Business
Audited results: y/e 31 December 2020 -replacement
Audited results: y/e 31 December 2020 -replacement.
About this update from Block Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5513A\n Block Energy PLC\n 02 June 2021\n \n \n \n \n 2 June 2021\n \n \n Block Energy plc\n \n \n (\"Block\" or the \"Company\")\n \n \n Audited results for the year ended 31 December 2020\n \n This announcement replaces RNS No 5002A which was released at 700 a.m. on Wednesday 2 June 2021. The date on which the Company's Annual Report will be posted to shareholders has been amended from 4 June 2020 to 4 June 2021. All other details remain unchanged. The full amended text is shown below:\n \n Block Energy plc, the development and production company focused on Georgia, is pleased to announce its audited final results for the year ended 31 December 2020.\n \n \n The Company's Annual Report will shortly be made available on the Company's website at \n \n www.blockenergy.co.uk\n \n and posted to shareholders by 4 June 2021.\n \n \n Highlights\n \n \n Equity placing\n \n \n · \n In December 2020, Block Energy Plc completed a placing of 176 million new Ordinary Shares, raising approximately £5.28 million, equivalent to $7.2 million (before expenses) with institutional investors at a placing price of 3 pence, equivalent to $0.04, per share.\n \n \n \n \n \n Acquisition and business growth\n \n \n · \n On 25 March 2020, the Company entered into a conditional sale and purchase agreement with Schlumberger B.V. (\"Schlumberger\") to acquire its subsidiary Schlumberger Rustaveli Company Limited (\"SRCL\"). The acquisition was completed on 23 November 2020. The acquired company holds the PSCs to Blocks IX and XIB in Georgia.\n \n \n · \n Cash at 31 December 2020 was $6,331,000 (31 December 2019: $6,494,000).\n \n \n \n \n \n Operations\n \n \n · \n Production of oil and gas from the two horizontal wells (WR-16aZ and WR-38Z) in its West Rustavi licence area was suspended in April 2020 to avoid selling oil at low oil prices and conserve gas resources until the Early Production Facility (\"EPF\") and gas sales pipeline were completed.\n \n \n · \n Gas sales agreement signed with Bago LLC, a prominent private gas supplier and purchaser in Georgia, for the offtake of gas produced at the Company's flagship West Rustavi field.\n \n \n · \n Construction of an EPF, with capacity for up to six wells, to exploit Block Energy's associated gas and contingent gas resources, was completed on budget in November 202...