News of ExxonMobil’s plans to develop oil and gas resources in Georgia evidently add credence to the strategies of AIM-quoted oil junior Block Energy Plc (LON:BLOE) which are presently working to redevelop fields in the country.
A recently signed agreement between Exxon and the Georgian authorities anticipates the evaluation of the potential of hydrocarbons in West Georgia.
“We have worked for a decade in the Black Sea and the surrounding areas, and it is a pleasure to extend our knowledge and experience to evaluate the potential of Georgia,” Exxon representative Jonathan Wilson is quoted saying in a domestic media report.
“We look forward to working closely with the state agency involved in the gas sector. And it is a great pleasure to sign this agreement here in this beautiful city of Tbilisi.”
Georgian minister of economy and sustainable development, Giorgi Kobulia meanwhile said: “The fact that such a large company that is a leading company in the world got interested in Georgia’s potential in terms of oil and gas, is a promising fact of outstanding significance.
“We are looking for having the opportunity to use the gas and oil resources for the good of our country.”
Block Energy reworking existing fields in Georgia
Last month, AIM-quoted Block Energy kicked off a programme of well work-overs at the Norio oil field, in Georgia, where it intends to scale up production rapidly before the end of this year.
It plans to carry out two work-overs, 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.