Block Energy Plc: Operations Update

Source Press Release
Company Block Energy Plc 
Tags Production/Development, Exploration, Strategy - Upstream, Upstream Activities
Date August 23, 2018

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce an operations update from its Norio licence (100% working interest), Satskhenisi licence (90% working interest) and the West Rustavi permit (25% working interest) which collectively have net proven oil reserves of 1.5 million barrels plus 60 million barrels of oil and c.600 billion cubic feet ('bcf') of gas classified as 2C contingent resources. 

Highlights

·     On track for near-term commencement of phase one of three phase work programme focussed on scaling up production to 900 barrels of oil per day ('bopd') within 18-24 months via a fully funded, low-cost / low-risk workover and sidetrack programme of existing wells across licence base

·     Access to further 20km of existing high quality 2-D seismic data across West Rustavi Licence

o  Provides improved understanding of the structural faulting in licence area

o  Validation of preferred well locations and horizontal pathway

·     Bolstered technical team on the ground in Georgia as work programme intensifies

o  Appointed four geologists/geophysicists and one logistical and HSE manager with significant Georgian and multi-national experience

·     Service rig inspections complete with final negotiations for contracts underway ahead of mobilisation to three locations

o  First rig to mobilise to Satskhenisi to complete a short three well workover programme during Q3 2018

o  On completion at Satskhenisi, rig to move to Norio where eight candidate wells have been selected

o  One workover rig and one drilling rig to be mobilised to West Rustavi targeting 300 bopd from first high-impact horizontal side-track well

·     Enhanced perforating system identified with potential to increase production rates by two or threefold over conventional perforating technology - finalisation of service contract imminent

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd