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LONDON (Alliance News) - Shares in Block Energy PLC surged Monday as it reported the best result from a well test in Georgia in 50 years.
Shares were 52% higher on Monday at a price of 5.92 pence each.
The 16a well at West Rustavi tested at a flow rate of 1,100 barrels a day, significantly higher than the 325 barrels a day target.
Block will soon put the well into production, after the current build-up phase.
Chief Executive Paul Haywood said: "We are delighted to report such encouraging test results from the first well we have sidetracked at our flagship West Rustavi field, delivering a production rate significantly higher than that initially presented.
"Current performance, complemented by the company's increased working interest in the licence, looks set to deliver great value to our shareholders."
"Management will now digest this extraordinary result and crystallise a development strategy beyond that already outlined to the market on well 38. This is truly an exciting time for Block Energy, and we look forward to updating the market shortly."
