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Block Energy PLC

Block Energy's Paul Haywood on 'game-changing' move to fully acquire West Rustavi

Block Energy Plc's (LON:BLOE) Paul Haywood discusses with Proactive London's Andrew Scott a recent significant increase in production at the Norio wells 44 and 27.

Haywood says current production at the Norio and Satskhenisi fields is around 60 bopd - additionally preparations are being made for the Norio field’s well 39 which will target a production rate of 10 barrels of oil per day.

He also talks through the significance of the decision to take full ownership of the West Rustavi licence.

Block already owns 25% of the asset and the new agreement with Georgian Oil and Gas Limited (GOG) will increase the stake up to 100%.

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Price: £0.07

Market: AIM
Market Cap: £25.97 m
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Block Energy increases stake in ‘highly prospective’ West Rustavi licence

Paul Haywood, director of Block Energy Plc (LON:BLOE), tells Proactive Investors they've acquired an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia - taking their stake to 25%. Haywood says the West Rustavi licence has proven reserves and multiple gas...

on 29/6/18

2 min read