BLOE – Block Energy PLC


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1 = STRONG BUY | 2 = BUY | 3 = HOLD | 4 = UNDERPERFORM | 5 = SELL

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Company Profile

Block Energy Plc is a United Kingdom-based development and production company focused on Georgia. The Company’s projects include Blocks XI B & IX, West Rustavi, Norio, and Satskhenisi. The Company is engaged in the evaluation and development of the natural gas resource throughout the Eocene in Blocks XIF and XIB. Block XIB (about 615 square kilometers) is a productive block, with over 180 million bbls of oil produced from the Middle Eocene. Exploration Block IX has about 38 wells with two drilled wells with oil and gas shows. West Rustavi onshore oil and gas field covers approximately 36.5 square kilometers (km2) with multiple wells. Norio onshore oil field is located approximately 35 kilometers (km) from the center of Tbilisi. Satskhenisi onshore oil field produces from the Maikop and shallow Sarmatian lithologies. The Company has an operations subsidiary in Georgia, Block Operating Company LLC (BOC). BOC operates oil and gas licenses held in Georgia.

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