Led by a management team with unrivalled experience and contacts in Georgia and the wider region, Block Energy is at the right address in the right country at the right time.
The right address because the licences in which the company currently has a Working Interest (WI) – Norio (100% WI), Satskhenisi (90% WI), and West Rustavi (currently 25% earning into a 75% WI) – lie close to Schlumberger’s 100% owned strategic position in the Kura basin, which at its peak produced ~70,000bopd in Georgia and is estimated to hold more than seven billion barrels of proven reserves in Azerbaijan and Russia’s North Caucasus.
The right country because Georgia is a low-cost, business-friendly nation with underdeveloped oil and gas reserves.
The right time because Schlumberger’s entry is game-changing for Block in terms of targeting the same play types and providing third party validation of Georgia’s huge oil and gas potential.
Block’s three licences currently produce 20bopd. Block has put in place a three phase strategy to rapidly increase production, maximise the recovery of reserves and prove up the defined resources.
Spark Advisory Partners
Novum Securities Limited
Baden Hill LLP