enormous value upside8 Apr 2019 16:33
In addition to West Rustavi's obvious oil potential, Block Energy is very optimistic regarding the Permit's gas potential. Permit XIf is contiguous to
the south of Schlumberger's Permit XIb, where up to 10 wells have tested gas at rates up to 8-10mmscf/d from the same geological formations that have proven to exist in XIf. The West Rustavi permit is also situated right beside the Rustavi industrial complex where there are major consumers of natural gas for the manufacture of fertilizers and steel. Recent natural gas prices in Georgia have been US$5-US$7/mcf for industrial users representing a potential enormous value upside to Block Energy.