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Block Energy prepares for next West Rustavi sidetrack well

It will be the second sidetrack in a potential programme of five wells.

Block Energy PLC - Block Energy prepares for next West Rustavi sidetrack well

Block Energy PLC (LON:BLOE) told investors that the ZJ40 drilling rig is now being mobilised to the 38Z well site at its flagship West Rustavi field.

The rig will deliver the planned horizontal sidetrack operations at the 38Z well.

Block noted that the mobilisation of the ZJ40 rig triggers the 12 month term under an equipment agreement with JSC Norio Oil Company and Georgia Oil and Gas.

Sidetracking 38Z represents the start of Block’s next phase of operations in a £12mln programme to boost West Rustavi – presently estimated to host some 38mln barrels of contingent oil resources and 608bn cubic feet of of gas.

The 38Z well is described as being analogous to the adjacent 16aZ well which saw a recent production restart in July. A further three horizontal sidetracks are planned for other wells at West Rustavi.

Quick facts: Block Energy PLC

Price: 2.75 GBX

Market: AIM
Market Cap: £10.85 m

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