– UK, London – Block Energy plc (LON: BLOE), the development and production company focused on Georgia, today announced the appointment of Dato Sandroshvili to its Board as an independent non-executive director with immediate effect.
“I am delighted to welcome Dato to the Board of Block Energy plc. We look forward to benefitting from his wealth of experience in finance, strategy development and M&A transactions. Furthermore, his understanding of the establishment and culture of Georgia will bring extra competitive advantage to the Board.” said Board Chairman, Philip Dimmock.
About Dato Sandroshvili
Mr Sandroshvili has spent most of his career in oil and gas corporate finance advisory, but for the last six years has held senior positions in oil companies. He is currently the CFO at New Age Limited. Before this appointment, he was Director of Strategy, Commercial and Portfolio at Ophir Energy plc. Mr Sandroshvili started his corporate finance career at Schroder Salomon Smith Barney in London, before moving to UBS Investment Bank, where he managed the Russia/CIS oil and gas advisory business. Subsequently, Dato was Managing Director of the Oil and Gas Advisory at Evercore Partners.
Mr Sandroshvili is a dual national of Georgia and the United Kingdom. He has an MBA in International Finance from Brandeis University in Massachusetts and a Diploma in Accounting from Tbilisi State University.
About Block Energy plc
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 recently acquired a 100% working interest in Georgian onshore licence blocks IX and XIB. Licence block XIB is Georgia’s most productive block, with 2P oil and gas reserves of 64 million boe and historic production of over 180 MMbbls of oil from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.
The Company has a 100% working interest in the highly prospective 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 also holds 100% and 90% working interests respectively in the onshore oil-producing Norio and Satskhenisi fields.
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.
For more information: https://www.blockenergy.co.uk/
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