Block Energy plc has acquired a 10% participating interest in the XIQ production sharing contract containing Martkopi Terrace prospect with 267.2 MMbbl prospective resources in Georgia. STRATEGY XIQ comprises six PSCs of XIC, XIK, XIM, XIN, XIQ and Didi Lilo, which were combined in 2024 to create the enlarged single PSC to attract a farm-in […]
Tag: Georgia
Block extends $2m loan
Block Energy plc has agreed an 18-month extension to its US$2 million loan for its Georgia assets. WARRANTS The extension to February 2026 will provide additional headroom for reinvesting cashflows into the company’s portfolio. The loan figure combines the original $1.06m loan from February 2023 and a $940,000 increase in May 2023. The terms remain […]
Block production ‘above forecast’ in Georgia
Block Energy plc posted “above forecast” production as work continues at its four onshore projects in Georgia. FARM-OUTS Project I targets the West Rustavi/Krtsanisi field for which the company’s internal contingent resources estimate for the entire field is 19.5 MMbbl 2C. Production “remained robust” with a July average of 534 boepd, while “select operational investments” […]
Block begins project III farm-out process
Block Energy plc has started the farm-out process for the Patardzueli-Samgori field within licences XIB and XIF, or project III, in Georgia. INFRASTRUCTURE The company appointed UK-based LAB Energy Advisors Ltd for the process following last week’s independent assessment of more than one trillion cubic feet of 2C contingent gas resource to the field. Project […]
Block prepares farm-out process for Georgia gas
Block Energy plc is preparing the farm-out process for the company’s project III, comprising blocks XIB and XIF, in Georgia. STRATEGY The project spans the three fields of Patardzueli, Rustavi and Teleti, which are all under a PSC until 2048. Operations focus on the “multi-tcf undeveloped gas resource” within the Lower Eocene and Upper Cretaceous […]
Block allots total 35m shares for staff and services
Block Energy plc has allotted an aggregate 35,124,708 ordinary shares each of 0.25p as incentives for staff and to pay service providers. Following shareholders’ approval in June 2023, the company has allotted 30 million new ordinary shares to the Intertrust Employee Benefit Trustee Ltd as trustee of the company’s employee benefit trust. Block said the shares […]