Block Energy is an AIM-listed exploration and production company applying innovative technology to realise the full potential of previously discovered fields in Georgia.
Led by a management team with unrivalled experience and contacts in the Caucasus region, we currently have three licences close to the country’s capital city Tbilisi, including a 100% Working Interest (WI) in West Rustavi, a field’s whose company-making potential was confirmed in April 2019 when the horizontally sidetracked well 16aZ recorded an exceptional test production rate of 1,100 bbl/d, more than three times the original estimate.
We have secured funding for a 24 month programme of additional sidetracks and gas appraisals designed to unlock the field’s proven reserves of 0.9MMbbls, and contingent resources of 38 MMbbls and 608 BCF. West Rustavi promises excellent netbacks of US$36/bbl at US$65/bbl Brent and US$3.40/MCF for gas.
We are also pursuing a fully funded workover programme at our Norio and Satskhenisi fields, where we hold 100% and 90% WI’s respectively.
Block Energy is a young, ambitious company continually reviewing new opportunities to apply the low cost, innovative drilling technologies deployed in Georgia to new ventures in the region and beyond.
Our defined work programme is targeting a rapid increase in oil production and appraisal of multiple gas discoveries across our licences:
- Drill horizontal sidetracks at three West Rustavi wells analogous to 16aZ to scale up oil production and fund future capital programmes
- Appraise two of the field’s existing gas discoveries and drill a new gas well
- Expand the field’s facilities to increase production capacity to 4,000-5,000 bbl/d
- Acquire a 3D seismic survey to provide a critical understanding of West Rustavi’s subsurface
- Continue existing Norio work programme and drill a new sidetrack
- Bring West Rustavi’s gas reserves into production
- Continue oil development across all our licences
- Secure additional licences in Georgia and the wider 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.