Block Energy plc has issued nil-cost options over a total of 2,866,022 ordinary shares of 0.25p each to directors/PDMRs*, employees and consultants as part of cash conservation measures. CASH CONSERVATION The options issued on 3 December were issued in lieu of cash payment for 40% of salaries and consultants’ fees and up to 50% of […]
Tag: Block Energy plc
Block Energy starts gas sales from KRT-39
Block Energy plc announced the start of gas sales from well KRT-39 in Block XIB in West Rustavi, Georgia. WELL KRT-39 The associated gas produced (currently 140,000 scf per day) from KRT-39 was being flared prior to the company’s acquisition of Block XIB. Gas sales began following the installation of two gas separators and the […]
Block produces below average target levels at WR-B1a, West Rustavi
Block Energy plc announced that new well WR-B1a had produced below average target levels over the last eight days in West Rustavi, Georgia. FRACTURED RESERVOIRS Block has to date drilled three horizontal wells in naturally fractured reservoirs and acquired 3D seismic of the West Rustavi field. The company said that following the interim installation of […]
Block issues share options to directors and PDMRs
Block Energy plc said it had issued nil-cost options over a total of 1,767,513 ordinary shares of 0.25p each to directors/PDMRs and employees as part of cash conservation measures. CASH CONSERVATION The options were issued on 1 November in lieu of cash payment for 40% of salaries and up to 50% of directors’ fees for […]
Block Energy Q3 production and revenue fall
Block Energy plc reported a decrease in production and revenue with restricted output from WR-B1a at the company’s project in West Rustavi, Georgia. OPERATIONS AND FINANCES In its operations report for the three months ended 30 September 2021, Block recorded production of 34.6 Mboe (Q2: 42.6 Mboe). Revenue for Q3 was $901,000 (Q2: $1,165,000), comprising […]
Block proposes to appoint Kenneth Seymour as NED
Block Energy plc has proposed the appointment of Dr Kenneth Seymour as an independent non-executive director. Dr Seymour has worked with major and minor petroleum exploration and production companies for more than 40 years as drilling engineer, drilling superintendent, drilling manager, general manager, director and adviser. He has worked in the North Sea, the Netherlands, China, […]