logo-loader
viewBlock Energy PLC

Block Energy kicks off well work-over programme at Norio oil field

Starting with four of eight wells, the work-over programme promises to rapidly improve production volumes from Norio

oil and gas operations
It aims to lift Norio's output to 150 bopd

Block Energy Plc (LON:BLOCK) has kicked off a programme of well work-overs at the Norio oil field, in the Republic of Georgia, where it intends to scale up production rapidly before the end of this year.

It plans to carry out two work-over programmes, one through late 2018 and one in the first quarter of 2019.

The current programme begins with the preparation of four of eight existing wells before new perforation technology will bypass any damage caused by historic heavy mud drilling.

New or refurbished pumps will be installed to bring the wells to production.

Each well work-over is expected to take five to seven days to complete. Four well work-overs are scheduled for the first programme.

"The commencement of our operations today is the culmination of a great deal of hard work by the team and the gateway to an exciting future for the company and our stakeholders,” said Paul Haywood, Block chief executive.

“Our Georgian operations are already cashflow positive, producing 15 bopd. Increasing our production ten-fold would, at current oil prices, create a highly cash generative platform for Block.”

READ: Block Energy Plc signs deal for gas offtake from West Rustavi Licence

Haywood added: "We have put the infrastructure, technology and team in place to unlock the potential of our Norio licence, which offers multiple low cost, low risk workover opportunities.

“And with 608 bcf of gross unrisked contingent resources at West Rustavi, we are well placed to realise our objective to establish Block as Georgia's leading independent oil and gas company.”

“We look forward to maintaining a high impact news flow as our work programme progresses over the coming weeks and months."

It is anticipated that the eight well work-overs will lift Norio’s production to around 150 barrels of oil per day, from the present level of 10 bopd. Norio is 100% owned by Block and it is presently estimated to have 1.63mln barrels of proven oil reserves.

Also, Block Energy is preparing to drill horizontal sidetracks from existing wells at the West Rustavi field with the programme set to increase the company’s stake in the venture to 75% from 25%.

Quick facts: Block Energy PLC

Price: 4.75 GBX

AIM:BLOE
Market: AIM
Market Cap: £18.69 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Block Energy PLC named herein, including the promotion by the Company of Block Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: SIMEC Atlantis chosen for demo project in Japan

Headlines from the Proactive UK newsroom. SIMEC Atlantis Energy (LON:SAE) has been chosen to supply tidal generation equipment and offshore construction services for a demonstration project in Japan. The project is located in the straits of Naru Island.  Block Energy (LON:BLOE) has...

on 31/10/19

2 min read