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Block Energy PLC

Block Energy secures equipment for next phase of West Rustavi drilling

Block will pay US$750,000 (equivalent to US$2,055 per day) for 12 months' exclusive use

oil rigs
Back to back drilling programmes are planned

Block Energy PLC (LON:BLOE) has secured the equipment for its next phase of drilling at the highly prospective West Rustavi prospect.

The Georgia-focused explorer is planning back-to-back horizontal wells to follow up its highly successful 16aZ sidetrack.

Production tests 16aZ flowed at more than 1,100 barrels per day or three times the level expected.

Block will pay JSC Norio and Georgia Oil & Gas a total of US$750,000 (equivalent to US$2,055 per day) for 12 months' exclusive use of a ZJ40 drilling rig, an A50 workover rig and other drilling and workover-related equipment.

This is the same equipment that drilled 16aZ.

A high-resolution flow meter is also being hired to help with the natural fracking.

Paul Haywood, Block’s chief executive, said he was delighted with the terms and to be working with JSC and Georgia Oil again.

“The agreements give us access to all of the rigs and associated equipment we need to pursue our programme without having to negotiate with individual suppliers or mobilise from abroad.”

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Price: £0.07

Market: AIM
Market Cap: £28.33 m
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Block Energy increases stake in ‘highly prospective’ West Rustavi licence

Paul Haywood, director of Block Energy Plc (LON:BLOE), tells Proactive Investors they've acquired an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia - taking their stake to 25%. Haywood says the West Rustavi licence has proven reserves and multiple gas...

on 29/6/18

2 min read