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 […]
Tag: Block Energy plc
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, […]
Block shareholders reject forensic investigation
Block Energy plc’s shareholders today rejected a resolution by 93.7% to hold a forensic investigation into the company’s affairs in onshore oil and gas at West Rustavi, Georgia. The resolution was proposed by Forest Nominees Ltd on behalf of G.P. (Jersey) Ltd and was the second requisitioned general meeting called during July. Resolution For […]
Block remains strong with Rustaveli acquisition
Block Energy plc said it built its production and development base and maintained a strong financial position in 2020 due to its acquisition of 100% shares of Block Rustaveli Ltd in West Rustavi, Georgia. The acquisition, formerly Schlumberger Rustaveli Company Ltd, holds the PSCs to Blocks IX and XIB. FINANCIAL In its audited results for the year ended 31 […]
Block set for 2021 with $6.8m and two new wells
Block Energy plc announced it had a strong cash position of $6.8 million as it prepares to drill two wells as part of its 2021 objectives at West Rustavi in Georgia. OIL AND GAS PRODUCTION In its operational report for Q1 2021, the company said it was currently producing across all its licences (excluding WR-16aZ […]