Block Energy is a Georgian focussed E&P company focussed on the exploitation of previously discovered fields which are prime for western technology and enhanced production techniques.
• Current interests are a 69% working interest in the Norio oil field Georgia, which has produced over 2m bbls of oil and currently produces around 20 bopd, from shallow (<1,000M) wells drilled back in the Soviet era.
• Since its acquisition, Block has performed a detail screening of the field which analysed over 50 wells and management have since prepared a low cost/risk recompletion programme which is expected to get production back up to around 300 BOPD.
• Norio is breakeven at ~$19 Oil at a US$50 oil price
• Successful execution of the company’s proposed plan in Norio will lead the company into full field development, which is expected to achieve peak production of around 2,000 bopd.
• The Companys second interest is an option to farmin Block to VIII, one of the largest blocks in the country hosting over 4,700 sqkm of prime acreage and home to multiple discoveries. Blocks initial target is the East Kavtaiskhevi (“EK”) discovery, which was also discovered back in the soviet era. The companies farmin commitment is a deep appraisal well which will test multiple zones, unlocking a potential 36m bbls of oil.
• The Company is also the owner of the 22km² Asheba project, previously explored by Gold Fields and Glencar mining. Over 12,000m and 6,000m of diamond drilling have been undertaken on the Asheba licence in addition to geochemical and geophysical surveys culminating in multiple internal (non JORC compliant) resources by Gold Fields.
• The company also has licence applications pending in the Islamic Republic of Mauritania. The applications cover a large area of unexplored terrane prospective for copper mineralisation.
The issued share capital of Block Energy plc is traded on the NEX Growth Market.