May 18, 2017 - 2:00 AM EDT
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Block Energy Plc - Schlumberger licences and Technical Manager Recruit

18 May 2017

Block Energy plc

(“Block Energy” or the “Company”)

Schlumberger acquires licences adjacent to Block Energy’s Norio & Block VIII interests and appointment of Technical Manager

Schlumberger acquires positions in the Georgia,

The Ministry of Energy of Georgia has announced that Schlumberger, one of the world's largest oilfield service company, has recently completed an acquisition of three Production Sharing Contracts (“PSC”) in the Republic of Georgia. Schlumberger through its nominee, now owns a 100% working interest in Permit XIB, which is directly adjacent to the Company’s Norio onshore oil field interest; Permit IX, which is continguous to the North of the Company's farm-in option on Permit EK and Permit X. Schlumberger has also shown additional interest in acquiring further acreage in Georgia, according to the Ministry of Energy of Georgia, as stated on their official website. The following link to the block location map on the Company’s website highlights Block Energy’s interests  in relation to to the Schlumberger’s licences:

http://www.goldcrestresourcesplc.com/images/Georgia_Oil_Blocks.png

Appointment of Technical Manager;

The Company announces that Roger McMechan has been appointed as Technical Manager with immediate effect.

Roger McMechan has over 35 years diverse experience in executive and operational roles managing domestic and international oil and gas operations for Petro Canada, Burlington Resources, Winstar Resources and Iskander Energy.  Operational experiences include:  drilling and completions; production; 2D and 3D seismic. In addition to Canada, country specific experience includes Algeria, Tunisia, Georgia, Ukraine, Bulgaria, Hungary, Romania and Poland, where he has designed and implemented drilling, seismic, completions, new oil/gas production facilities and workover operations working directly with local partners and state regulatory agencies. 

Roger has a BSc in Mechanical Engineering from University of Waterloo, Canada.

Paul Haywood, Executive Director said “Having Schlumberger take such an aggressive position next door to the Company’s interests offers significant validation of the basin's oil and gas potential and underpins the fact that Georgia is a good place to do business. Also, the arrival of Schlumberger should improve access to the most modern and advanced equipment and technology. Historically, mobilisation/demobilisation and standby charges associated with comparable services were prohibitively expensive to import into Georgia. The lack of a modern oilfield services industry in Georgia has significantly challenged development of the industry since the Soviet era. The entry of Schlumberger is an important event for Georgia and the industry as a whole and opens the door to many more opportunities. This really is an exciting time. Furthermore, the Company would like to welcome Roger McMechan to the Management team, further bolstering the Company’s operational expertise and plans towards becoming an efficient, profitable oil and gas producer in Georgia”.      

The Directors of the Issuer accept responsibility for this announcement.

For further information contact:

Block Energy plc  Executive Director
Paul Haywood
 
Tel:  020 3053 3631
Paul @blockenergy.co.uk
Peterhouse Corporate Finance
Guy Miller
Tel +44 020 7469 0930

Source: PR Newswire (May 18, 2017 - 2:00 AM EDT)

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