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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.
"Drilling and successful testing of WR-34Z marks the third consecutive project 1 development well, which was drilled safely, on time and within budget, boosting group production and enhancing the company's overall cash flow position," says Chief Executive Officer Paul Haywood. "Operational and financial performance for the company in 2023 is promising to be strong, providing the platform to pursue some of the higher-impact opportunities throughout our portfolio. The team's focus will now shift to drilling KRT-45Z, our fourth project I well and I look forward to providing further updates on this and wider project activity in due course."
Current stock price: 1.20 pence, down 20%
12-month change: down 36%
By Greg Rosenvinge, Alliance News reporter
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