– UK, London – Block Energy plc (LON: BLOE), the development and production company focused on Georgia, today announced the appointment of Chuck Valceschini to its Board as an independent non-executive director, effective immediately.
“I am delighted to welcome Chuck, an experienced company director, to the Board of Block Energy plc. In the shorter term, we look forward to Chuck bringing his vast expertise in the exploitation of onshore naturally fractured reservoirs, particularly in the Former Soviet Union, to bear on the Company’s expanded portfolio of assets in Georgia. In the longer term, we expect that his experience in the strategic development of oil and gas companies will add great value to the future of Block Energy.” said Board Chairman, Philip Dimmock.
About Chuck Valceschini
Mr Valceschini has worked in the oil and gas sector for nearly 40 years. As CEO and General Director of TechNefteGaz Consulting LLC, he currently specialises in the provision of technical and commercial advice to a wide range of upstream oil and gas companies. He was previously engaged in senior technical and leadership roles by a range of international upstream companies, including BP and TNK‑BP. During 2000 and 2001, he was CEO of American Energy Group Ltd.
Mr Valceschini has a BSc degree in Petroleum Engineering from the University of Wyoming and an MSc in Engineering Management from Portland State University. He is also an alumnus of the INSEAD Executive Management programme and the Moscow School of Management at the Skolkovo Project Academy.
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.goldcrestresourcesplc.com/
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