LONDON (Alliance News) - Block Energy PLC said Thursday it is on track to start the first phase of its production scale up programme in the "near term".
The Georgia-focused exploration & production company said the three phase work programme will up production to 900 barrels of oil per day within 18 to 24 months.
The company said final negotiations for contracts are under way, ahead of the mobilisation of a drilling rig to three locations.
The rig will first arrive at Satskhenisi, in Georgia, to complete a short three well workover programme in the third quarter of this year, Block said.
Subsequently, it will be mobilised to Norio where the company has selected eight candidate wells and then it will get to West Rustavi, targeting 300 barrels of oil per day from a "horizontal side-track well".
Block Energy shares were trading up 3.0% at 3.40 pence each on Thursday.
Block Energy P. (BLOE)