Block Energy, the company engaged in oil and gas exploration and extraction in Georgia, has recently announced a significant boost in production. According to their report to investors on the London Stock Exchange, they achieved a remarkable output of 60,400 thousand barrels of oil equivalent (Mboe) during the April-June period. This included 48,500 barrels of oil and 11,900 barrels of oil-equivalent gas. Notably, their production has increased by 1.6 times compared to the first quarter.
In terms of sales, Block Energy sold 36,000 barrels of oil, amounting to $2.56 million, as well as 50.3 million cubic meters of gas, valued at $266,000 during the second quarter. The company is also planning to further enhance its operations by drilling additional wells. It’s worth mentioning that Block Energy announced in December of the previous year the discovery of new oil reserves near Patardzeuli, located in the southwest region of Georgia.