Block Energy P. Share News (BLOE)

(Sharecast News) - Georgia-focussed exploration and production company Block Energy announced on Tuesday that well WR-38Z at its flagship West Rustavi field is flowing naturally following clean-up operations, and was ready for production testing.
The AIM-traded firm said it had also prepared nearby well WR-51 for the field's next horizontal sidetrack.

It confirmed in its statement that, following a short period of swabbing, WR-38Z was flowing naturally.

The company installed and commissioned new production test equipment sourced from North America, and said it would now begin a multi-rate production test extending over several weeks.

WR-16aZ was temporarily shut-in while the production facility was being upgraded, and was expected to return on production in January.

In addition to the operations at WR-38Z, the firm said it completed civil and preparatory works at the wellsite of well WR-51, with the wellbore now ready for sidetracking operations.

The board said the 3D seismic acquisition had also been completed, and the data was now being processed and interpreted to develop a "comprehensive understanding" of West Rustavi's subsurface, and facilitate the identification of optimal locations for future drilling.

"We're pleased to confirm that operations at WR-38Z continue to proceed smoothly, with the well now flowing and ready for production testing," said chief executive officer Paul Haywood.

"We look forward to updating the market on the results from the multi-rate production test.

"Furthermore, we are excited to have completed our 3D seismic acquisition and eagerly await the results of the processed data set, which will enhance our understanding of the reservoirs."

At 1505 GMT, shares in Block Energy were up 10% at 5.01p.