Block Energy PLC - Gas Sales Agreement
("Block" or the "Company")
Gas Sales Agreement
Under the terms of the Agreement, which runs until
Free and associated gas is currently being flared from well WR-16aZ under a temporary permit issued by the Georgian state. Block is pursuing a multi-well programme designed to realise West Rustavi's oil and gas potential, including the sidetracking of a second well, WR-38Z, updip and analogous to WR-16aZ, targeting the same Upper and Middle Eocene formations. Block also plans to sidetrack three other wells, test one of the Field's gas discoveries, and drill a new gas well during its campaign. The Company is also acquiring a 3D seismic survey to provide a critical understanding of West Rustavi's subsurface, allowing identification of optimal locations for future drilling.
Block Energy Chief Executive Officer
"We are delighted to sign this Agreement with Bago, one of
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
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Tel: +44 (0)20 3980 6250
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Tel: +44 (0)20 3368 3554
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Tel: +44 (0)20 3167 7221
Tel: +44 (0)20 3757 4980
Notes to editors
Block Energy is an AIM-listed independent oil and gas company focused on production and development in the
The Company has a 100% working interest in the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The Field has so far produced 50 Mbbls of light sweet crude, and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross 2C contingent resources of oil and 608 BCF of gross, unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source:
Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields.
The Company offers a clear entry point for investors to gain exposure to
1. Block is using the suffix 'Z' in a well number to indicate a horizontal sidetrack.
2. Wells have been referred to as '16aZ' and '38Z' in previous updates. The Company is now prefixing well numbers with the initials of the field in which they are located. '16aZ' at West Rustavi, for example, is now referred to as 'WR-16aZ'.
3. bbls and bbl/d: barrels and barrels per day. A barrel is 35 imperial gallons.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. MCF: thousand cubic feet.
7. BCF: billion cubic feet.
8. updip: located up the slope of a dipping plane or surface.
This information is provided by RNS, the news service of the
Quick facts: Block Energy PLC
Market Cap: £15.19 m
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