Block Energy PLC (AIM:BLOE) told investors it has spudded the KRT-39ST well in Georgia, as a pilot of its new slim-hole drilling technology.
The company said the approach could lower costs by around 40% compared to previous sidetrack drilling.
The pilot forms part of Block’s wider programme aimed at redeveloping legacy fields and unlocking Georgia’s multi-trillion cubic foot gas potential.
If successful, slim-hole drilling could be deployed across Project I and Project II, it noted.
Block Energy shares rose by around 3% to 0.87p, having traded higher to 1p in earlier deals.