Realising Georgia's Energy Potential
Block Energy is an AIM-listed independent oil and gas production and development company applying innovative technology to unlock the potential of previously discovered fields in Georgia.
Led by a management team with unrivalled experience in the Caucasus, our development programme currently focuses on three licences close to Tbilisi, including a 100% working interest in the highly prospective West Rustavi field.
In November 2020 we acquired two neighbouring blocks from Schlumberger: Block XIB, the most productive in Georgia, and the prospective Block IX.
This transformational acquisition is a major milestone towards our objective of becoming the country’s leading independent producer.
Blocks XIb & IX
- Block XIB is Georgia's most productive block, with over 180 million bbls of oil produced from the Middle Eocene
- Block IX has 38 legacy wells with two drilled wells with oil and gas shows
- Boosts Block's 2P reserves of oil and gas by 64 million boe and initial production by around 200 bopd
- Increases 2C contingent resources by 29 million boe and offers significant upside potential of 245 million boe of prospective resources
- Circa 600 BCF of initial-gas-in-place in the Lower Eocene and Upper Cretaceous
West Rustavi
- Proven field with multiple wells that have produced oil and flowed gas from multiple geological horizons
- Potential confirmed by encouraging oil production test rates at well WR-16aZ
- 608 BCF gross unrisked 2C contingent gas resources
- Proven and probable 2P gross oil reserves of 0.9 MMbbls and gross unrisked 2C contingent oil resources of 38 MMbbls
- Has produced 41 Mbbl light sweet crude with remaining 0.9 MMbbls gross oil reserves in the Middle Eocene
Norio & Satskhenisi
- Producing oil fields: 1.9 MMbbls (Norio) and 3.45 Mbbls (Satskehnisi)
- 1.6 MMbbls gross 2P oil reserves and 7.2 MMbbls gross unrisked 2C contingent oil resources (Norio)
- 27.8 MMbbls gross unrisked 2C contingent oil resources (Satskhenisi)
- Ongoing workover programmes to increase production rates
- Low cost production and development with established facilities and marketing process
