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LONDON (Alliance News) - Block Energy PLC said Tuesday that it inked a service deal for the provision of an advanced downhole perforation technology.
The agreement gives the company exclusive access to a specialist drilling tool throughout eastern Europe, the Caucasus and central Asia, Block Energy explained.
The company will use the technology, which arrived onsite at its operations in Georgia, to re-complete up to eight wells at its Norio licence, it added.
The new tool "promises to significantly enhance recovery rates" compared to conventional perforation technologies which have had mixed results in Georgia.
"This specialist tool is potentially game-changing for Block, offering a reliable and cost-effective alternative to conventional perforating technology, which to date has produced mixed results in Georgia," Block Energy Director Paul Haywood said.
He added: "We look forward to deploying this highly robust and deployable technology with a proven record of generating significant production increases wherever it has been used and are confident it will help us achieve our initial objective of significantly scaling up Norio production to 250 barrels of oil per day."
Block Energy shares were trading down 3.8% at 2.50 pence each.