(Alliance News) - Block Energy PLC on Monday announced successful installation and cementing of casing through the build section of well WR-38Z at its flagship West Rustavi field.
Shares in the Georgia-focused exploration and production company were up 14% at 5.25 pence in London on Monday.
WR-38Z is the second in a fully-funded, multi-well programme Block Energy is pursuing to realise West Rustavi's potential.
The company plans to sidetrack three other wells, test one of the field's gas discoveries, and drill a new gas well. Block Energy is currently acquiring a 3D seismic survey to provide a comprehensive understanding of West Rustavi's subsurface, allowing the company to identify locations for future drilling.
"The successful cementing of WR-38Z's seven inch casing is a significant step in the sidetracking of the well. Our drilling of well WR-16aZ provided a wealth of data about the field's subsurface that has allowed us to optimise the completion design of WR-38Z, knowledge we will be able to apply to all the West Rustavi wells we subsequently drill," said Paul Haywood, director of Block Energy.
By Lucy Heming; lucyheming@alliancenews.com
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Block Energy P. (BLOE)