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(Alliance News) - Block Energy PLC on Thursday reported drilling completion of well WR-38Z at the West Rustavi field in Georgia and said that multiple natural fractures and oil shows were encountered during drilling.
Block Energy shares were trading 9.6% lower at 7.14 pence each in London on Thursday afternoon.
The WR-38Z well was drilled to its planned total depth of 2,634 metres and the company plans to provide guidance on the well's test results in the coming weeks.
Block Energy additionally plans to sidetrack three other wells on the West Rustavi field and is currently acquiring a 3D seismic survey of West Rustavi to identify locations for future drilling.
"We're delighted to announce further significant progress in our multi-well campaign with the completion of drilling operations at WR-38Z. We look forward to announcing the test flow rate as soon as we are able to do so," said Paul Haywood, a Block Energy director.
The oil & gas explorer separately said that all resolution put forward to shareholders at its annual general meeting were approved and that Executive Director Niall Tomlinson will step down at the end of November to concentrate on his interests in the mining sector.
By Tapan Panchal; tapanpanchal@alliancenews.com
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