Block Energy PLC Completion of Drilling Operations on well WR-34Z (8450K)
August 31 2023 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 8450K
Block Energy PLC
31 August 2023
31 August 2023
Block Energy plc
("Block" or the "Company")
Successful Completion of Drilling Operations on well WR-34Z
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce that well WR-34Z has reached
total depth ("TD") and drilling operations have ceased. Testing of
the well will commence shortly following completion of the
well.
Drilling operations were successfully undertaken by Block's
in-house operating team, without incident, on time and within
budget.
The drilling of well WR-34Z follows on from two successful
wells, JKT-01Z and WR-B01Za, which have significantly enhanced the
Company's production profile. As with these wells, WR-34Z is a
low-cost side-track hole drilled from an existing donor well. The
well horizontally tracks the upper part of the Middle Eocene
formation to maximise well productivity by maximising exposure of
the wellbore to productive fractures.
Well WR-34Z is the Company's third Project I well out of five
planned wells developing the Krtsanisi anticline area of the West
Rustavi-Krtsanisi field. ERCE, the Company's reserve auditor, has
attributed gross 3P reserves of 3.01 MMbbl, with a net present
value of USD 57.0 MM to this area. Internal estimates ascribe 27.5
MMbbls of 3C Contingent Resources to the entire Project I West
Rustavi-Krtsanisi full field development.
Block Energy plc's Chief Executive Officer, Paul Haywood,
said:
"We are encouraged by progress to date on well WR-34Z, with
drilling operations having successfully gone to plan. The well will
now be tested before being brought into production alongside the
other two successful Project I wells. I would like to thank our
in-house operations team and subsurface team for all their hard
work, which has again ensured this programme achieved its pre-test
objectives, delivering the plan safely, on time and within budget.
We look forward to providing a further update on the testing of
WR-34Z soon."
Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has
reviewed the reserve, resource and production information contained
in this announcement. Dr James is a geoscientist with over 40 years
of experience in field development and reservoir management.
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Tel: +44 (0)20
(Corporate Broker) 7186 9030
Philip Dennis Celicourt Communications Tel: +44 (0)20
/ Mark Antelme 7770 6424
/ Ali AlQahtani
(Financial PR)
Notes to editors
Block Energy plc is an AIM-quoted independent oil and gas
company focused on production and development in Georgia, applying
innovative technology to realise the full potential of previously
discovered fields.
Block has a 100% working interest in Georgian onshore licence
blocks IX and XIB. Licence block XIB is Georgia's most productive
block. During the mid-1980s, production peaked at 67,000 bopd and
cumulative production reached 100 MMbbls and 80 MMbbls of oil from
the Patardzeuli and Samgori fields, respectively. The remaining 2P
reserves across block XIB are 64 MMboe, comprising 2P oil reserves
of 36 MMbbls and 2P gas reserves of 28 MMboe. (Source: CPR Bayphase
Limited: 1 July 2015). Additionally, following an internal
technical study designed to evaluate and quantify the undrained oil
potential of the Middle Eocene within the Patardzeuli field, the
Company has estimated gross unrisked 2C contingent resources of 200
MMbbls of oil.
The Company has a 100% working interest in licence block XIF
containing the West Rustavi onshore oil and gas field. Multiple
wells have tested oil and gas from a range of geological horizons.
The field has so far produced over 75 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 unrisked 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 respectively 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 the strong regional
demand for oil and gas.
Glossary
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- boepd: barrels of oil equivalent per day.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- Mboe: thousand barrels of oil equivalent.
-- Mcf: thousand cubic feet.
-- MD: measured depth.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
-- MMcf: million cubic feet.
-- TVD: True Vertical Depth.
-- Project I, Phase I: Project I is the development of the Middle Eocene reservoir of the West Rustavi-Krtsanisi field. Phase I is targeting a 5-well programme on the Krtsanisi Anticline zone. It is the first programme of 8 development zones identified.
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