Directorate change and management appointment

RNS Number : 0433P

Block Energy PLC

05 June 2020

 

5 June 2020

Block Energy Plc

("Block Energy" or the "Company")

Directorate change and management appointment

Block Energy Plc, the exploration and production company focused on Georgia, announces that the current Technical Director, Roger McMechan, has stepped back from his executive position to pursue his other interests with effect from 3 June. Roger will continue on the Board as a non-executive director, enabling the Company to utilise his petroleum engineering expertise and detailed knowledge of the Company's assets as Block Energy prepares to restart oil production and initiate gas production at its West Rustavi field.

The Company is pleased to welcome Ritchie Wayland as Technical Manager. Ritchie holds a Master's degree in petroleum geology from Imperial College London.

He started his career with Schlumberger, working as a wellsite logging engineer in the Middle East, North Africa, the Caribbean and Australia. On leaving Imperial College and BP, he joined Phillips Petroleum, to work in the UK and West Africa, initially as a project geologist before leading sub-surface teams, where he specialised in the development of team performance by integrating the contributions of commercial, operations and subsurface staff to successfully discover and develop several new fields.

As Group Exploration Manager of JKX Oil & Gas plc, Ritchie rationalised the existing exploration portfolio and completed deals to acquire new acreage.  He also managed 3D seismic acquisition and drilling programmes.  Latterly, as Managing Director Hungary, he led the team that redeveloped and operated the Hajdúnánás field.

CEO Paul Haywood commented, "Roger has already made an important contribution to Block Energy as Technical Director, and we are delighted that he has agreed to stay on in a non-executive role, so that we can continue to benefit from his expertise and valuable knowledge of the Company's assets. Additionally, we are pleased to have Ritchie Wayland join the Company. His extensive experience in asset management and field development will further enhance our technical team and support Block's future growth plans."

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood (Chief Executive Officer)	Block Energy Plc	Tel:  [phone]
Neil Baldwin ( Nominated Adviser) Billy Clegg / Owen Roberts / Violet Wilson (Financial PR)	SPARK Advisory Partners Limited  Camarco	Tel [phone] Tel: [phone]

Notes to editors

Block Energy 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.

The Company has a 100% working interest in the West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The Field has so far produced 50 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 Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. It has recently entered into a conditional sale and purchase agreement for Georgian onshore Blocks XI^B and IX.

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.

 

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