Block Energy plc said it had a “robust start” to the year from its onshore oil and gas operations in West Rustavi, Georgia. OPERATIONS For the three months ended 31 March 2023, the company produced 36 Mboe (Q4 2022: 34.4 Mboe) or an average of 400 boepd (Q4: 374 boepd). Th total comprised 26.8 Mbbls of oil […]
Tag: West Rustavi Georgia
Block signs MoU to develop West Rustavi
Block Energy plc has signed an agreement for government to support the company’s operational development, particularly the concept of a long-term offtake agreement at West Rustavi in Georgia. MEASURES The memorandum of understanding with the Ministry of Economy and Sustainable Development covers initiatives during Projects I, II, III and IV. Measures include data sharing, co-operation and […]
Block secures $1m loan to accelerate West Rustavi
Block Energy plc has closed a senior secured loan of US$1.06 million (£860,000) with various existing shareholders and two of its management. RELATED PARTIES Chief executive officer Paul Haywood provided $90,000 and chief operating officer Ken Seymour provided $100,000 of the loan. The company said that the funds would give additional headroom to accelerate its […]
Block maintains steady revenue and production
Block Energy plc reported a slight dip in production and marginal increase in revenue for the fourth quarter of operations at its oil and gas assets in Georgia. FINANCES The company’s operations report for the three months ended 31 December 2022 showed revenue of US$1,840,400 (Q3: $1,833,000). Block Energy sold 21.3 Mbbls of oil (Q3: 17.9 Mbbls) for $1,691,400 (Q3: $1,614,000), at a weighted […]
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 […]