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Block Energy Completes Acquisition of the Schlumberger Rustaveli Company

Source: 11/24/2020, Location: Asia

Block Energy, the exploration and production company focused on Georgia, has announced the completion of Block's acquisition of Schlumberger Rustaveli Company Limited ('SRCL'). The completion of the acquisition means Block now holds licences for Georgian onshore blocks IX and XIB. These are transformational assets that, as well as significantly increasing production, will provide several development and exploration opportunities for the Company in the coming months. Block will now begin the integration process and will implement a cost reduction plan to ensure the new assets are operated efficiently.

Throughout the due diligence and acquisition process, Block has continued its subsurface technical studies of SRCL's assets, yielding economically attractive short and medium-term opportunities. Following a rigorous technical evaluation of the XIB licence area, which combined production data from over 150 wells, modern 3D-seismic and well logs. Block will shortly apply for permits for a workover and drilling programme across the XIB and West Rustavi licence areas. Block looks forward to updating the market further on its work programme in due course.

Block Energy Chief Executive Officer, Paul Haywood, said:

'I am delighted to announce the completion of our acquisition of SRCL from Schlumberger. It represents a truly transformational deal for Block, that enhances our current production, increases our acreage 30-fold and adds exciting new development opportunities. I would like to thank all members of our team for contributing to the successful completion of the Company's largest transaction.'

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