17:00 Mon 01 Jul 2019
Block Energy PLC - Oil Storage Agreement
The Agreement secures for the Company immediate access to up to 90,000 bbls of storage capacity at GOGC's main facility near the town of Sartichala, located some 30 km from West Rustavi and readily accessible from the Khakheti motorway that runs by the field, one of
The next step in the Companys programme includes sidetracking of the adjacent and analogous well 38, and three of the field's other wells, two of which will also be tested for their historic gas discoveries. In parallel to the immediate drilling programme, a 3D seismic survey will be acquired to identify optimal locations for new horizontal oil and gas wells across the field.
'We are preparing a detailed operations update which we look forward to sharing with the market shortly, setting out our busy schedule for the next 12 to 18 months.'
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on
**ENDS**
Further information
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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(Nominated Adviser) |
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Tel: +44 (0)20 3368 3554 |
(Corporate Broker) |
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Tel: +44 (0)20 3167 7221 |
(Financial PR) |
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Tel: +44 (0)20 7236 1177 |
Glossary
1. Block currently has a 71.5% WI in West Rustavi, having secured an agreement in
2. 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:
3. Bbls; Bbl/d: Barrels per day. A barrel is 35 imperial gallons.
4. 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.
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