Georgia and Gabon : The Dual-Track Strategy Powering Block Energy to another level
“…Longer term, there is an extremely exciting multi-billion barrel opportunity that sits in the deeper horizons being pursued by International Oil Companies that surround us…”
From western Asia to the west coast of West Africa, oil and gas producer Block Energy has now spread its footprint from Georgia to Gabon, and a strategic relationship with a Chinese partner could see Block add further to its expanding geographic imprint.
“Like buses two or three come along at similar sort of times,” says chief executive Paul Haywood who has derisked the Georgia business with its four oil and gas projects and one carbon capture storage project. He’s done that by attracting farm out partners for Project III and IV with companies he describes as ‘world class.’
Haywood predicts the binding framework agreement with Zhijiang Sanning Energy will go beyond the parameters of the Project III farmout. “We’re on our way to unlocking value in what is a very, very exciting nearly three TCF contingent gas resource within our portfolio in Georgia. We have also agreed with Sanning a broader partnership to pursue other opportunities and their strategy spans various continents.”
It is however Block’s own endeavours which was responsible for its recent move into Gabon and a postcode that is much coveted by international oil companies (IOCs). Block will be operating in a data-rich part of the Gulf of Guinea that places it alongside majors including Exxon, BP, TotalEnergies and CNOOC.
Haywood describes the near and long-term potential. “This transaction with Pilgrim Exploration has been some time in the making and we’re extremely excited to be taking up such a position in such a sought-after area, which sees us moving into an opportunity that offers near-term high impact value creation opportunities through developing the discovered oil base. Longer term, there is an extremely exciting multi-billion barrel opportunity that sits in the deeper horizons being pursued by IOCs that surround us.”
To ensure Haywood’s near-term high impact milestones are achieved, Block is now fully funded to execute the Gabon strategy after raising $6.3mln through a bookbuild and WRAP retail offer.
As Paul explains to Sarah Lowther in this video interview the company focus is Georgia and Gabon running in parallel. “We’ve got a well-honed machine now that executes on daily operations and has been adjusted, revised and built to execute on the strategic objectives.”
“I’m here for the same reasons as all the other fellow shareholders, and that’s to make money and that is what the portfolio has been designed to do and to deliver on.”
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The author was remunerated but does not hold shares in the company
