Business
ExxonMobil Enters Georgia
ExxonMobil Enters Georgia.
About this update from Block Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6835H Block Energy PLC 19 November 2018 \n\n \nBlock Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas\n19 November 2018\nBlock Energy Plc (\"the Company\", \"Block\" or \"the Group\")\nExxonMobil Enters Georgia\n \nBlock Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to note that ExxonMobil (or 'Exxon') is set to carry out a comprehensive review of western Georgia's hydrocarbon resource base and potential, following the signing of an agreement ('the Agreement') with the LEPL State Agency for Oil and Gas of the Ministry of Economy and Sustainable Development of Georgia (or 'the Agency'). \n \nBlock's directors believe the Agreement, which follows the entry into Georgia of leading oil and gas services company Schlumberger, further highlights the growing interest among major oil and gas operators in Georgia's hydrocarbon resources.\n \nAs announced on the Ministry's website (https://goo.gl/58fq7f) Exxon has agreed to build an integrated database of west Georgia's hydrocarbon potential based on the examination of historic geological and geophysical data provided by the Agency. \n \nIn May 2017 Schlumberger gained a 100% owned position in Georgia comprising Production Sharing Contracts (\"PSC\") for three permits including Block XIb from which 210 MMBbls of oil at rates of up to ~70,000 bopd have historically been recovered. Schlumberger's position is contiguous to the north and south of Block's three licences in Georgia: the Norio field (100% net to Block), the Satskhenisi field (90%) and the West Rustavi permit (currently 25% and building to 75% under an earn-in agreement). All of Block's licences are producing or have historically produced and all have significant development potential: 2P gross oil reserves of 2.5 MMbbl; gross contingent oil resources (2C) of 72.9 MMbbls of oil and 626 BCF of gas. As announced on 15 October 2018, Block commenced a multi-well workover and sidetrack programme at Norio targeting a 15-fold increase in production to 150 bopd by Q1 2019. At the same time, Block is preparing to drill horizontal sidetracks and test the gas resource base on its West Rustavi licence with net contingent resources of 456 BCF. Previous gas discoveries at West Rustavi lie on trend to the same pl...