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Block Energy Shares Slip Following Problems At Georgian Well

Wed, 25th Sep 2019 12:03

(Alliance News) - Shares in Block Energy PLC fell on Wednesday as the company reported the failure of some equipment at a well on the West Rustavi field in Georgia.

The stock was 24% lower on Wednesday at midday in London at 4.86 pence each.

Block said since testing started at the WR-16aZ well, oil and water production "has varied considerably" due to the failure of some downhole equipment when Block tired to cement the well during drilling.

The well is flowing strongly, Block said, but the average water cut stood at 78% between September 17 and September 23. It has, however, delivered gas at rates "significantly higher" than Block had expected.

Since testing began, the well has produced over 9,000 barrels of light, sweet crude oil. However, the mix of water and oil coming out has now delayed stable production.

Elsewhere, Block has started sidetracking work at the WR-38Z well on the same field, targeting the Middle Eocene and Upper Eocene formations.

"Encouragingly, the WR-16aZ appraisal well has proved the productivity of the Middle Eocene naturally fractured oil reservoir. It has also confirmed unassociated gas flows above our expectations. The flow test results have varied over time due to lost drilling fluid and a mechanical failure when drilling the well," said Chief Executive Paul Haywood.

"In the course of drilling WR-16aZ we have strengthened our understanding of the drilling techniques applicable to Georgia which will be invaluable as we begin drilling well WR-38Z, the second of five wells we plan to horizontally sidetrack in our fully-funded campaign. I look forward to updating you on our progress at WR-38Z."

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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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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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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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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Block Energy average production slips in third quarter

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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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