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30 Oct 2019 | 10:03

Block Energy enters into offtake agreement with Bago for gas produced at West Rustavi field

Block Energy entered into a gas offtake agreement with Bago for gas produced at the company's flagship West Rustavi field.

Under the terms of the agreement, which would run until 31 December 2022, Bago would purchase gas produced from the field at a price of US$5.24 per MCF, and also pay for the costs of installing the infrastructure necessary to connect the gas produced from the field to Georgia's gas distribution network. West Rustavi had gross, unrisked 2C contingent gas resources of 608 BCF, the company said. Block was pursuing a multi-well programme designed to realise West Rustavi's oil and gas potential, including the sidetracking of a second well, WR-38Z, the company said. Block also planned to sidetrack three other wells, test one of the field's gas discoveries, and drill a new gas well during its campaign, it added.

At 10:03am: (LON:BLOE) Block Energy Plc Ord Shs Gbp0.0025 share price was +0.4p at 7.9p

Story provided by StockMarketWire.com
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