Block Energy Plc Receives Production Sharing Contract for West Rustavi Licence in the Republic of Georgia

Posted by OilVoice Press - OilVoice


Block Energy Plc (‘Block' or ‘the Company'), the exploration and production company focused on the Republic of Georgia, is pleased to announce that the Production Sharing Contract (‘PSC') terms for its West Rustavi licence (‘West Rustavi' or ‘the Licence') have been accepted by the government of the Republic of Georgia. Block holds a 25% working interest in West Rustavi which has proven reserves and gross, unrisked contingent resources ('2C') of 608 BCF gas and 37.9MMBbls of oil. 

The PSC will become effective as of 1 September 2018 and will allow Block to conduct planned operations within the Licence area.  As previously announced, service inspections for one workover rig and one drilling rig are complete with final negotiations for contracts underway ahead of mobilisation to Block's licence areas. Drilling of the first high impact horizontal side-track is expected to commence during Q4 2018 and to be completed and on production by early Q1, 2019.  Initial oil production from this well is forecast to be approximately 300bbls/d and Block has identified four other existing wells that can be re-entered and side-tracked in a similar manner.

Paul Haywood, Director of Block Energy, said: “We are delighted to have received the Production Sharing Contract for West Rustavi which will allow us to hit the ground running with our high-impact work programme. With multiple discoveries already made within the Licence which lie on trend with the same play currently being drilled by Schlumberger on neighbouring licence, West Rustavi represents significant development potential and value uplift for the Company. I look forward to updating shareholders as further progress is made.”

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Block EnergyContractWest RustaviGeorgiaRepublic of Georgia

More items from oilvoice

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 2 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 7 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice

Posted 7 months agoPress > TotalDividend
All posts from oilvoice