Block Energy PLC - Resumption of Production at West Rustavi
Resumption of Production at West Rustavi
A minimum of 1,200 barrels of drilling fluid were lost to the Well during drilling and completion operations, a considerable amount indicative of the high productivity of the fractures system. Estimates of the volume of water produced and observations of polymer and other drilling fluid chemicals indicate that the Well continues to clean up lost drilling fluid and stabilise.
The Company is adopting a prudent approach, gradually increasing production to establish a sustainable flow rate as the Well cleans up. Produced oil is being transported to storage leased by Block at a facility owned by the
Bringing well 16aZ onto production is a significant step in Block's fully-funded
In parallel with its operations at West Rustavi, Block continues to produce oil at its Norio (100% WI) and Satskhenisi (90% WI) licences, at a cumulative average production rate of 26 bopd.
'With the resumption of production at well 16aZ our fully-funded back-to-back multi-well drilling programme continues to gather momentum. We now keenly anticipate ramping up production with the sidetracking this summer of well 16aZ's neighbouring well, 38Z. Three of West Rustavi's other wells will also be sidetracked in the Middle Eocene structure, and two of them tested for their historic gas discoveries in the Lower Eocene. We also look forward to acquiring a 3D seismic survey that will identify optimal locations for new horizontal oil and gas wells across the Field and support an upgrade of the Company's CPR, prepared back in January 2018.'
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
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Tel: +44 (0)20 7997 6136
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Tel: +44 (0)20 3368 3554
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Tel: +44 (0)20 3167 7221
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Tel: +44 (0)20 7236 1177
1. West Rustavi has an estimated 0.9 MMbbls 2P oil reserves, 38 MMbbls of gross unrisked 2C contingent resources of oil in the Middle, Upper and Lower, Eocene and 608 BCF of legacy gross unrisked 2C contingent resources of gas in the Eocene and Cretaceous (Source:
2. bbls; bbl/d: Barrels; barrels per day. A barrel is 35 imperial gallons.
3. boepd: Barrels of oil equivalent per day.
4. Updip: Located up the slope of a dipping plane or surface.
5. Well 16aZ has been referred to as well 16a in previous updates. The Company is now referring to the well as 16aZ to reflect the addition of the horizontal sidetrack to the vertical well.
6. CPR: Competent Persons Report
This information is provided by RNS, the news service of the
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