Block Energy PLC Operations Update (7106R)
31 Octubre 2019 - 1:00AM
UK Regulatory
TIDMBLOE
RNS Number : 7106R
Block Energy PLC
31 October 2019
31 October 2019
Block Energy Plc
("Block" or the "Company")
Operations Update
Block Energy Plc, the exploration and production company focused
on the Republic of Georgia, is pleased to announce the completion
of drilling at well WR-38Z ("WR-38Z" or "the Well") at its flagship
West Rustavi field ("West Rustavi" or "the Field") following the
reaching of planned total depth ("TD") and installation of a
slotted production liner.
A final TD of 2,634m was reached with the successful drilling of
646m of a highly-deviated, horizontal wellbore section into the
Field's primary oil-bearing Middle Eocene formation. Drilling
operations were completed with the subsequent installation of a
slotted 4 1/2 " production liner. Field observations at the
wellsite indicate multiple natural fractures, and oil shows were
encountered during drilling. Direct measurements of WR-38Z's
productivity will be available when the Company's planned well test
is complete: Block will provide further guidance on the Well's test
results over the coming weeks.
As the Company announced on 21 October 2019 WR-38Z's design has
been informed by valuable data gained through operations at the
first West Rustavi well that the Company drilled, the appraisal
well WR-16aZ. WR-38Z's design includes the use of swellable packers
that guard against possible fluid incursion from formations beyond
the targeted Middle Eocene zone.
WR-38Z is the second in the multi-well programme Block is
pursuing to realise West Rustavi's oil and gas potential. The
Company plans to sidetrack three other wells, and is currently
acquiring a 3D seismic survey to provide a comprehensive
understanding of West Rustavi's subsurface to facilitate the
identification of optimal locations for future drilling.
Paul Haywood, Director of Block Energy, said:
"We're delighted to announce further significant progress in our
multi-well campaign with the completion of drilling operations at
WR-38Z. We look forward to announcing the test flow rate as soon as
we are able to do so."
Roger McMechan, Technical Director, has reviewed the
operational, reserve, resource and production information contained
in this announcement. Mr McMechan has a BSc in Engineering from the
University of Waterloo, Canada and is a Professional Engineer
registered in Alberta.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy Plc Tel: +44 (0)20 3980 6250
(Chief Executive Officer)
Neil Baldwin Spark Advisory Partners Limited Tel: +44 (0)20 3368 3554
(Nominated Adviser)
Peter Krens Mirabaud Securities Limited Tel: +44 (0)20 3167 7221
(Corporate Broker)
Billy Clegg / Owen Roberts / Violet Wilson Camarco Tel: +44 (0)20 3757 4980
(Financial PR)
Notes to editors
Block Energy is an AIM-listed independent oil and gas company
focused on production and development in the Republic of Georgia,
applying innovative technology to realise the full potential of
previously discovered fields. The company is pursuing a
fully-funded multi-well programme through 2019/20 designed to
convert contingent resources to reserves, and reserves to
revenue.
The Company has a 100% working interest in the highly
prospective West Rustavi onshore oil and gas field with multiple
wells that have tested oil and gas from a range of geological
horizons. The Field has so far produced 50 Mbbls of light sweet
crude, and has 0.9 MMbbls of gross 2P oil reserves in the Middle
Eocene. It also has 38 MMbbls of gross 2C contingent resources of
oil and 608 BCF of gross unrisked 2C contingent resources of gas in
the Middle, Upper and Lower Eocene formations (Source: CPR
Gustavson Associates: 1 January 2018).
Block also holds 100% and 90% working interests in the onshore
oil producing Norio and Satskhenisi fields.
The Company offers a clear entry point for investors to gain
exposure to Georgia's growing economy and strong regional demand
for oil and gas.
Glossary
1. Block is using the suffix 'Z' in a well number to indicate a horizontal sidetrack.
2. Wells have been referred to as '16aZ' and '38Z' in previous
updates. The Company is now prefixing well numbers with the
initials of the field in which they are located. '16aZ' at West
Rustavi, for example, is now referred to as 'WR-16aZ'.
3. bbls: barrels. A barrel is 35 imperial gallons.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. BCF: billion cubic feet.
7. liner: a casing string that does not extend to the top of the
wellbore, but instead is anchored or suspended from inside the
bottom of the previous casing string.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDFDDEESFUSEES
(END) Dow Jones Newswires
October 31, 2019 03:00 ET (07:00 GMT)
Block Energy (LSE:BLOE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Block Energy (LSE:BLOE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
