About Block Energy
Block Energy is an AIM-listed production and development company applying innovative technology to realise the full potential of previously discovered fields in Georgia.
Transformational Acquisition
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).
Norio and Satskhenisi Assets
We hold 100% and 90% working interests in the producing Norio and Satskhenisi fields.
New Horizons
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:
Subsurface
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.
Operations
Establish a fit for purpose and cost-effective drilling system that both minimises risk of operational failure and maximises hydrocarbon recovery.
Commercial
Leverage strategic partnerships and industry knowhow to maximise monetisation of hydrocarbons through asset development and M&A.
Directors
Block Energy’s defined work programme targets a sustained increase in oil production and appraisal of multiple gas discoveries across our licences.
Paul Haywood
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 Dimmock
Non-Executive Chairman
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.
Jeremy Asher
Non-Executive Director
Jeremy is Chairman & CEO of Tower Resources plc. In recent years he served as a director of NYSE-listed Pacific Drilling SA, Deputy Chairman of London-listed Gulf Keystone Petroleum Ltd, and as a director of TASE-listed Oil Refineries Ltd. Previously he co-headed the global oil products business at Marc Rich & Co (now Glencore AG) and then acquired and developed a 275,000 b/d oil refinery in Germany, before serving as CEO of PA Consulting Group and advising and investing in numerous companies in the energy sector. He holds a BSc (Econ) from the London School of Economics and an MBA from the Harvard Business School.