Block Energy PLC - Operations Update
("Block" or the "Company")
Following a short period of swabbing, WR-38Z is flowing naturally. The Company has installed and commissioned new production test equipment sourced from
WR-16aZ is temporarily shut in whilst the production facility is being upgraded and is expected to return on production in
In addition to the operations at WR-38Z, the Company has completed civil and preparatory works at the wellsite of well WR-51 and the wellbore is now ready for sidetracking operations.
The 3D seismic acquisition has been completed and the data is now being processed and interpreted to develop a comprehensive understanding of West Rustavi's subsurface and facilitate the identification of optimal locations for future drilling.
Block Energy Chief Executive Officer
"We're pleased to confirm that operations at WR-38Z continue to proceed smoothly, with the well now flowing and ready for producrion testing. We look forward to updating the market on the results from the multi-rate production test. Furthermore, we are excited to have completed our 3D seismic acquisition and eagerly await the results of the processed data set, which will enhance our understanding of the reservoirs".
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
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Tel: +44 (0)20 3980 6250
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Tel: +44 (0)20 3368 3554
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Tel: +44 (0)20 3167 7221
Tel: +44 (0)20 3757 4980
Notes to editors
Block Energy is an AIM-listed independent oil and gas company focused on production and development in the
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 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:
Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields.
The Company offers a clear entry point for investors to gain exposure to
1. Block is using the suffix 'Z' in a well number to indicate a horizontal sidetrack.
2. Wells have been referred to as '16aZ' and '38Z' in previous updates. The Company is now prefixing well numbers with the initials of the field in which they are located. '16aZ' at West Rustavi, for example, is now referred to as 'WR-16aZ'.
3. swabbing: a process to remove liquids from the production zone of an oil or gas well.
4. bbls and bbl/d: barrels and barrels per day. A barrel is 35 imperial gallons.
5. Mbbls: thousand barrels.
6. MMbbls: million barrels.
7. BCF: billion cubic feet.
This information is provided by RNS, the news service of the
Quick facts: Block Energy PLC
Market Cap: £10.16 m
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