Wednesday, September 27th 2023

Block Energy PLC

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Has cashed up Block Energy ever been in a more exciting position?


“…We’re coming off the back of two successful wells hoping this is going to be a third…”


Spudded in July, Block Energy’s most recent Project One development well WR-34Z has been drilled.

Today, the Company announce that well WR-34Z has reached total depth and drilling operations have ceased.

The testing phase of this, the third well in a five well programme, is underway and chief executive Paul Haywood will update the market in due course.

“It’s an exciting well. It comes off the back of two successes, so we’re hoping for another success here. The well has been delivered on plan, on budget with no incidents which is clearly important aspects of delivering on the plan.”

The plan is extensive and methodical.

Project I is the development of the Middle Eocene oil reservoir in the West Rustavi-Krtsanisi field. The reservoir is divided into eight development areas, the first of which being drilled is the Krtsanisi anticline area.

While that means very little to the average punter, it’s significant enough for Georgia’s Ministry of Economy and sustainable development to be highly communicative with the company which is the biggest producer of energy in the former Soviet Union country, because Block isn’t a one project ‘pony.’ There’s four projects and one in particular is on the host government’s radar.

“Project Three has been defined a strategic asset by the government of Georgia,” enthuses Haywood, “because of its scale and the impact that that would have on the domestic gas demand in country.”

Georgia is trying to shake off the shackles of the ‘former Soviet Union’ label because it’s increasingly regarded as European – a transcontinental country located at the intersection of Eastern Europe and West Asia.

It represents a metaphorical and geographical corridor to Block’s international ambitions.

“We’ve also got direct access to Europe through the BTC and SCP pipelines that run through the heart of some of our key license areas,” says Haywood.  “So direct access to Europe, strong local demand, and a very willing and supportive government to see us develop that they’ve defined strategic assets. So, you know, we feel particularly with the success of Project One that’s being experienced currently, we feel that block Energy offers a compelling investment proposition, particularly when ranked against its peer group.”

And as Haywood explains to Sarah Lowther in this video interview what the board is most excited about in terms of high impact events for the company “and that’s getting after appraising the over one TCF opportunity that sits across our two key licenses Block 11B and 11F.”


Read the company’s corporate presentation 


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The author was remunerated but does not hold shares in the company