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(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."