Block Energy is an asset backed, revenue generative junior oil and gas company that is looking to capitalise on its first mover advantage to build the largest independent producer in Georgia, a proven but underdeveloped oil producing nation which is increasingly on the radar of the majors: Schlumberger, the world’s largest oilfield services provider, recently acquired a strategic position in the country.
Led by a management team with unrivalled experience and contacts in Georgia and the wider region, Block Energy is in the right address in the right country at the right time. The right address because its existing licences, Norio (100% WI), Satskhenisi (90%WI), and West Rustavi (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 over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus (Russia). 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.
A 3 stage work programme is planned to develop the significant potential of the company’s assets:
Stage 1 (2018):
- Increase production to 500 bopd via low cost low risk workover programme and sidetrack of existing well
- Company will become break even at 100bopd
Stage 2 (2018 – 2019):
- Test and flow gas in previous discoveries of West Rustavi that contains 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 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 been involved in senior management roles with UK and Australian public companies in the natural resources sectors including hard-rock exploration in the MENA region and O&G 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, and UK Director of Ranger Oil where he also held the post of vice president of the international division, and served as chairman. Philip was a Non-Executive Director of Nautical Petroleum plc until its acquisition by Cairn Energy in 2012 and presently serves as a senior independent Non-Executive Director of Gulf Keystone Petroleum. Phil graduated from Oxford with a Masters of Art. Philip will join the board on admission to AIM.
30+ years in managing domestic and international operations with senior managerial/executive roles at companies including Petro Canada, Burlington Resources and Winstar Resources (Algeria, Hungary, Romania and Tunisia). Extensive experience in new field dev, mature field optimization, oil and gas well completions and stimulation as well as oil/gas opportunity evaluations . Five years of working in Georgia, including operations, crude marketing, new well drilling, old well workovers & recompletions. Roger has a BSc, Engineering. from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta, Canada. Roger will join the board on admission to AIM.
Energy and Mining Analyst with 11 years experience. He started his career with Rio Tinto as an Exploration Geologist and has over 10 years experience consulting and working with various junior natural resource companies. Niall has spent over 3 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.
Serina gained her MSci in Geological Sciences from the Royal School of Mines, Imperial college London in 2003. She qualified as a Chartered Accountant with BDO LLP, subsequently working in the Natural resources team. Her client portfolio covered both Oil and Gas, and Mining companies, with the latter years concentrated on Middle Eastern Due dilligence projects.
Serina has specialised in the AIM and ASX upstream oil and gas industry for over 10 years, with a proven track record of successfully delivering Board strategy through Financial management, planning, financial modelling, system integration, treasury management, joint interest partner ventures and structured finance activities. In addition, Serina has worked closely with overseas government and financial regulatory bodies, negotiating a range of applicable tax and financial reporting policies. Serina will join the board on admission to AIM.
Tim Parsons is a Petroleum Engineer with 35 years global experience on and offshore from deep water operations in the Far East to onshore multi-rig operations in the Middle East, Amazon and Europe. Roles include Superintendent role, at Schlumberger and Executive at Occidental Petroleum. Tim has degrees in Petroleum Engineering from the University of New South Wales and Business Management from Curtin University.