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LONDON (Alliance News) - Block Energy PLC on Monday reported "excellent" results from its Norio 44 well as the company recovered 45 barrels of oil during a five-hour period.
The company described these first results as "highly encouraging" progress towards its targeted 25-fold increase in production at the Norio field, in Georgia, to 250 barrels of oil per day by end of the first half of 2019.
The results were reached using a new specialist perforation tool. Block is now preparing three more Norio wells, using the same tool, next month.
"We're delighted to announce such an excellent initial recovery at Norio as we work towards our target of producing 250 barrels of oil per day from the field by the end of the first half of 2019," said Chief Executive Paul Haywood.
"If production results continue to be positive, we look forward to making increasingly effective use of the specialist perforation tool at Norio 44 and three further wells," he added.
Furthermore, in addition to the Norio programme, Block is preparing to drill two horizontal sidetracks at wells 16a and 38 on its West Rustavi field, also in Georgia, targeting a combined gross production of 650 barrels of oil per day by the end of the first quarter of 2019.
Combined targeted production from both fields will be 900 barrels of oil per day, which Block estimates will generate annual revenue of GBP13 million, based on current oil prices.
Block shares were trading up 9.6% at 3.67 pence each on Monday afternoon.