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Project III Resource Upgrade
Project III Resource Upgrade.
About this update from Block Energy Plc
[{"type":"text","content":"\n\n4 March 2024\nBlock Energy plc\n(\"Block\" or the \"Company\")\nProject III Resource Upgrade\nBlock Energy plc, the development and production company focused on Georgia, is pleased to announce upgraded internal resource estimates for the Rustavi and Teleti fields.\nCombined with the independently audited 2C recoverable resources on the Patardzueli-Samgori field, the total Project III 2C Contingent Recoverable Resource figure for Patardzueli-Samgori, Rustavi and Teleti fields now stands at over 2.77 TCF, with an estimated Net Present Value 10 (\"NPV\") of USD 1.65 billion.\nInternal Resource Upgrade\nFollowing the announcement of the Independent Engineering Report (\"IER\") by Oilfield Production Consultants (\"OPC\") on Patardzueli-Samgori, the Company has reviewed and updated its internal estimates for the Rustavi and Teleti fields in line with the methodologies applied by the OPC report.\nBoth the OPC IER and the Block Energy Internal Contingent Resource report only consider gas volumes within the natural fracture system. Upside exists within the tight matrix in both the Lower Eocene and Upper Cretaceous reservoirs. Both reports were completed according to Petroleum Management Resource System (\"PRMS\") standards.\nThe upgraded internal contingent resources for these fields are as follows:\n\n\n\n\nField\n\n\nReservoir\n\n\nRecoverable Contingent Resources (BCF)\n\n\n\n\n\n\n\n1C (Low)\n\n\n2C (Mid)\n\n\n3C (High)\n\n\nMean\n\n\n\n\nRustavi\n\n\nLower Eocene\n\n\n884\n\n\n1,062\n\n\n1,245\n\n\n1,064\n\n\n\n\nTotal\n\n\n884\n\n\n1,062\n\n\n1,245\n\n\n1,064\n\n\n\n\nTeleti\n\n\nLower Eocene\n\n\n149\n\n\n203\n\n\n272\n\n\n208\n\n\n\n\nUpper Cretaceous\n\n\n344\n\n\n435\n\n\n530\n\n\n436\n\n\n\n\nTotal\n\n\n493\n\n\n638\n\n\n802\n\n\n644\n\n\n\n\nTotal\n\n\n1,377\n\n\n1,700\n\n\n2,047\n\n\n1,708\n\n\n\n\n\n(Block Energy Internal Contingent Resource Report, Rustavi & Teleti)\nThe full Project III volumes are therefore as follows:\n \n \n\n\n\n\nField\n\n\nRecoverable Contingent Resources (BCF)\n\n\n\n\n\n\n\n1C (Low)\n\n\n2C (Mid)\n\n\n3C (High)\n\n\nMean\n\n\nSource\n\n\n\n\nPatardzueli-Samgori\n\n\n926\n\n\n1,072\n\n\n1,222\n\n\n1,073\n\n\nOPC IER, 2024\n\n\n\n\nRustavi\n\n\n884\n\n\n1,062\n\n\n1,245\n\n\n1,064\n\n\nBlock Energy Internal Report, 2024\n\n\n\n\nTeleti\n\n\n493\n\n\n638\n\n\n802\n\n\n644\n\n\nBlo...