Block Energy Announces Audited Results for the Year Ended 31st December 2022

Source: 5/11/2023, Location: Asia

Block Energy plc, the development and production company focused on Georgia, is pleased to announce its audited results for the year ended 31st December 2022.

• Average production during the year increased 5% over the prior year to 450boepd.
• Post-year end, Company production sees record levels at over 620 boepd (April average rate), reflecting the further success of well WR-B01Za.
• Production increase in 2022 primarily driven by the success of well JKT-01Z and continued positive production from mature wells sustained by the 23 well workover programme in the first half of the year.
• Material revenue growth in 2022, increasing 35% over 2021 to $8.26m, driven by the increase in production, combined with improved oil pricing.
• Total loss for 2022 decreased significantly to $1.16m (2021: $4.58m) due to the increase in revenue and careful management of costs, including a material decrease in G&A costs.
• Three successful wells in 2022 and post-year end, substantially increasing production and proving the concept of un-swept oil in Georgia's most prolific field.
• Successful farmout of non-core areas for a gross $3m work programme, exposing the Company at no cost to Block. This provides the Company with direct exposure to 3.1 TCF gas and 1,400 MMbbl oil unrisked prospective resources within GOGL's portfolio, of which, the state of Georgia is a 22% partner, via a cash investment into the project.
• All obligations under the minimum work programme for license XIF completed, securing the licence until 2043.
• One minor lost time incident was reported across the 382,542 operational man-hours worked in 2022.
• Post-year end, secured additional funding through a senior secured loan facility of up to $2m to accelerate Projects I and III.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"Since announcing the Company's three project strategy approximately 12 months ago, marking the start of concurrent development and appraisal activity, Block has made material progress. It has successfully delivered on its operational plans for 2022, which included increasing near-term production and cashflows from Project I, proving the concept of un-swept oil in the Patardzueli field under Project II and advancing the Project III high-impact 1 TCF contingent gas resource opportunity. Additionally, Block secured a $3m farm-out of non-core areas, establishing Project IV, providing the Company with direct exposure to high-impact exploration".

"As revenue continues to grow, so can the Company. This is why we remain focussed on accelerating our Projects which are intended to create significant shareholder value and cash flow whilst providing the Georgian Government and society with greater energy security. Our plan is clear, the strategy is working, and the team is energised to execute operationally and strategically. As we enter our next drilling phase, the Company has never been in a more exciting position".

Stephen James BSc, MBA, PhD (Block Energy's Subsurface Manager) has reviewed the reserve, resource and production information in this announcement. Dr James is a geoscientist with over 40 years of experience in field development and reservoir management.

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