Block Energy PLC Well WR-B1 Drilling Update (6765G)
July 28 2021 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 6765G
Block Energy PLC
28 July 2021
28 July 2021
Block Energy plc
("Block" or the "Company")
Well WR-B1 Drilling Update
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce that well WR-B1 has successfully
reached the 9 5/8" casing point, having drilled ahead from the
kick-off point earlier in the month. The casing has been installed
and cemented in place at the top of the Middle Eocene reservoir.
The reservoir was encountered within two metres of the depth
prognosed using the data from the Company's 3D-seismic survey.
The Company will now commence drilling the horizontal 8 1/2 "
reservoir section of the well. The well is expected to reach total
depth in August, at which point Block will provide a further
update.
Well WR-B1 is potentially transformative for the Company,
targeting 2.1 MMboe of recoverable oil and gas. If WR-B1 is
successful, it will be tied into Block's Early Production Facility
for processing both oil and gas produced.
Block Energy plc's Chief Executive Officer, Paul Haywood,
said:
"The drilling of well WR-B1 remains on target and as planned.
Reaching the second casing point represents a significant milestone
in the successful delivery of this well. The team on the ground has
undertaken the drilling operations safely and efficiency and we can
now look forward to commencing the horizontal section of the well
to the target depth."
**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
P hilip Dennis Celicourt Communications Tel: +44 (0)20
/ M ark Antelme 8434 2643
(Financial PR)
Notes to editors
Block Energy plc is an AIM-listed 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 XI(B) . Licence block XI(B) is Georgia's most
productive block, with 2P oil and gas reserves of 64 MMboe, which
is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28
MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historic
production of over 180 MMbbls of oil from the Middle Eocene,
peaking in the mid-1980s at 67,000 bopd.
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 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
1. bbls: barrels. A barrel is 35 imperial gallons.
2. boe: barrels of oil equivalent.
3. bopd: barrels of oil per day.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. MMboe: million barrels of oil equivalent.
7. Bcf: billion cubic feet.
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END
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