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Block Energy PLC - oil and gas development and production company focused on Georgia - Signs memorandum of understanding with US oil field services giant Baker Hughes Co.
"The MoU envisages multiple service awards for advanced oil and gas technology across a production-led, multi-well drilling programme. The initial project will drill a horizontal well targeting a recoverable volume estimated to be 2.1 million of barrels of oil equivalent at the WR-BA well target location in West Rustavi," company explains.
It adds: "Block Energy's collaboration with Baker Hughes will support current and future development across its portfolio. Services provided by Baker Hughes include drilling fluids, cementing, drill bits, directional drilling, with the advanced technologies of rotary steerable systems, and a premium logging-while-drilling service."
Baker Hughes will also provide a range of "efficient well intervention and production-enhancement services" to boost current production rates.
Block Chief Executive Paul Haywood says: "I am pleased to update our stakeholders on this agreement with one of the world's leading energy technology companies. I am looking forward to drilling our first well utilising our newly acquired 3-D seismic and the state-of-the-art directional drilling services and well assurance provided by Baker Hughes. The added technical and operational expertise, never before used in Georgia, provides a step-change in our technical capability and will better enable the team to unlock the significant potential across our asset base.
"Baker Hughes is a welcome partner. Meanwhile, preparations for the well at WR-BA location continue. We expect to announce the spud of this well shortly."
Current stock price: 2.95 pence, up 3.5% on Monday
Year-to-date change: down 9.2%
By Paul McGowan; paulmcgowan@alliancenews.com
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