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LONDON (Alliance News) - Block Energy PLC on Thursday said production from two of its Georgian wells has topped what the company expected.
On Norio 44, Wednesday's production reached 21 barrels, above an initial forecast of 15 barrels.
Block had used a specialist micro-drilling tool at the well due to "specific" geological challenges, and it also used the tool at Norio 27.
Norio 27 has now tested at 26 barrels of oil per day, above an initial forecast of 17 barrels.
On the Norio 39 well, Block has now perforated, and is targeting a production rate of around 10 barrels of oil per day.
The work at the wells moved combined production from Block's Norio and Satskhenisi fields towards 60 barrels of oil per day, taking it 60% towards its breakeven target of 100 barrels of oil per day at a USD60 per barrel oil price.
Chief Executive Paul Haywood said: "'Our encouraging progress at Norio testifies to the skill, experience and dedication of our operations team as they work towards unlocking the field's potential. We took time to find the right people and source the right technology to meet the technical challenges inherent in re-entering wells first drilled in the 1940s and 1950s.
"We've worked hard to prepare the wellbores of our workover candidates to ensure access to the most promising horizons, following a methodical process that is now bearing fruit."
Shares were down 4.8% on Thursday at a price of 3.762 pence each.