Block Energy Announces Audited Results for the Year Ended 31 December 2021

Source: www.gulfoilandgas.com 7/1/2022, Location: Asia

Block Energy plc, the development and production company focused on Georgia, is pleased to announce its audited results for the year ended 31 December 2021.

Highlights:
· Successfully integrated the SRCL assets acquired from Schlumberger and defined an asset wide field development and production enhancement plan
· Commenced gas sales in February 2021, following completion of the Early Production Facility and associated gas gathering line
· Delivered on multipleobjectives set for 2021:
o Fully integrated the substantial technical data base, following completion of the acquisition of SRCL,
o Completed a risking and ranking process, focussed on short term drilling and production enhancement opportunities across the enlarged portfolio,
o Defined a two-well drilling programme consisting of a new horizontal well, designed to appraise areas of low fracture density in the XIF license and a side track of an existing well, in the newly acquired XIB license, whilst simultaneously executing a workover programme structured to reverse the natural decline of our baseline production

· Well JKT-01Z drilled and brought into production at 344 boepd, with rapid pay-back of drilling capex
· Production enhancement programme, continues to deliver restoring and enhancing baseline production
· Information gathered via the drilling of well WR-B01a and well JKT-01Z have directly supported the Project I development plan of 5 oil wells, due to commence in 2022

· Asset wide study has defined two further projects:
o Project II - the infill development of the Middle Eocene oil reservoir in the Patardzeuli oil field in Block XIB, and
o Project III - the appraisal and development of the natural gas resources in the Lower Eocene throughout the XIF and XIB license areas.
· Over 399,000 operational man man-hours worked during the year, without any lost time incidents
· Development of a 3 Project strategy, tailored to provide additional short & medium term cashflows and unlock significant gas potential.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"The Company swiftly integrated and advanced the appraisal and development opportunities throughout its enlarged portfolio in 2021. It also delivered on a key milestones, including commencing gas sales and execution of a multi well drilling campaign."

"This relentless drive to advance the Company and maintain consistent momentum has placed it in a stronger position to continue to create value for all shareholders in the current year. The planned three project strategy is designed to efficiently deploy existing cash reserves into further development drilling, throughout the XIF and XIB licenses."

"This, combined with our enhanced understanding of the subsurface and the Company being profitable, sets the stage for what we forecast to be a rewarding year and we look forward to updating shareholders on short and medium term milestones as we advance".


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