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Block Energy says WR-38Z well is flowing naturally, ready for production testing

“We look forward to updating the market on the results from the multi-rate production test," Paul Haywood said.

Block Energy PLC - Block Energy says WR-38Z horizontal well is flowing naturally, ready for production testing

Block Energy PLC (LON:BLOE) told investors that the latest well at the flagship West Rustavi field, WR-38Z, is flowing naturally following clean-up operations.

The well is now ready for production testing, the company added.

"We're pleased to confirm that operations at WR-38Z continue to proceed smoothly, with the well now flowing and ready for production testing,” said Paul Haywood, Block's chief executive.

READ: Block Energy completes second sidetrack at West Rustavi

“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."

Block also reported that it has temporarily shut-in the WR-16aZ whilst production facilities are being upgraded. It is expected to return into production in January.

The company has already prepared the nearby WR-51 horizontal well.

3D seismic acquisition has been completed, data is presently being processed to better understand the subsurface and allow the identification of optimal future drilling locations.

Sam Wahab, analyst at SP Angel, in a note, said: “An encouraging update from Block today, with the latest well producing to surface.

“The company benefits from an enviable acreage position in Georgia and West Rusavi represents a key strategic asset for the company, and indeed the country in our view.

“Next up, the company will continue with its drilling campaign specifically targeting the field’s primary oil-bearing Middle Eocene formation to further understand the reservoir dynamics.”

 

** UPDATED to include comments from SP Angel analyst Sam Wahab

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Price: 2.5 GBX

AIM:BLOE
Market: AIM
Market Cap: £9.86 m
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Block Energy's Paul Haywood explains recent share sales and updates on...

Block Energy's (LON:BLOE) Paul Haywood discusses the recent selling of shares by one of its main investors - Amati Global Investors. He also updates on the current drilling at Well 51 and the status of well 38. ''We've since finished that test [on 38] and are now bringing that well back...

on 21/2/20

2 min read