About Block Energy
Block Energy is an AIM-listed exploration and production company applying innovative technology to realise the full potential of previously discovered fields in Georgia.
In November 2020 we acquired from Schlumberger a company that holds licences for two onshore blocks, Block IX, and Block XIB – Georgia’s most productive block, with over 180 million bbls of oil produced from the Middle Eocene.
This transformational acquisition, transacted by issuing options over shares rather than cash, boosts our 2P reserves of oil and gas by 64 million boe, and initial production by around 200 bopd.
Developing West Rustavi
Our ongoing West Rustavi programme includes sidetracks and gas appraisals designed to unlock the field’s proven reserves of 0.9 MMbbls, and gross unrisked 2C contingent resources of 38 MMbbls oil and 608 BCF gas. West Rustavi promises excellent netbacks (US$36/bbl at US$65/bbl Brent).
We hold 100% and 90% working interests in the producing Norio and Satskhenisi fields.
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.
Block has an operations subsidiary in Georgia, Block Operating Company LLC (BOC).
Mission Statement and Strategy
Block Energy is committed to becoming Georgia’s leading independent oil and gas company by pursuing a balanced and robust business model based on three key objectives:
Maximise recovery from currently known oil and gas fields by developing a methodology enabling the company to accurately and efficiently predict new areas of enhanced reservoir performance and production across all its licenses.
Establish a fit for purpose and cost-effective drilling system that both minimises risk of operational failure and maximises hydrocarbon recovery.
Leverage strategic partnerships and industry knowhow to maximise monetisation of hydrocarbons through asset development and M&A.
Block Energy’s defined work programme targets a rapid increase in oil production and appraisal of multiple gas discoveries across our licences.
Chief Executive Officer
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.
Chief Financial Officer
William has more than 14 years’ experience in strategic and operational finance roles within five listed natural resources groups. He has worked at Gulf Keystone Petroleum Ltd, International Petroleum Ltd, African Minerals Ltd and Adastra Minerals Inc, where he took leading roles in establishing and managing financial systems in Iraq, Russia, Kazakhstan, Niger, Sierra Leone and the Democratic Republic of Congo. William is a qualified Chartered Certified Accountant and holds a BA (Hons) in Accounting from London Guildhall University.
Charles ('Chuck') Valceschini
Chuck has 40 years’ experience in the upstream oil and gas sector, holding senior technical and leadership roles in companies including BP and American Energy Group Ltd, where he was CEO. He has expertise in the exploitation of onshore naturally fractured reservoirs in FSU countries, and is currently Chairman of JKX Oil & Gas plc and CEO of TechNefteGaz Consulting LLC. Chuck has degrees from the University of Wyoming and Portland State University, and is a graduate of the INSEAD Executive Management programme and the Moscow School of Management.