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Block Energy

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Block Energy PLC
3 St Michaels Alley
London
EC3V 9DS

Tel: +44 (0)20 7236 1177
info@blockenergy.co.uk

Description

Block Energy is a Georgian focused E&P company focussed on the exploitation of previously discovered fields which are prime for western technology and enhanced production techniques.

Block Energy is an asset backed, revenue generative junior oil and gas company that is looking to capitalise on its first mover advantage to build the largest independent producer in Georgia, a proven but underdeveloped oil producing nation which is increasingly on the radar of the majors: Schlumberger, the world’s largest oilfield services provider, recently acquired a strategic position in the country.

Led by a management team with unrivalled experience and contacts in Georgia and the wider region, Block Energy is in the right address in the right country at the right time. The right address because its existing licences, Norio (100% WI), Satskhenisi (90%WI), and West Rustavi (earning into a 75% WI) lie close to Schlumberger’s 100% owned strategic position in the Kura basin, which at its peak produced ~70,000bopd in Georgia and is estimated to hold over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus (Russia). The right country because Georgia is a low-cost, business-friendly nation with underdeveloped oil and gas reserves. The right time because Schlumberger’s entry is game-changing for Block in terms of targeting the same play types and providing third party validation of Georgia’s huge oil and gas potential.

Block’s three licences currently produce 20bopd. Block has put in place a three phase strategy to rapidly increase production, maximise the recovery of reserves and prove up the defined resources.

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