TIDMBLOE
RNS Number : 7524Z
Block Energy PLC
16 January 2024
16 January 2024
Block Energy plc
("Block" or the "Company")
Study Concludes Block XIB Offers Commercial Carbon Capture and
Storage Opportunity
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce a study identifying a Carbon
Capture and Storage ("CCS") opportunity within the Company's Block
XIB with the potential to support a major net-zero CO(2) industrial
hub.
The study, commissioned by the Company, estimates a CO(2)
storage capacity ranking - at both reservoir and basin scales -
amongst the highest in Europe. The reservoir scale storage is
estimated at 256 million metric tonnes, equivalent to offsetting
emissions from 55 million cars, and the basin scale at up to 8.7
gigatonnes, equivalent to offsetting emissions from Turkey for 20
years.
The research suggests Block XIB is best suited to the Mineral
Trapping (Mineralisation) method whereby CO(2) is injected with
water and mineralises as solid carbonates, a technique successfully
used in Iceland to permanently inject 100,000 tonnes of CO(2) to
date into basaltic rock.
The Middle Eocene volcaniclastics facilitate the movement and
efficient containment of injected CO(2) and sections are abundant
with Zeolites, highly reactive minerals, enriched with substantial
calcium, that enhance the potential for successful and sustainable
CCS by Mineralisation.
These and other supportive geological features, including an
active aquifer and ideal pressure and temperature conditions,
indicate the possibility for a very rapid rate of carbonation:
initial calculations show 95% mineralisation of CO(2) within 250
days, compared to 1,000 years in sedimentary systems. Carbon
storage capacity could be further enhanced by localised dissolution
of fractures, increasing pore space and pore volume.
The study, commissioned in the course of the Company's Project
III development planning, was undertaken by Oilfield Production
Consultant ("OPC"), a consultancy recognised internationally for
its expertise and experience in this field.
OPC have worked on the White Rose, Golden Eye, Gorgon and Viking
projects, as well as on projects in the Gulf of Mexico. The study
was led by Professor Eric Oelkers, a recognised expert in the field
of water-rock interactions.
Block Energy plc's Chief Executive Officer, Paul Haywood,
said:
"The CCS study opens another significant commercial opportunity
for the Company while underlining our commitment to
sustainability.
"The study highlights that Block XIB's storage potential could
be amongst the largest in Europe, indicating the prospect of a
major net-zero industrial hub within central Georgia - of interest
to the hydrogen, fertiliser, steel and refined petroleum products
industries - close to the XIB license."
**ENDS**
Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has
reviewed the reserve, resource and production information contained
in this announcement. Dr James is a geoscientist with over 40 years
of experience in field development and reservoir management.
THIS ANNOUNCEMENT CONTAINS INFORMATION PREVIOUSLY DEEMED BY THE
COMPANY TO BE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION
OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.
WITH THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, SUCH INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Tel: +44 (0)20
(Corporate Broker) 7186 9030
P hilip Dennis C elicourt Communications Tel: +44 (0)20
/ M ark Antelme 7770 6424
/ Ali AlQahtani
(Financial PR)
Notes to editors
Block Energy plc is an AIM-listed independent oil and gas
company focused on production and development in Georgia, applying
innovative technology to realise the full potential of previously
discovered fields.
Block has a 100% working interest in Georgian onshore licence
blocks IX and XIB. Licence block XIB is Georgia's most productive
block. During the mid-1980s, production peaked at 67,000 bopd and
cumulative production reached 100 MMbbls and 80 MMbbls of oil from
the Patardzeuli and Samgori fields, respectively. The remaining 2P
reserves across block XIB are 64 MMboe, comprising 2P oil reserves
of 36 MMbbls and 2P gas reserves of 28 MMboe. (Source: CPR Bayphase
Limited: 1 July 2015). Additionally, following an internal
technical study designed to evaluate and quantify the undrained oil
potential of the Middle Eocene within the Patardzeuli field, the
Company has estimated gross unrisked 2C contingent resources of 200
MMbbls of oil.
The Company has a 100% working interest in licence block XIF
containing the West Rustavi onshore oil and gas field. Multiple
wells have tested oil and gas from a range of geological horizons.
The field has so far produced over 75 Mbbls of light sweet crude
and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene.
It also has 38 MMbbls of gross unrisked 2C contingent resources of
oil and 608 Bcf of gross unrisked 2C contingent resources of gas in
the Middle, Upper and Lower Eocene formations (Source: CPR
Gustavson Associates: 1 January 2018).
Block also holds 100% and 90% working interests respectively in
the onshore oil producing Norio and Satskhenisi fields.
Project I is focused on developing oil production from the
Middle Eocene reservoir of the West Rustavi/Krtsanisi field.
Project II aims to redevelop the Middle Eocene reservoir of the
Patardzeuli and Samgori fields.
Project III is focused on the undeveloped gas-bearing natural
fracture system within the Lower Eocene and Upper Cretaceous
reservoirs - each more than a kilometre thick - spanning the XIB
and XIF blocks.
Project IV is focused on exploring the full potential of our
licences, including licence IX and Didi Lilo where we have
identified significant prospectivity.
The Company offers a clear entry point for investors to gain
exposure to Georgia's growing economy and the strong regional
demand for oil and gas.
Glossary
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- boepd: barrels of oil equivalent per day.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- Mboe: thousand barrels of oil equivalent.
-- Mcf: thousand cubic feet.
-- MD: measured depth.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
-- MMcf: million cubic feet.
-- TVD: True Vertical Depth.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRBRGDBXGBDGSU
(END) Dow Jones Newswires
January 16, 2024 02:00 ET (07:00 GMT)
Block Energy (LSE:BLOE)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Block Energy (LSE:BLOE)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
