Block Energy Announces Interim Results

Source: www.gulfoilandgas.com 9/30/2020, Location: Asia

Block Energy, the exploration and production company focused on Georgia, has announced its interim results for the six months ended 30 June 2020.

Highlights

- Entered into a conditional sale and purchase agreement to acquire Schlumberger Rustaveli Company Limited ('SRCL') including Georgian onshore licence blocks IX and XIB

- Implementation of prudent cost-cutting and cash conservation measures in response to COVID-19

- The Group held cash at 30 June 2020 of US$2,258,000

- Proceeds from sales of crude oil from its West Rustavi, Norio and Satskhenisi licences were US$313,000 during the six months ended 30 June 2020 (2019: US$nil) and US$568,000 following the period end in August and September 2020

- Early production facility ('EPF'), including a gas processing unit procured during the period and commissioned in September 2020

- Commencement of construction of the gathering line between the EPF and WR-38Z during September 2020

- Shut-in of the West Rustavi field's production at wells WR-16aZ and WR-38Z to conserve valuable gas resources until the gas sales pipeline is complete later this year

- Early results from fully migrated 3D seismic processing are providing insight into the full potential of the West Rustavi XIF licence area

- Engaged EPI Limited ('EPI'), a leading independent geoscience and geophysical consultancy

Paul Haywood, CEO of Block Energy, commented:

'Firstly, I am very proud of how everyone at Block has helped navigate the challenges of the pandemic. Undoubtedly, this has been a very tough six months for the sector, but I am pleased this hasn't stopped Block from still achieving its goals for the period. With the EPF in place and connected to the first of two West Rustavi wells, we expect gas sales to commence in Q4. The acquisition of SRCL has been slightly delayed due to COVID-19 restrictions, but both parties remain committed to its completion. We have been progressing an extensive sub-surface technical study, which is revealing some exciting short and medium-term opportunities that will be presented to the market on completion of the acquisition.

Block Energy remains strong and agile, with cash on the balance sheet and near-term realisation of its gas reserves. Through these gas sales, we will generate more cash from our production base. We look forward to the remaining months of 2020, to continue our mission of value creation for our shareholders, through growing the business and unlocking Georgia's potential.'


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