West Rustavi11 Mar 2019 11:07
By completing the Agreement, Block is no longer obligated to undertake specified workovers or preparation of wells for sidetracks, or to undertake specified sidetracks within determined time periods within the West Rustavi PSC Licence area, which would have required an aggregate expenditure of at least US$4,000,000. Additionally Block is no longer required to purchase production facilities up to a maximum amount of US$1,000,000 for use in connection with the West Rustavi PSC. Current production facilities located in the Licence are fit for purpose. Block has to date spent around US$1,500,000 in relation to preparing wells 16a and 38 for side tracks. The Company's first high impact side track at 16a, is currently ongoing.