Block Energy PLC said on Wednesday that its oil production increased quarter-on-quarter, and announced that Guram Maisuradze had been appointed chief operating officer.
Block Energy is a London-based oil and gas exploration and production company which operates the West Rustavi, Norio and Satshenisi oil fields in Georgia.
It said it had an average production of 664 barrels of oil per day during the second quarter of 2023, up from an average production of 400 boepd during the previous quarter.
Block Energy said its ‘financial position improved materially’ following the increase in production.
The company said gross production of oil and gas in the second quarter was 60.4 thousand barrels of oil equivalent per day, from 36.0 thousand barrels of oil equivalent per day.
The company said this enabled it to terminate its salary sacrifice scheme on April 1. The scheme was established in April 2020 to support the company’s financial position during the pandemic and the collapse of crude oil price crash.
Chief Executive Officer Paul Haywood said: ‘The second quarter of the year is characterised by a significant increase in production. This saw the company’s financial position improve materially, providing the company with additional funds to drive further value from its assets.’
Block Energy announced that Guram Maisuradze, operations manager, had been promoted to chief operating officer, with Ken Seymour transitioning to senior advisor.
Senior Advisor Ken Seymour said: ‘It is a pleasure to welcome Guram to his new COO role. Guram’s leadership, knowledge and innovation have been critical success factors in reaching and sustaining record production.’
Shares in Block Energy were down 1.0% at 1.29 pence in London on Wednesday morning.
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