Block Energy plc’s revenues rose 35% based on increased production, helping to reduce losses “significantly” from its oil and gas licences in southeast Georgia. FINANCES The company’s audited results for the year ended 31 December 2022 showed revenue of $8,262,000 (2021: $6,114,000), with other income including $281,000 from an insurance claim. The total loss for the […]
Tag: Georgia
Block makes good progress on testing well JKT-01Z, Georgia
Block Energy plc said it had made good progress testing well JKT-01Z with initial rates of 344 boepd at the company’s operations in Georgia. OPERATIONS Well JKT-01Z reached total depth at 2,565 metres measured depth as planned in early January 2022 . Production comprised 241 bopd and 17,500 m3 of gas per day. The company recorded no […]
Block Energy issues share options to PDMRs
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 […]
Block shareholders reject resolutions for board changes
Block Energy plc announced that at today’s general meeting two resolutions concerning board changes proposed by Forest Nominees Ltd on behalf of G.P. (Jersey) Ltd were rejected by shareholders. “The board is pleased with the overall level of support it has received in relation to the resolutions put to the meeting,” said the Goergia-focused oil […]
Block nears Schlumberger Rustaveli acquisition
Block Energy plc said it had made some amendments to the sale and purchase agreement of Schlumberger Rustaveli Company Ltd (SRCL) in Georgia. TERMS The company’s agreement with Schlumberger to acquire its subsidiary SRCL, covering Blocks XIB and IX, had been delayed due to Covid-19. Completion will be next Monday (23 November) and subject to Block […]
Block to start Georgia gas sales before year end
Block Energy plc expects to complete its gas sales pipeline this year and start sales from its projects in Georgia. FINANCES Block’s three current licences are West Rustavi (100% working interest), Norio (100%), and Satshenisi (90%). In its interim results for six months ended 30 June 2020, the company reported revenue from oil sales of $313,000 (2019: […]