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“These are unprecedented times for the global economy in general, and the oil and gas sector in particular,” the London-listed firm’s CEO Paul Haywood said in a message. “We have to navigate our business through a new environment of low oil prices, a slowing wider economy and countrywide lockdowns. With the implementation of the measures announced today, we have made our business significantly more sustainable, as well as conserving our hydrocarbon assets for the future.”
Block Energy has $3.4mn in cash and $470,000 worth of oil in storage. Haywood added that Block Energy was working “tirelessly” to wrap up a deal to acquire two oil and gas blocks situated adjacent to its fields from Schlumberger of the US. It is weighing up opportunities to re-enter existing wells at the XIB block, including the Pat E-1 deep gas borehole, with the aim of sidetracking it and adding a horizontal section.
Earlier data from the well suggest the penetration of structures holding around 17bn cubic metres of in-place gas, it said.
“Drilling a horizontal hole in the best zone has the potential of changing these resources into reserves, ready for production,” Block Energy said.
With first large-scale gas sales on the way and a comprehensive development plan in place, Haywood concluded that Block Energy was “well-positioned” to weather the coronavirus (COVID-19) crisis.
9.2.2 ​Transport corporate news
A 940-metre-long freight train—the longest train to have ever operated on the Baku-Tbilisi-Kars Railway (BTK)—departed Turkey for Central Asia at the weekend, partly helping to overcome present hurdles to exporting goods to and via Iran, Turkish Transport and Infrastructure Minister Adil Karaismailoglu said.
The locomotive is pulling 82 containers carrying various Turkish products. During a journey of nine days, it was due to stop in Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan, the terminus.
The BTK was launched in October 2017. One of its roles is to serve as a vital link in a new freight and passenger route connecting Europe and China.
A significant amount of cargo is now being carried via railroad, the minister said.
“There are many items in the train, from cleaning materials to automotive industry products,” Karaismailoglu added.
Turkey’s trucked exports to Iran and via Iran to Central Asian countries were completely suspended amid the emergence of the coronavirus (COVID-19) outbreak. Much of that trade has been shifted to the BTK line, according to Turkish officials.
9.2.5 ​TMT corporate news
Diversified Azerbaijani group Neqsol Holding controlled by businessman Nasib Hasanov has entered the Georgian telecommunications market by purchasing a 49% stake in Georgia’s largest internet service provider focused on the wholesale segment, Caucasus Online, Business Media reported​.
Neqsol Holding founder Hasanov has become the specific owner of the Caucasus Online shares, according to ​a document​ published on the website of the Georgian National Communications Commission (GNCC).
Before the change of ownership, Khvicha Makatsaria, a Georgian businessman, owned 100% of Caucasus Online. Currently, his share is 51%.
53​ GEORGIA Country Report ​May 2020 ​​www.intellinews.com