Projects

Block Energy’s assets in Georgia blend production with development and exploration potential.

Map of Georgia highlighting area of interest
Oil and gas pipelines running through Georgia
West Rustavi, Norio, Satskhenisi licence map

Potentially Transformative Acquisition of Blocks XIB & IX

In March 2020 Block entered into a sale and purchase agreement with Schlumberger to acquire its subsidiary Schlumberger Rustaveli Company Limited (SRCL), a potentially transformational acquisition representing a major milestone towards our objective of becoming the leading independent oil and gas producer in Georgia.

Block will acquire the producing Block XIB – Georgia’s most productive block – and the exploration Block IX, significantly increasing our access to production, reserves and resources.

Completion of the acquisition is conditional upon regulatory approvals in Georgia and the United Kingdom.

Highlights

West Rustavi Onshore Oil and Gas Field

Company-making oil and gas potential

Proven oil field

Attractive PSC licence terms

West Rustavi field map

Company-making gas resource

Strategy

Reserves and Future Cash Flow Projections, West Rustavi

 Gross Oil Reserves, MbblsNet Oil Reserves, MbblsNet Cash Flow, MM$NPV10, MM$
Reserve ClassificationP90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
Producing0.00.00.00.00.00.00.00.00.00.00.00.0
Developed Non-Producing470.8906.81,606.2210.7347.8565.26.113.625.64.19.618.4
Undeveloped0.00.00.00.00.00.00.00.00.00.00.00.0
Total470.8906.81,606.2210.7347.8565.26.113.625.64.19.618.4

Based on completion of farmin for 75% working interest. Net is net of government share and partner’s interests. (Mbbls = thousand barrels of oil; MM$ = millions of US$).

Source: CPR Gustavson Associates: 1 January 2018.

Gross Unrisked Contingent Resource Estimates, West Rustavi

Contingent Oil/Condensate Resources, MMbblsContingent Associated/Free Gas Resources, BCFRisk Factor
P90
1C
P50
2C
P10
3C
P90
1C
P50
2C
P10
3C
18.637.969.33146081,00075%

MMbbls = million barrels of oil; BCF = billion cubic feet.

Source: CPR Gustavson Associates: 1 January 2018.

Norio Onshore Oil Field

Low cost production and development with established facilities and marketing process

Proven oil field

Significant reserve/resource potential

Norio field map

Attractive PSC licence terms

Reserves and Future Cash Flow Projections, Norio

 Gross Oil Reserves, MbblsNet Oil Reserves, MbblsNet Cash Flow, MM$NPV10, MM$
Reserve ClassificationP90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
Producing28.132.737.216.421.728.50.20.20.40.10.20.3
Developed Non-Producing65.893.0167.561.680.9133.51.02.35.70.61.53.8
Undeveloped805.21,505.32,328.6603.51,005.21,334.920.043.161.310.927.841.0
Total899.21,630.92,533.3681.81,107.81,496.921.245.667.411.629.545.1

For 100% working interest. Net is net of government share. (Mbbls = thousand barrels of oil; MM$ = millions of US$).

Source: CPR Gustavson Associates: 1 January 2018.

Gross Unrisked Contingent Resource Estimates, Norio

Contingent Oil/Condensate Resources, MMbblsContingent Associated/Free Gas Resources, BCFRisk Factor
P90
1C
P50
2C
P10
3C
P90
1C
P50
2C
P10
3C
3.17.213.90.81.93.775%

MMbbls = million barrels of oil; BCF = billion cubic feet.

Source: CPR Gustavson Associates: 1 January 2018.

Satskhenisi Onshore Oil Field

Cumulative production 500,000 bbl from vertical wells drilled 1956-1964

Proven oil field

Satskhenisi field map

Attractive PSC licence terms

Reserves and Future Cash Flow Projections, Satskhenisi

 Gross Oil Reserves, MbblsNet Oil Reserves, MbblsNet Cash Flow, MM$NPV10, MM$
Reserve ClassificationP90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
P90
1P
P50
2P
P10
3P
Producing4.44.44.42.32.32.40.030.030.030.030.030.03
Developed Non-Producing7.29.412.95.67.310.30.190.260.390.160.20.29
Undeveloped0.00.00.00.00.00.00.00.00.00.00.00.0
Total11.613.817.37.99.612.70.220.290.420.180.230.32

For 90% working interest. Net is net of government share. (Mbbls = thousand barrels of oil; MM$ = millions of US$).

Source: CPR Gustavson Associates: 1 January 2018.

Gross Unrisked Contingent Resource Estimates, Satskhenisi

Contingent Oil/Condensate Resouces, MMbblsContingent Associated/Free Gas Resouces, BCFRisk Factor
P90
1C
P50
2C
P10
3C
P90
1C
P50
2C
P10
3C
16.427.843.79.316.426.575%

MMbbls = million barrels of oil; BCF = billion cubic feet.

Source: CPR Gustavson Associates: 1 January 2018.