (2020: $1,255,000) and other income included $5,000 (2020: $100,000) for sales of materials. Losses for the year narrowed to $4,783,000 (2020: $5,512,000). Block Energy added […]
Block looks at financing options following ‘robust’ Q1
Block Energy plc said it was looking at “non-dilutive financing options” to accelerate production at its gas and oil operations in Georgia. PRODUCTION The company included the news in its report for the three months ended 31 March 2022. Production was 46.1 Mboe (Q4 2020: 34.6 Mboe), comprising 32.1 Mbbls of oil (Q4: 24.9 Mbbls) and 14.0 Mboe of gas (Q4: 9.7 Mboe). […]
Block reports operations unaffected by ‘geopolitical tensions’
Block Energy plc reported stable production from well JKT-01Z, with operations at West Rustavi in Georgia unaffected by “wider geopolitical tensions”. PRODUCTION The company said that production was at a current rate of 310 boepd, comprising 182 bopd and 21,800 m3 (128 boe) of gas per day. “It is encouraging to note, after over a month of […]
Block notes options issue and PDMR dealings
Block Energy plc issued nil-cost options over a total of 2,429,948 ordinary shares of 0.25p each to its directors, employees and consultants. CASH CONSERVATION The options were issued in lieu of cash payment for 40% of salaries and consultants’ fees and up to 50% of directors’ fees. This is in accordance with the cash conservation […]