Business
Interim Results
Interim Results.
About this update from Block Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6102N\n Block Energy PLC\n 30 September 2021\n \n \n \n \n 30 September 2021\n \n \n \n \n \n Block Energy Plc\n \n \n (\"Block\" or the \"Company\")\n \n \n Interim Results for the Six Months Ended 30 June 2021\n \n \n Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce the interim results of Block Energy plc and its subsidiaries (the \"Group\") for the six months ended 30 June 2021.\n \n \n Highlights\n \n \n · \n 170,000 operational man-hours worked, with no lost time incidents\n \n \n · \n Two-well programme progressing, with WR-B1a well, spudded in June 2021, currently testing and preparations for the second well underway\n \n \n · \n Total production during the period of 87.0 Mboe, comprising 55.5 Mbbls of oil and 31.5 Mboe of gas\n \n \n · \n Oil and gas production resumed from wells WR-16aZ and WR-38Z during Q1\n \n \n · \n Oil sales of 41.9 Mbbls, with revenue of $2.33 million (30 June 2020: $313,000), representing a weighted average price of $55.70 per barrel\n \n \n · \n Gas sales of 103 MMcf, with revenue of $328,000 (30 June 2020: $nil), representing a weighted average price of $3.18/Mcf\n \n \n · \n Memorandum of Understanding (\n \"\n MOU\n \")\n signed with Baker Hughes in support of current and future operational activities\n \n \n · \n Integration of Block Rustaveli Limited (\n \"\n BRL\n \")\n successfully completed, with staff now in one facility, creating a more collaborative and productive working environment\n \n \n · \n Cash position of $5.5 million as at 30 June 2021 (31 December 2020: $6.3 million)\n \n \n \n \n \n Block Energy plc's Chief Executive Officer, Paul Haywood, said:\n \n \n \"The first half of the year demonstrates our ability to safely deliver, despite the impact of the Covid-19 pandemic on our operations. The two-well programme is progressing. and we expect to announce the results of testing the first well shortly. Preparations for the second well are underway and we are also looking forward to updating the market on that. With the focus on the two-well programme, it is easy to forget the considerable opportunities throughout the Company's wider portfolio. Block has a balanced strategy, based around three independent and material strands. The dri...