Member Info for chrishutch

at these prices is rude not to.. ??

I have some punt money in this, you never know.

should finish the day, week up from here.

An up day!

The current workover programme aims to rapidly scale up production at Norio then sidetrack one of the field's wells with the aim of bringing total net production at Norio to 250 bopd by H1 2019, approximately three times break-even production rate. Crude oil from Norio currently sells at Brent minus US$10/bbl.

Norio's existing facilities are being upgraded to industry standards to accommodate a significant increase in production. Two of the four tanks have so far been painted, and firefighting and other safety systems are being installed. Work on the current phase of the upgrade is on track to be completed by the end of the year.

In addition to the Norio programme the Company is preparing to drill horizontal sidetracks and test a legacy gas discovery in the Lower Eocene at the West Rustavi field, where Block holds a 25% participating interest as part of an agreed earn-in to 75%. The discovery, which lies on the same play being targeted by Schlumberger in neighbouring fields, has estimated gross 2C contingent resources of 608 BCF of natural gas. The field also holds 37.9 MMbbls of 2C gross oil resources (Source: CPR).

Block Energy Chief Executive Officer Paul Haywood said: "After months of planning and preparation we are glad to report that we have undertaken the successful re-entry of three wells at Norio, are rigging up at a fourth, and have compiled encouraging PNN logs. In addition, the specialist perforation tool has arrived in Georgia and will soon be onsite. Shareholders can expect significant newsflow in the coming weeks and months as we pursue our objective of increasing our production rate at Norio from 10 bopd to 250 bopd and commence work at West Rustavi where we plan on drilling two sidetracks. We also look forward to working over two of West Rustavi's other wells to test the extent of the field's gas discovery."

"With ExxonMobil recently entering the country and ongoing operations across Schlumberger's 100% owned position next to our own licences, Georgia's potential as a hydrocarbon region is being recognised by the industry. We are taking advantage of our first mover advantage to play our part in realising this potential, and in the process generating significant value for our shareholders."

Roger McMechan, Technical Director, has reviewed the reserve, resource and production information contained in this announcement. Mr McMechan is a BSc, Engineering from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

**ENDS**

Update on Workover Operations in Georgia
Wed, 5th Dec 2018 07:00
RNS Number : 4371J
Block Energy PLC
05 December 2018
Block Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas

5 December 2018

Block Energy Plc ("the Company", "Block" or "the Group")

Update on workover operations in Georgia

Highlights

· Successful re-entry of three wells at the Company's Norio field and rigging up at a fourth ahead of the application of a specialised perforation tool selected to significantly enhance recovery rates, which is now in Georgia and shortly to arrive onsite

· The re-entries are the initial element of a multi-well work programme consisting of eight workovers and one sidetrack targeting 250 bopd at Norio by H1 2019

· PNN logging indicates encouraging intervals for perforation

· Potentially excellent payback with total development costs forecast to be recovered within 12 months

· Work to upgrade existing Norio infrastructure on schedule to be completed by year end

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to provide an update on its initial work programme focused on achieving a 25-fold increase in production at its Norio oil field to 250 bopd by H1 2019. Block holds a 100% working interest in Norio, which has gross oil reserves of 1.631 million barrels (Source: Competent Person's Report (CPR) completed by Gustavson Associates, 1 January 2018).

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. The work involves levelling and preparing the ground at the well sites for rig up and access. The programme will enable all four wells are ready for the perforating system by the end of the year.

With the exception of the sidetrack, the Norio workover programme is being carried out using an A50 workover rig. As all of the wells to be worked over have previously produced oil, it is necessary to clean and bleed off each of them to allow a scraper tool to be run down to total depth, ensuring a clear pathway for the wireline, caliper and Pulsed Neutron-Neutron (PNN) logs. The process has been carried out on three wells and is underway on the fourth. So far, the caliper logs have confirmed suitable casing dimensions for the micro drilling system, and the PNN logs indicate encouraging perforation intervals.

The perforation tool has been selected to bypass suspected damage caused by historic heavy mud drilling. It replaces conventional shaped charge perforation with a micro drilling technique able to cut horizontal drain holes at multiple levels. Following the application of the system, new or refurbished pumps will be installed to bring the wells to production.

thanks Luckyman

Up she goes

Anyone get a fixed price?

about to move..

Looking good here

hope so!

hey Kiwi, morning! - great minds ??

Been here for a while now, only small though. Bought before RBD took a stake in Rathlin and before refusal. Added on the drop. Be interesting to see where it can climb to. ??

just swallowed up a ten million sell, with not even a twitch

It bugs the sh*t out of me when a good RNS is followed by a crap one. Especially when a raise has happened.

I would prefer the price to be higher considering the news and the coming news but I stand by still climbing.

Price on Friday close was 0.675, price at moment I stated the price was still climbing 0.725.

yeah that was holding us back a little, but bare in mind we are still climbing despite the 3 mill sell. Be interesting to see if the price really starts motoring now it is cleared.

Good to see this starting its journey.

Great news - going to be a good Christmas and start to the new year here.

waiting for a tick in the box to appear, but would you rather buy before that happens or chase thee price up afterwards.