Block Energy
BLOE:LN
Latest Coverage
Overview
Company Profile
Block Energy (BLOE) is an AIM traded oil and gas company with a growing portfolio of production, development and exploration assets in the Republic of Georgia. Block holds a 100% Working Interest in the producing Norio licence, a 90% Working Interest in the producing Satskhenisi licence and a 25% interest and the right to earn a 75% Working Interest in the West Rustavi permit. Block’s three licences lie in the heart of the prolific Kura basin, where Schlumberger, the world’s largest oilfield services provider, recently acquired a 100% strategic position. Block’s licences currently hold net proven oil reserves of 1.5 million barrels plus 60 million barrels of oil and c.600 billion cubic feet (‘bcf’) of gas classified as 2C contingent resources. The short-term target is to raise production to 900 bopd from 15 bopd within 18 months via a low cost, low risk workover and sidetrack programme of existing wells, and then utilise cashflow to drill horizontal wells and sidetracks to rapidly raise production to c.2,000 bopd.
Classification
Financials
News & Media
Latest Coverage
Corporate
Board & Advisors
Paul Haywood
CEO
Paul has a wealth of experience and success in delivering value for his investment network through a blended skill-set of corporate and operational experience, including six years in the Middle East building early stage and growth projects. More recently Paul has held senior management roles with UK and Australian public companies in the natural resources sectors, including hard-rock exploration in the MENA region and oil and gas exploration in the FSU.
William McAvock
Chief Financial Officer
William has more than 14 years’ experience in strategic and operational finance roles within five listed natural resources groups. He has worked at Gulf Keystone Petroleum Ltd, International Petroleum Ltd, African Minerals Ltd and Adastra Minerals Inc, where he took leading roles in establishing and managing financial systems in Iraq, Russia, Kazakhstan, Niger, Sierra Leone and the Democratic Republic of Congo. William is a qualified Chartered Certified Accountant and holds a BA (Hons) in Accounting from London Guildhall University.
Charles ("Chuck") Valceschini
Independent non-executive director
Philip spent a significant part of his career at BP in a wide variety of senior positions, including manager of the Forties oil field. Subsequently, his executive roles included Vice President International/Managing Director UK at Ranger Oil Ltd/Canadian Natural Resources and Vice President Operations at Vanco Energy. In non-executive board positions, Philip was a director of Nautical Petroleum Plc and, recently, the Senior Independent Director of Gulf Keystone Petroleum Ltd. He currently serves as Advisor to Oando Energy Resources Inc. Philip has an MA in Physics from the University of Oxford.
Jeremy Asher
Non-Executive Director
Jeremy is Chairman & CEO of Tower Resources plc. In recent years he served as a director of NYSE-listed Pacific Drilling SA, Deputy Chairman of London-listed Gulf Keystone Petroleum Ltd, and as a director of TASE-listed Oil Refineries Ltd. Previously he co-headed the global oil products business at Marc Rich & Co (now Glencore AG) and then acquired and developed a 275,000 b/d oil refinery in Germany, before serving as CEO of PA Consulting Group and advising and investing in numerous companies in the energy sector. He holds a BSc (Econ) from the London School of Economics and an MBA from the Harvard Business School.
Ken Seymour
Non-Executive Director
Ken graduated from Leeds University, UK with a first class BSc honours degree in Mining Engineering & a PhD in Rock Mechanics. He has worked with IOCs and independent E&P companies for over 40 years as Drilling Engineer, Drilling Superintendent, Drilling Manager, General Manager, Director and Adviser in the North Sea, China, Pakistan, Angola, Nigeria and Indonesia. He obtained an MBA in 1994 from the Aberdeen Universities and has authored over thirty presentations on well engineering and upstream management.