Block Energy is an AIM-listed asset-backed revenue generative junior oil and gas company aiming to capitalise on first mover advantage to build the largest independent producer in Georgia, a proven but underdeveloped oil producing nation increasingly on the radar of the majors. Schlumberger, the world’s largest oilfield services provider, recently acquired a strategic position in the country. Block Energy is listed on the AIM market as BLOE.
Led by a management team with unrivalled experience and contacts in Georgia and the wider region, Block Energy is at the right address in the right country at the right time.
The right address because the licences in which the company currently has a Working Interest (WI) – Norio (100% WI), Satskhenisi (90% WI), and West Rustavi (currently 25% 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 more than seven billion barrels of proven reserves in Azerbaijan and Russia’s North Caucasus.
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.
The company has planned a three stage work programme to develop the significant potential of its assets:
Stage 1 (2018):
- Increase production to 500 bopd via a low cost low risk workover programme and sidetrack of existing wells
- The company will break even at 100bopd
Stage 2 (2018-2019):
- Test and flow gas in previous discoveries of West Rustavi containing significant gas potential
- Sidetrack existing wells and drill new horizontal wells to increase production to 2,500bopd
Stage 3 (2020-):
- Bring West Rustavi gas online
- Estimated net back of ~$3/Mcf
- Expand asset portfolio in Georgia and wider European region
Paul has a wealth of experience and success in delivering value for his investment network through a blended skill-set of corporate and operational experience, including six years in the Middle East building early stage and growth projects. More recently Paul has held senior management roles with UK and Australian public companies in the natural resources sectors, including hard-rock exploration in the MENA region and oil and gas exploration in the FSU.
Philip spent a significant part of his career at BP in a wide variety of senior positions, including manager of the Forties oil field. Subsequently, his executive roles included Vice President International/Managing Director UK at Ranger Oil Ltd/Canadian Natural Resources and Vice President Operations at Vanco Energy. In non-executive board positions, Philip was a director of Nautical Petroleum Plc and, recently, the Senior Independent Director of Gulf Keystone Petroleum Ltd. He currently serves as Advisor to Oando Energy Resources Inc. Philip has an MA in Physics from the University of Oxford.
Roger has more than 30 years experience of managing domestic and international operations with senior managerial and executive roles at companies including Petro Canada, Burlington Resources and Winstar Resources (active in Algeria, Hungary, Romania and Tunisia). He has deep experience in new field development, mature field optimisation, oil and gas well completions and stimulation, and oil and gas opportunity evaluation . Roger has worked in Georgia for five years, overseeing operations, crude marketing, new well drilling, old well workovers and recompletions. He has a BSc in Engineering from the University of Waterloo and is a Professional Engineer registered in Alberta.
Niall has more than a decade’s experience as an energy and mining analyst. He began his career with Rio Tinto as an exploration geologist and has worked with a range of junior natural resource companies. Niall has spent three years assessing natural resource projects in the Republic of Georgia. He holds an MSc in Metals and Energy Finance from Imperial College and is a Chartered Geologist.
Chris Brown has nearly 40 years’ experience across the international upstream oil and gas sector. Educated at Exeter University, Imperial College and the INSEAD Management School, he is a founding director of MontBlanc Oil & Gas and Beagle Geoscience, which provide consultancy and management services for the exploration and production sector. During his career Chris has led oil and gas operations in the UK, Europe, North Africa and South America, and has managed seismic and well operations encompassing deep water, shelf, desert, mountain, urban and jungle terrain. He is a regular speaker and presenter at industry conferences.
The Company currently contracts the financial services consultancy Orana Corporate as bookkeepers and financial controllers.