LONDON (Alliance News) - Block Energy PLC said Wednesday it successfully re-entered three wells on the Norio field in Georgia and is rigging up at a fourth.
Shares in the Georgia-focused exploration and production company were trading up 1.2% at 2.63 pence each.
The company said that the re-entries are the initial element of a multi-well work programme that will be composed of eight workovers and one sidetrack, aimed at raising production at Norio to 250 barrels of oil per day by the first half of 2019 from just 10 currently.
"The company is currently preparing four of eight wells for the application of a specialist micro drilling perforation tool which, after being shipped from North America, has landed in Georgia and is due to arrive onsite shortly," Block Energy said.
Furthermore, the field's existing facilities are being upgraded to accommodate the production increase. The company expects the work to be completed by the end of 2018.
Block Energy P. (BLOE)