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Block Energy Resumes Production At Flagship West Rustavi Well

Fri, 26th Jul 2019 11:52

(Alliance News) - Shares in Block Energy PLC fell sharply Friday as it resumed production at one of the wells at its flagship West Rustavi oil field in Georgia.

Shares in Block Energy were 16% lower at 9.00 pence in London on Friday.

Georgia-focused Block said the 16aZ well at West Rustavi returned to production on July 11, with production averaging at 360 barrels of oil equivalent per day on varying choking sizes since testing begun.

Block added that a "minimum" of 1,200 barrels of drilling fluid were lost to the well during drilling and completion operations. This was a "considerable" amount, Block added, and "indicative of the high productivity of the fractures system".

Chief Executive Paul Haywood said: "We are pleased to resume production at well 16aZ and look forward to establishing with due caution a stable production rate for our best performing well to date. The well produced exceptional test rates earlier this year and offers excellent netbacks of USD35 per barrel at USD65 per barrel Brent."

'With the resumption of production at well 16aZ our fully-funded back-to-back multi-well drilling programme continues to gather momentum," Haywood added.

"We now keenly anticipate ramping up production with the sidetracking this summer of well 16aZ's neighbouring well, 38Z."

"Three of West Rustavi's other wells will also be sidetracked in the Middle Eocene structure, and two of them tested for their historic gas discoveries in the Lower Eocene," Haywood continued.

"We also look forward to acquiring a 3D seismic survey that will identify optimal locations for new horizontal oil and gas wells across the field and support an upgrade of the company's competent persons report, prepared back in January 2018."

More News
13 Jun 2024 16:05

UK shareholder meetings calendar - next 7 days

Friday 14 June 
Amaroq Minerals LtdAGM
Asian Energy Impact Trust PLCAGM
Beowulf Mining PLCAGM
MP Evans Group PLCAGM
Quantum Exponential Group PLCGM re investment in company
Tesco PLCAGM
Trellus Health PLCAGM
Monday 17 June 
Ashington Innovation PLCAGM
Bank of Georgia Group PLCAGM
Cambridge Cognition Holdings PLCGM re fundraise
Globalworth Real Estate Investments LtdAGM
Surgical Innovations Group PLCAGM
Tuesday 18 June 
Acceler8 Ventures PLCAGM
Andrews Sykes Group PLCAGM
Anexo Group PLCAGM
ASA International Group PLCAGM
Bay Capital PLCAGM
Bisichi PLCAGM
Blackbird PLCAGM
Darktrace PLCGM re takeover by Thoma Bravo
Gresham Technologies PLCAGM
ICG-Longbow Senior Secured UK Property Debt Investments LtdAGM
Intelligent Ultrasound Group PLCAGM
Kooth PLCAGM
Red Capital PLCAGM
Science Group PLCAGM
Somero Enterprises IncAGM
Wednesday 19 June 
Argentex Group PLCAGM
Brave Bison Group PLCAGM; vote on capital reduction
Clean Power Hydrogen PLCAGM
HC Slingsby PLCAGM
Maintel Holdings PLCAGM
Octopus Renewables Infrastructure Trust PLCAGM
RBG Holdings PLCAGM
Team17 Group PLCAGM
Videndum PLCAGM
Zinnwald Lithium LtdAGM
Thursday 20 June 
Angling Direct PLCAGM
Anglo Asian Mining PLCAGM
Animalcare Group PLCAGM
ASA International Group PLCAGM
Balanced Commercial Property Trust LtdAGM including re views on strategic review
Block Energy PLCAGM
boohoo Group PLCAGM
Card Factory PLCAGM
Concurrent Technologies PLCAGM
Cordiant Digital Infrastructure LtdAGM
Corero Network Security PLCAGM
Cykel AI PLCGM re acquisition by Mustang Energy PLC
Fadel Partners IncAGM
Futura Medical PLCAGM
Good Energy Group PLCAGM
Gresham House Energy Storage Fund PLCAGM
Henderson Eurotrust PLCGM re merger with Henderson European Focus Trust PLC
Kingfisher PLCAGM
Likewise Group PLCAGM
LSL Property Services PLCAGM
Marble Point Loan Financing LtdEGM requisitioned by Freestone
Mustang Energy PLCGM re acquisition of Cykel AI PLC
Northcoders Group PLCAGM
Strix Group PLCAGM
Thor Energy PLCGM re equity raise
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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12 Feb 2024 14:37

IN BRIEF: Block Energy appoints advisors for Project III farm-out

Block Energy PLC - Resource exploration and production company focused on Georgia - launches farm-out process for Project III, situated near the southern Caucasus pipeline in the greater Tbilisi area, after appointing LAB Energy Advisors to spearhead the project. Block Energy says the appointment of the London-based LAB, a "leading independent energy advisory company", will ensure that project's potential is "marketed effectively to a wide range of prospective partners". Block Energy believes that the project contains "significant gas resources", and that its proximity to the southern Caucasus pipeline makes it well-connected to international energy markets. Last week, the company published the results of an independent energy report, which ascribed the project a net present value of more than USD500 million.

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12 Feb 2024 12:51

Block Energy launches farm-out process at Project III

(Sharecast News) - Block Energy announced the start of the farm-out process for Project III on Monday, targeting the development of a gas resource in Georgia.

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8 Feb 2024 17:43

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16 Jan 2024 14:10

Block Energy takes wraps off large carbon capture opportunity

(Sharecast News) - Georgia-focussed developer and producer Block Energy unveiled a significant carbon capture and storage (CCS) opportunity within Block XIB on Tuesday.

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16 Jan 2024 11:30

Block Energy says study confirms prospectivity of Block XIB

(Alliance News) - Block Energy PLC on Tuesday said that a study has identified a carbon capture and storage opportunity within Block XIB.

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22 Dec 2023 11:16

IN BRIEF: Block Energy expects "busy" new year as eyes farm-out

Block Energy PLC - exploration and production company focused on Georgia, applying new technology to previously discovered oil fields - Says it is "well funded" to deliver its "high-impact" strategy in 2024. Strategy includes farm-out of project III. This is the appraisal and development of gas resources in the Lower Eocene and Upper Cretaceous formations across the company's onshore blocks in Georgia. Says the project has a good chance of success and will increase its net asset value.

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12 Dec 2023 15:59

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12 Oct 2023 14:14

IN BRIEF: Block Energy shares down as quarterly oil production falls

Block Energy PLC - exploration and production company focused on Georgia - In the third quarter to September 30, average output declines to 630 barrels of oil equivalent per day from 664 boepd in the second quarter. Notes third successful project 1 well, with WR-34Z placed on production at 150 boepd.

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12 Oct 2023 13:20

Block Energy average production slips in third quarter

(Sharecast News) - Georgia-focussed oil and gas company Block Energy reported an average production of 630 barrels of oil equivalent per day (boepd) in its third quarter on Thursday, slightly below the second quarter's 664 boepd.

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3 Oct 2023 11:50

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26 Sep 2023 14:22

IN BRIEF: Block Energy notes successful WR-34Z well test in Georgia

Block Energy PLC - exploration and production company focused on Georgia - Says well test of WR-34Z in West Rustavi, Georgia, shows it has now been in continuous production for over 19 days on a range of choke settings from 7.1 millimetres to 12.7 millimetres, producing at an average rate of 223 barrels of oil equivalent per day, or 153 barrels of oil per day and 11,900 cubic metres of gas per day. Says the well has now been handed over to the production team on a 10.3 millimetre choke size, with production at a five-day average rate of 150 barrels of oil equivalent per day, and with all produced hydrocarbons being monetised. Says total group production as of the September 25 was 684 barrels of oil equivalent per day.

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