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http://saog.gov.ge/show_news.php?id=405 2017. On May 8, the Agency and Jindal Petroleum Georgia Limited signed amendments to the production sharing contracts concerning blocks IX, X and XIB providing for the assignment of shares from Jindal Petroleum Georgia Limited to Schlumberger Rustaveli Company Limited (Schlumberger). Schlumberger has committed to a schedule of investments in those blocks and has assumed 100% interest in the production sharing contracts.
JKT-1 spudded 2012, drilled 58.5m down a fault zone (conformed by borehole images) with very poor reservoir properties - explaining the non-commercial flow rates. The well is positioned at the end of one of a series of linear seismic fault attributes and thus calibrates them as zones of poor reservoir properties.
• The side-track will be drilled on a NNW azimuth through a seismically less disturbed zone. This is due to uncertainty around the KRT-39 drainage area and fault complexity nearby to it. KRT-39 had produced c 0.5 MMstb (by 2019) proving the presence of producible hydrocarbons in this area.
The other point is this, without the EGF at the WR16 site & WR-BA strikes Gas and Oil. W we would not be able to produce the oil as the no Gas production capability would strand the oil wasting $2.2 mill, as it has for JKT-1 well since the ninties. This is due to the Georgian Gas flaring laws regrading Flaring & wasting Gas to produce Oil. DYOR
MP I take you point regrading 0.31 mmscf/d for WRBA, I would suggest this figure is based on the Gas test from the vertical well WR34 above the bore of WR-BA, an unnamed well with its bore into the lower Eocene which can be seen in the diagram for WR-BB on the left under the W at the top of the picture. Given the Gas located at WR38Z 1800M to the east of WR-BA and the Middel Eocene section we are aiming at which looks to be a continous upward slope we will be every unlucky not to see more Gas than is predicted. Pages 9 and 10. https://www.blockenergy.co.uk/wp-content/uploads/2020/12/block_energy_corporate_presentation_apr_21.pdf DYOR
Blocks latest tweet states June for WR-BA spud. The target is 550 barrels a day and a tiny amount of gas. If the economics and volumes predicted are the same as for well WR-BB then the output plateaus at 10 months and then declines at 18.8% each year. This is a make or break year for Block Energy. MP
BB Blocks February RNS suggested flow results from WR38z would be published once their Testing program had concluded around "Mid Q2". Mid suggests the middle of May but allows a 4 week period as from 17th of this month. As MP is right to suggest WR16az stats will be returned to production when the remediation has finished successfully, that Gas, with Oil @ 585 PSI is a very valuable revenue resource to Block and its shareholders. The 6 month unaudited accounts have yet to be published, although the Q1 Apr Ops report gave a clear statement as to cash @ Bank as at 31st march. Quote: "The Company has a strong liquidity position with $6.8 million cash at bank"
Reminds me of the circus chat here , so reminded me of a album played over twenty years ago and thought of block Energy. When we do strike a new well then remember this song and the part that son speaks to dad. Circus of heaven by YES. No matter what happens the son is disappointed
You just dont get it do you. No Gas, No Oil. If you want Oi, you have to sell the Gas or leave it stranded just as JKT-1 ST was left stranded with its vertical well producing 150 BoO per day and more Gas than they knew what to do with. Becuase of the Gas, Georgian Law prevents the flaring of Gas just to produce oil. Hence the nearly 6KM production pipeline from JKT-1 ST to the EGF Via WR03 which has shown Gas from Upper Eocene and Oil from the Upper Cretaceous, and then on to the EPF. This is the whole reason WR16aZ has delayed Block developement, becuase we have to to sell the Gas first before we can ship the Oil and water with it to store. Which is why Block are showing Boepd flow rates a mixture of Oil and Gas. Now work out 3.75 mmscf/d @ the agreed price of 5.75 per mcf, Gas from WR38z, WR16aZ and WRBA.
1 mmscf/d of gas at a generous $4 per mcf is around $1.4 mm revenue per year. Less OPEX, local salaries legals on gas contracts etc is diddly sqt profit. That is assuming the gas rates don’t decline which of course they will. It’s about the oil nor the gas. Oil rates should be announced soon.
Forget the Gas? What a strange uninformed comment ! Your posts are making no sense, any business is a combination of all their assets. To dismiss parts of what they are about is what someone with an agenda does. No point going on as you are not interested in anything other than writing an extremely one sided and misinformed post designed to not inform but to deramp. Just stick to fact please. It’s all in the Documented RNS’s
Geo you’ll find some of us here are for the long term potential gas farm in. That’s long term and we are happy to sit on our hands. But yet in the short term they’ve lumped a great big lump of kit from Canada and 3rd party has invested in miles of pipe work all because it’s not commercial. Howay, it’s you that’s in decline mate.
It is binary and forget the gas (boe) it’s too small to be relevant and normally declines even more rapidly than oil. They need to calm the market by announcing the latest oil production figures otherwise folks will worry the other wells have done a 16z. It’s not complicated. Hands up who would like to know the oil gas and water rates for this week??